Alternative strategies
Carmignac Portfolio Long-Short European Equities
European marketSRI Fund Article 8Share Class
LU1317704051
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
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 79.2 %
0.0 %
+ 33.3 %
+ 15.6 %
+ 12.9 %
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
- 0.2 %
+ 9.1 %
+ 16.1 %
+ 3.4 %
- 0.3 %
+ 6.9 %
+ 13.0 %
- 6.3 %
+ 0.1 %
+ 17.4 %
Net Asset Value
179.22 €
Asset Under Management
627 M €
Market
European market
SFDR - Fund Classification
Article
8
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.
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 Jan 2025.Performance commentary
In January, the fund posted a positive performance, driven by the Long book.
Our Core Longs drove our performance on the Long side, with Meta and Richemont posting solid Q4 results, Adidas exceeding its operating profit target after sales surged in the key Christmas quarter and SAP continuing its growth story.
Our Trading Longs had a strong performance contribution as well, with Deutsche Telekom benefiting from T-Mobile’s impressive Q4 results and 2025 guidance in both wireless adds and cash flow.
On the Short side, the strong market rally penalized most of our shorts. Our top Short contributor was Nvidia, which we had started shorting at the end of last year.
The fund delivered a performance of +49bps gross of fees on Monday January 27th, the day of the Deepseek selloff, thanks to our Nvidia short and some put spreads on indices we had implemented to protect the portfolio from a widespread Tech selloff.
Outlook strategy
- The net exposure of the strategy stayed relatively high in the 30-40% range throughout the month, as we keep strong convictions on the Long side in European companies excelling globally and benefiting from local monopolies.
- These include industries such as luxury goods, specialty engineering, ERP software, specialty chemicals, medical technology, aerospace and defense, and classifieds.
- We believe Europe presents for the first time in a long time a very attractive entry point, with a risk/reward skewed to the upside thanks to several factors we discuss in our latest quarterly letter.
- 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: 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.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 22/02/2025
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jan 2025.| Europe EUR | 42.2 % |
| Europe ex-EUR | 11.0 % |
| Others | 10.2 % |
| North America | 1.7 % |
| Index Derivatives | -13.7 % |
| Equity Basket Derivatives | -13.9 % |
| Total % of alternative | 37.4 % |
Europe EUR42.2 %
 Germany | 26.9 % |
 Italy | 7.6 % |
 Netherlands | 5.8 % |
 France | 3.4 % |
 Portugal | 1.1 % |
 Luxembourg | -0.2 % |
 Spain | -0.6 % |
 Finland | -1.8 % |
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: 31 Jan 2025.Net Equity Exposure37.4 %
Beta+0.4 %
Sortino Ratio+1.9
Number of Holdings22
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](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte Heininger
Delegated Fund Manager, White Creek Capital LLP
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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.
Market environment
The Stoxx 600 has risen more than 6% during the month, more than twice as much as the S&P 500, which was driven by several factors.
On the macro side, we started seeing positive signs in consumer spending, combined with a dovish ECB and a weaker euro, which makes European goods more competitive internationally.
Second, banks kicked off Q4 earnings with solid results, highlighting a healthy consumer and credit environment.
In the US, the economy expanded at a solid pace at the end of 2024, fueled by a generous tailwind from consumer spending that more than offset drags from a strike at Boeing Co. and much leaner inventory investment.
The last week of January was eventful with Deepseek, a disruptive new Chinese AI company emerging with a technology made at a fraction of the cost and the time than its Silicon Valley competitors.
Shares of Nvidia, which was the world’s most valuable company just a week earlier, plunged 17% that Monday, as a part of a market wipeout which erased some $1 trillion of stock value.