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
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-
-
-
-
-
+ 19.8 %
- 21.3 %
+ 23.4 %
+ 18.4 %
Net Asset Value
137.67 €
Asset Under Management
123 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
9
Data as of: 31 Dec 2024.
Data as of: 7 Jan 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. 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.
Market momentum waned in December, partly due to the Federal Reserve's decision to cut interest rates by 0.25%, while signaling a slower pace of easing for the upcoming year.
This decision tempered investor expectations and led to profit-taking in equities, which also caused the dollar to rise.
From a sectoral perspective, the technology sector ended the year higher, buoyed by semiconductors, while more cyclical sectors such as energy and financials experienced sharp declines.
European markets ended the year on a positive note, despite a drop in its largest capitalization, Novo Nordisk, which disappointed investors following the announcement of results that fell short of expectations for its new experimental anti-obesity drug.
Emerging equity markets exhibited some regional disparities, with a sharp rise in China and declines in Korea and Latin America
Performance commentary
Over the month of December, the fund performed well in absolute terms. In relative terms, the fund had a positive return while the benchmark ended the month in negative territory.
Our underweight to Industrials and Healthcare have benefitted the fund, despite a few names like Danaher and Roche in the Healthcare sector that were among our largest detractors.
We saw the largest contributor of performance in Alphabet over the month, this was simultaneously supported by strong stock selection in the IT space with names like Lenovo, Apple and TSMC among our largest contributors.
On a similar note we saw strong performance from Tech related consumer names. Sony and Amazon helped our strong performance over the month of December.
Outlook strategy
Over the month of December, we did not initiate new positions or sell out of any existing positions.
We slightly reduced our position in Siemens, one of our most cyclical positions as well as took profits in names such as SAP and Apple.
We simultaneously added to some of positions in Oracle, Lenovo and Cap Gemini in the Technology sector as well as Home Depot and LVMH in the Consumer space.
We remain cautious in positioning our portfolio and continue to focus on quality, less cyclical companies.
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
Market momentum waned in December, partly due to the Federal Reserve's decision to cut interest rates by 0.25%, while signaling a slower pace of easing for the upcoming year.
This decision tempered investor expectations and led to profit-taking in equities, which also caused the dollar to rise.
From a sectoral perspective, the technology sector ended the year higher, buoyed by semiconductors, while more cyclical sectors such as energy and financials experienced sharp declines.
European markets ended the year on a positive note, despite a drop in its largest capitalization, Novo Nordisk, which disappointed investors following the announcement of results that fell short of expectations for its new experimental anti-obesity drug.
Emerging equity markets exhibited some regional disparities, with a sharp rise in China and declines in Korea and Latin America