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
+ 10.3 %
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
341.9 €
Asset Under Management
960 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 28 Jun 2024.
Data as of: 1 Jul 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.
In May, we observed stronger macro data with Eurozone PMI, US PMI higher and improved consumer confidence in the US.
This was followed by the Euro area core CPI inflation which accelerated for the first time since June last year to 2.9, potentially pushing delaying rate cuts that were expected at the June meeting.
Performance commentary
During the month of May, the Fund recorded a positive absolute performance though below its reference indicator.
The underperformance versus the benchmark last month is mainly due to the value rotation and the rally in Banks, sector we do not invest in our portfolio, and which continued to perform well.
Alcon has been the best performer in the fund after strong response to good results, with sales growth broadly spread across the business with particularly strong growth in contact lenses.
At the sector level, our positions in Industrials was the biggest drivers of performance over the month with Schneider Electric being one of the main contributors.
Having no exposure to Communication Services penalised the Fund while, on the contrary, having no exposure to Energy has been supportive.
Outlook strategy
The Fund continues to rely on bottom-up fundamental analysis with a medium term horizon.
We anticipate that as economic growth slows down and inflation is nearing the 2% target, the ECB will start to gradually cut the interest rates.
During the month we have increased our exposure and thus have made several adjustments to our portfolio amidst a volatile period with different prints of macro data.
We took some profits in Alcon post strong results and we also started to re-increase our position in Genmab ahead of forthcoming data on their pipeline product.
The Fund maintains a natural stance towards high quality and more defensive companies and the potential for greater visibility in the market is expected to yield favourable outcomes.
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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