Share Class
FR0011269182
A Fund geared for a changing world
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
Key documents
Asset Allocation
Equities96.3 %
Other3.7 %
Data as of: 29 Nov 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 153.7 %
+ 98.5 %
+ 67.8 %
+ 22.5 %
+ 25.6 %
To 19/12/2024
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
+ 10.4 %
+ 1.2 %
+ 2.1 %
+ 4.8 %
- 14.2 %
+ 24.8 %
+ 33.7 %
+ 4.0 %
- 18.4 %
+ 18.9 %
Net Asset Value
244.15 €
Asset Under Management
3 825 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 29 Nov 2024.
Data as of: 19 Dec 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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Investissement fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.Our monthly comments
Data as of: 29 Nov 2024.Fund management team
Kristofer Barrett
Head of Global Equities, Fund Manager
Performance commentary
- In this context, the fund posted a positive performance over the month, aligning with its reference indicator.
- The fund was bolstered by the outstanding performance of McKesson, a US pharmaceutical company, which erased its second-quarter losses. The company reported impressive results driven by an increase in prescription volumes and subsequently raised its earnings per share guidance for 2025.
- The technology sector also contributed positively to the strategy, with Amazon experiencing robust growth in its AWS cloud division. Nvidia also performed well, publishing third-quarter results that met expectations and showing an impressive year-on-year growth of 93.6%.
- Lastly, financial stocks reaped significant benefits from the upward trend in the equities markets. For instance, Block saw a substantial increase in its share price following the release of strong results and the announcement of a billion-dollar share buyback plan.
Outlook strategy
- One of the primary risks we identify for equities is the potential decline in valuations, a concern heightened by recent interest rate movements. Consequently, we have reduced the average valuation of our portfolio over the past six months.
- Regarding the impact of Trump's election on the market, the market has largely responded to anticipated changes proposed by the Trump administration. However, it remains to be seen which changes will actually be implemented. It is probable that the markets have overreacted to the uncertainty, making drastic distinctions between the perceived 'winners' and 'losers' of Trump's policies. As a result, we have not made any significant adjustments to our strategy.
- The healthcare sector may experience varied impacts depending on the specific segment. We are mitigating this risk through diversification within the sector, including pharmaceuticals, health insurance, pharmaceutical distribution, and medical devices.
- In the technology sector, our strategy is to diversify our investments along the value chain, focusing on niche companies with high performance potential that are sometimes under the radar. Many critical components of the technology value chain are located in Taiwan and South Korea, such as TSMC, memory chip maker SK Hynix, and small to mid-cap companies like Elite Material and Lotes.
- In the United States, we maintain a diversified portfolio that balances high-growth stocks with relatively high valuations (e.g., Nvidia, Amazon, Microsoft) and stocks with lower growth prospects but high visibility and attractive valuations (e.g., McKesson).
Performance Overview
Data as of: 19 Dec 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 22/12/2024
Carmignac Investissement Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 29 Nov 2024.| North America | 67.6 % |
| Asia | 19.4 % |
| Europe | 8.9 % |
| Latin America | 2.5 % |
| Asia-Pacific | 1.6 % |
| Total % Equities | 100.0 % |
North America67.6 %
 USA | 64.8 % |
 Canada | 2.8 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.Exposure Data
Data as of: 29 Nov 2024.Equity Investment Weight96.3 %
Net Equity Exposure91.5 %
Number of Equity Issuers67
Active Share79.7 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Kristofer Barrett
Head of Global Equities, Fund Manager
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
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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.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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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