Calendar Year Performance 2014Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023
-
-
-
-
-
+ 18.5 %
+ 15.2 %
+ 9.4 %
- 12.9 %
+ 1.9 %
Net Asset Value
140.39 €
Asset Under Management
501 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 16 Jul 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
US growth continued its soft landing. European data revealed sluggish growth.
Central banks around the world took different paths with the ECB, Swiss National Bank and Bank of Canada cutting interest rates, but the Bank of England and Federal Reserve holding tight.
Political news was a source of volatility, in Europe where early elections were called in France, and in a few emerging countries such as India, Mexico and South Africa.
US stock markets set new records, once again supported by technology companies.
Interest rates remained volatile but lower US inflation allowed a slight easing. However, political fears in Europe caused spreads between German and other Eurozone yields to widen.
Performance commentary
The Fund turned in a positive performance, beating its reference indicator.
Our exposure to risky assets (equities, credit) was the main performance driver.
The healthcare (Argenx, Novo Nordisk, Zealand Pharma) and technology (SAP, ASML, ASM International) sectors were among the top sources of performance.
Our low modified duration shored up the Fund’s relative performance.
Outlook strategy
With equity markets starting to price in lots of good news, and political risks in Europe creating volatility, we introduced some hedging through options.
We also added some hedging to the credit portfolio.
The portfolio’s modified duration is concentrated on the short end of the curve, which offers the most attractive risk/reward profile in the current environment.
We remain exposed to gold, not solely as a risk management tool but also to take advantage of its renewed interest to central banks.
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.
Exposure Data
Data as of: 28 Jun 2024.
Equity Investment Weight33.7 %
Net Equity Exposure30.9 %
Active Share86.2 %
Modified Duration2.1
Yield to Maturity4.8 %
Average RatingA-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
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Market environment