Alternative strategies

Carmignac Portfolio Long-Short European Equities

Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 8
Share Class

LU0992627371

A high-conviction long/short approach to European equities
  • A bottom-up fundamental approach to maximise long and short alpha generation.
  • Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
Key documents
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 63.2 %
+ 61.3 %
+ 30.2 %
+ 9.6 %
+ 17.3 %
From 15/11/2013
To 07/01/2025
Calendar Year Performance 2024
- 8.4 %
+ 9.4 %
+ 16.5 %
+ 4.9 %
- 0.2 %
+ 7.1 %
+ 13.3 %
- 6.2 %
- 1.4 %
+ 16.0 %
Net Asset Value
163.24 CHF
Asset Under Management
564 M €
Market
European market
SFDR - Fund Classification

Article

8
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.

Carmignac Portfolio Long-Short European Equities 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.

Market environment

  • European equities experienced a mixed performance in December, closing out a challenging year marked by political instability and economic headwinds.

  • The November optimism on Trump’s win in the US election subsided, as investors turned towards the impact of potential US trade tariffs and whether the Franco-German engine of the European Union would stall.

  • In the US, December marked a turbulent end to an otherwise stellar year. US investors engaged in the typical year-end profit taking and expressed concerns on rising interest rates expectations.

  • Powell’s hawkish cut was an ample reminder that the return of rate hikes would certainly mean lower share prices.

  • High-performing tech stocks led the negative performance as investors locked in their gains from a strong year.

Performance commentary

  • In December, the fund posted a positive performance, driven by both our Long book and our Short book.

  • Our Core Longs drove our performance on the Long side, with Prada, SAP and Amazon performing particularly well.

  • Our Trading Longs had a negative contribution to our performance due to the defensive nature of most of these positions, with stocks like Deutsche Telekom, Aegon or Vonovia trading like bond-proxies.

  • On the Short side, our Accounting shorts continued to perform well, as well as our defensive short names in the Financials, Materials and Real Estate sectors.

Outlook strategy

  • The net exposure of the strategy stayed stable around 30% throughout the month, as we keep strong convictions in defensive names on the Long side.

  • Our gross exposure has been stable in the 140-150% range.

  • For 2025, Europe’s domestic productivity woes create some challenges for European companies, but the 50 largest European companies derive only 40% of their revenues in Europe.

  • Therefore, we expect the European champions within oligopolistic industries, which are dominant global players and best in class operators, to do well in 2025 with the manufacturing re-shoring, AI and defense upgrades among the top key themes.

  • On the long side of the book, we are keeping a large exposure to defensive names with attractive idiosyncratic catalysts, particularly in the Telecommunications and Healthcare spaces.

  • On the short side, we continue to find many new names in the Industrials and Technology spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.

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.Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349. 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 Long-Short European Equities Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Dec 2024.
Europe EUR45.2 %
Europe ex-EUR7.6 %
North America0.9 %
Others0.7 %
Equity Basket Derivatives-5.1 %
Index Derivatives-5.5 %
Total % of alternative43.8 %
Europe EUR45.2 %
deGermany
28.8 %
itItaly
7.8 %
nlNetherlands
6.3 %
frFrance
3.7 %
ptPortugal
1.1 %
Luxembourg
-0.2 %
esSpain
-0.6 %
fiFinland
-1.7 %

Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  31 Dec 2024.
Net Equity Exposure43.8 %
Beta+0.2 %
Sortino Ratio+1.9
Number of Holdings20

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.0
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
[Management Team] [Author] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP
View Fund's characteristics

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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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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.