Equity strategies
Carmignac Portfolio Grande Europe
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 9Share Class
LU2668162279
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
Equities95.4 %
Other4.6 %
Data as of: 30 Sep 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 24.9 %
0.0 %
0.0 %
0.0 %
0.0 %
To 18/10/2024
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
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-
-
-
-
-
-
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+ 11.3 %
Net Asset Value
12.49 €
Asset Under Management
946 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 30 Sep 2024.
Data as of: 18 Oct 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.
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: 30 Sep 2024.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 September, the Fund recorded a negative absolute performance, although above its reference indicator.
- Our holding in Biontech that we initiated last month has been the best performer in the fund after papers published in advance of the cancer congress ESMO showed promising product responses.
- Our biggest detractors this month has been Novo Nordisk, as supply restrictions are now being incorporated into analyst estimates for Q3, leading to increased uncertainty regarding the medium-term investment outlook.
- Having no exposure to Communication Services penalised the Fund while, on the contrary, having no exposure to Energy has been very supportive.
Outlook strategy
- During the month, our portfolio remained relatively stable with only a few adjustments. We initiated a new position in Ferrari that now accounts to 0.8% of the portfolio.
- We reduced our holdings in the Healthcare stocks and particularly continued to reduce Lonza and Novo Nordisk after a weak month.
- Additionally, we made modest reductions in order to take profit in our consumer names, such as L’Oreal, Beiersdorf and Essilor as well as Luxury good stocks like Hermes after strong performance following positive news from China in the last week of September.
- The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
- As rate cuts have started in Europe and the economies weaken, we are encouraged that markets should be able to ride out a period of weaker economic strength and some political headlines.
- 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: 16 Oct 2024.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.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 18/10/2024
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Sep 2024.| Europe | 100.0 % |
| Total % Equities | 100.0 % |
Europe100.0 %
 France | 26.0 % |
 Germany | 23.5 % |
 Switzerland | 13.4 % |
 Netherlands | 13.2 % |
 Denmark | 13.0 % |
 Sweden | 5.1 % |
 Ireland | 3.3 % |
 Spain | 1.8 % |
 Italy | 0.8 % |
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: 30 Sep 2024.Equity Investment Weight95.4 %
Net Equity Exposure95.4 %
Number of Equity Issuers36
Active Share82.9 %
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
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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.
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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