Equity strategies
Carmignac Portfolio Grande Europe
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 9Share Class
LU0099161993
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
Key documents
Asset Allocation
Equities91 %
Other9 %
Data as of: 31 Jan 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 264.7 %
+ 94.2 %
+ 41.4 %
+ 28.5 %
+ 11.3 %
To 20/02/2025
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
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
+ 11.3 %
Net Asset Value
364.74 €
Asset Under Management
840 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 31 Jan 2025.
Data as of: 20 Feb 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.Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
Carmignac Portfolio Grande Europe 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 Jan 2025.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Performance commentary
- During the month of January, the fund recorded a positive absolute and relative performance versus its reference indicator.
- Stock selection has been the main driver of performance over the month of January, especially in the IT and the Consumer Discretionary sectors.
- SAP, our largest holding within the portfolio was our largest performance contributor. Their 2024 results were strong and continue to give a positive guide to 2025.
- Hermes, for a second month in a row has been among the top performers in January, driven by strong results from Richemont, and an improving outlook for luxury goods.
- Our biggest detractors over the month was Novo Nordisk, still suffering from their disappointing trial results, on its latest obesity drug, CagriSema, in December.
Outlook strategy
- During the month, our portfolio remained relatively stable without any major changes.
- We trimmed in names like Deutsche Boerse, SAP, Argenx, Galderma, Euronext, Essilor and Hermes among a few more names based on profit taking.
- On the GLP-1 theme, we reduced Zealand Pharma following the Novo Nordisk inspired rally mid-month, and added slightly to Novo Nordisk on the basis of long-term buy opportunity.
- The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
- We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.
Performance Overview
Data as of: 20 Feb 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.Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.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 22/02/2025
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jan 2025.| Europe | 100.0 % |
| Total % Equities | 100.0 % |
Europe100.0 %
 France | 25.1 % |
 Germany | 21.4 % |
 Switzerland | 13.0 % |
 Denmark | 12.7 % |
 Netherlands | 12.4 % |
 Sweden | 6.2 % |
 Italy | 3.9 % |
 Ireland | 3.6 % |
 Spain | 1.8 % |
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: 31 Jan 2025.Equity Investment Weight91.0 %
Net Equity Exposure91.0 %
Number of Equity Issuers37
Active Share82.5 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark Denham
Head of Equities, Fund Manager
Related articles
Sustainable investing • 10 July 2024 • English
Carmignac’s Article 9 funds: a sustainable investment?
3 minute(s) read
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Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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.
Market environment