Equity strategies

Carmignac Portfolio Grandchildren

Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 9
Share Class

LU1966631266

An intergenerational Fund focused on quality, sustainable companies
  • A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
  • An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
Asset Allocation
Equities96.4 %
Other3.6 %
Data as of:  31 Dec 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 110.2 %
0.0 %
+ 80.0 %
+ 22.0 %
+ 24.2 %
From 31/05/2019
To 07/01/2025
Calendar Year Performance 2024
-
-
-
-
+ 15.9 %
+ 21.4 %
+ 29.2 %
- 23.7 %
+ 23.5 %
+ 22.4 %
Net Asset Value
210.20 €
Asset Under Management
556 M €
Market
Global market
SFDR - Fund Classification

Article

9
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.

Carmignac Portfolio Grandchildren 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:  31 Dec 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

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

Performance commentary

  • The Fund's performance was negative for the month, underperforming its benchmark, which also declined.

  • The Fund was adversely affected by its exposure to the healthcare sector, particularly Novo Nordisk and Vertex, which faced a challenging month.

  • Similarly, more defensive stocks such as Colgate and Procter & Gamble also experienced declines this month.

  • Conversely, Hermès and SAP benefited from the buoyancy of the European markets this month and were among the top three contributors.

Outlook strategy

  • Our macroeconomic framework continues to advocate for a defensive approach to equity markets.

  • High valuations in the US leave little room for earnings disappointments in 2025, making it essential to focus on quality companies with strong profitability.

  • The healthcare sector has been impacted by the appointment of RF Kennedy Jr., but we believe the risks are exaggerated and remain highly confident in this sector despite two years of historical underperformance relative to the broader market.

  • Regarding Novo Nordisk, we had reduced our exposure in recent months but slightly increased it following the recent announcement. The recent decline in prices does not undermine our long-term thesis on GLP-1 and continues to underestimate the size of the total addressable market.

Performance Overview

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). 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.
Source: Carmignac at 09/01/2025

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Dec 2024.
North America70.7 %
Europe29.3 %
Total % Equities100.0 %
North America70.7 %
usUSA
70.7 %

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:  31 Dec 2024.
Equity Investment Weight96.4 %
Net Equity Exposure96.4 %
Number of Equity Issuers44
Active Share80.9 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
View Fund's characteristics

Related articles

Global equities18 December 2024English

Carmignac Portfolio Grandchildren: Reinvesting to reinvent ourselves

3 minute(s) read
Find out more
Sustainable investing10 July 2024English

Carmignac’s Article 9 funds: a sustainable investment?

3 minute(s) read
Find out more
Global equities16 March 2023English

Carmignac Portfolio Grandchildren awarded for its sustainable approach

2 minute(s) read
Find out more
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.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.