Diversified strategies
Carmignac Multi Expertise
French mutual fund (FCP)Global marketSRI Fund Article 8Share Class
A EUR Acc • FR0010149203
Benefit from Carmignac’s diverse expertise through a single Fund
- A multi-strategy solution capitalising on Carmignac’s expertise across asset classes.
- Capturing opportunities on global equity, bond and alternative investments.
Key documents
Asset Allocation
Other100 %
Data as of: 28 Feb 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 105.3 %
+ 8.3 %
+ 19.5 %
+ 7.0 %
+ 1.2 %
To 31/03/2025
Calendar 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 2023Calendar Year Performance 2024
- 4.4 %
+ 7.8 %
+ 4.0 %
- 4.5 %
+ 5.7 %
+ 9.5 %
0.0 %
- 11.9 %
+ 5.1 %
+ 9.9 %
Net Asset Value
205.25 €
Asset Under Management
223 M €
Net Equity Exposure28/02/2025
46.9 %
SFDR - Fund Classification
Article
8
Data as of: 28 Feb 2025.
Data as of: 31 Mar 2025.
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. Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.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 Multi Expertise 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: 28 Feb 2025.Fund management team
![[Management Team] [Author] Bonenfant Pierre-Edouard](https://carmignac.imgix.net/uploads/NextImage/0001/18/004786462117c682eb5827e4ad7d46ea205b275b.jpeg?auto=format%2Ccompress&fit=fill&w=3840)
Pierre-Edouard Bonenfant
Fund Manager
Performance commentary
- In this context, the fund delivered a slightly negative performance, in line with its reference indicator.
- Our portfolio of equities and alternative funds disappointed over the period, but our strategy was supported by our positions in the fixed income funds Carmignac Portfolio Global Bond and Carmignac Portfolio Credit.
Outlook strategy
- The market has revised downwards the growth outlook in the United States due to the threats posed by the Trump administration.
- Given the persistent uncertainties about the evolution of US fiscal and tariff policies, as well as their implications for inflation and growth, we continue to diversify our portfolio.
- Rather than reducing our exposure to equities, which remains at around 40%, we are favouring geographical and sector diversification and the purchase of protection via options.
- The performance of bonds shows that they can once again serve as a diversification against the equity markets, particularly in the United States. As a result, we have increased our modified duration to US rates.
- In Europe, we believe that the consensus is still too pessimistic. We therefore favour the euro over the dollar, maintain a negative modified duration to the euro zone and have increased our exposure to the continent's equities again, and maintain a substantial exposure to credit.
- We are maintaining our portfolio of funds unchanged.
- In the equities component, we are invested in Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren.
- In the bond component, we are invested in Carmignac Portfolio Credit and Carmignac Portfolio Global Bond.
- Finally, in our alternative component, we are invested in Carmignac Absolute Return Europe and Carmignac Portfolio Merger Arbitrage Plus funds.
Performance Overview
Data as of: 31 Mar 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31 December 2012, the reference indicators’ equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund’s reference indicator comprised 50% MSCI AC WORLD NR and 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
Source: Carmignac at 02/04/2025
Carmignac Multi Expertise Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: 28 Feb 2025.| Fixed Income Strategies | 38.8 % |
| Equity Strategies | 38.3 % |
| Alternative strategies | 20.3 % |
| Cash, Cash Equivalents and Derivatives Operations | 2.5 % |
To Access the weekly view
Key figures
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 Feb 2025.Equity Investment Weight54.0 %
Net Equity Exposure46.9 %
Active Share49.9 %
Modified Duration1.9
Yield to Maturity5.5 %
Average RatingBBB
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 Manager.Fund Management Team
Pierre-Edouard Bonenfant
Fund Manager
The strategy offers a balanced and diversified exposure to markets, benefiting from Carmignac's expertise in the equity, bond and alternative asset classes.”
Pierre-Edouard Bonenfant
Fund Manager
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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.
Market environment
This month has seen an erosion of American exceptionalism.
Uncertainties surrounding the policies of Trump 2.0 have weighed heavily on the morale of American consumers and businesses, reigniting fears about economic growth.
Concerns about stagflation and a general lack of clarity have led to a decline in US stocks, while enthusiasm for AI continues to dwindle.
Due to the lack of visibility in the United States, investors have turned their attention to other parts of the world where valuations remain low.
European equities have maintained an upward trajectory despite Trump's protectionist threats.
The positive momentum of Chinese technology stocks has driven the outperformance of emerging markets.
Across the bond markets, all main segments recorded positive yields for the month, as the decline in US rates had ripple effects on other market segments.
Lastly, the weakness of the dollar has bolstered emerging market debt.