Diversified strategies

Carmignac Portfolio Patrimoine Europe

Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 8
Share Class

LU1744630424

An all-weather European Fund
  • Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
  • Dynamic and flexible management to quickly adapt to market movements.
Asset Allocation
Bonds35.7 %
Equities33.7 %
Other30.6 %
Data as of:  31 Dec 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 42.0 %
0.0 %
+ 23.9 %
- 0.3 %
+ 10.4 %
From 29/12/2017
To 09/01/2025
Calendar Year Performance 2024
-
-
-
- 4.3 %
+ 19.3 %
+ 14.5 %
+ 10.3 %
- 12.3 %
+ 2.7 %
+ 8.0 %
Net Asset Value
141.97 €
Asset Under Management
509 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  9 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. Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.

Carmignac Portfolio Patrimoine 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 Dec 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager

Market environment

  • The month was characterized by a cautious market environment, with investors balancing optimism about economic growth against concerns about inflation and monetary policy. Nevertheless, the year turned out to be favorable for risky assets, even though Europe experienced significant regional disparities, with the DAX rising sharply and the CAC 40 declining due to political uncertainty.

  • In December, although the Fed and the ECB cut their key rates, they indicated that they would remain vigilant, albeit for different reasons. The Fed was cautious due to persistent uncertainty about inflation in the United States, while the ECB was concerned about growth in Europe.

  • In response to the Fed's cautious stance on inflation, interest rates rose again, with a steepening yield curve reflecting the fears of central bankers.

  • In equities, US markets fell, while European and Asian markets recovered. However, cyclical sectors were particularly hard hit, whereas growth sectors performed well.

Performance commentary

  • The Fund delivered a positive performance over the month, outperforming its declining performance indicator.

  • The Fund benefited from its stock selection, particularly with Hermès, SAP, and Galderma.

  • Conversely, Novo Nordisk disappointed investors with results that fell short of expectations for its new experimental anti-obesity drug. However, this decline was mitigated by the put options we held on the Danish stock.

  • Regarding interest rates, our cautious approach proved successful once again this month, and our exposure to credit was also positive.

Outlook strategy

s we enter 2025, market sentiment in Europe is extremely negative. However, there are several potential sources of positive news that could improve performance over the year: political developments in Germany and France, the economic situation in China, geopolitical factors, and lower-than-expected US tariffs.

  • In this context, we believe that investing in equities, particularly those aligned with our quality and growth convictions, presents an attractive opportunity.

  • Additionally, given the global increase in debt and national deficits, budgetary constraints will compel central banks (excluding those in the United States) to play a significant role in providing economic support in 2025.

  • Therefore, we are maintaining our exposure to credit, which continues to offer an attractive yield and some visibility regarding potential performance.

  • We remain cautious about sovereign bonds, preferring inflation-linked bonds over nominal rates. We also anticipate steeper yield curves, making short rates an effective hedge against risky assets in the event of unexpected macroeconomic deterioration.

  • To enhance the overall construction of our portfolio, we have implemented several decorrelation strategies, including exposure to commodities, UK rates, and volatility.

Performance Overview

Data as of:  9 Jan 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The performances are presented using the chaining method.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 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Source: Carmignac at 11/01/2025

Carmignac Portfolio Patrimoine Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Dec 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
26.1 %
deGermany
22.2 %
chSwitzerland
13.5 %
nlNetherlands
13.4 %
dkDenmark
12.9 %
seSweden
5.5 %
ieIreland
3.3 %
esSpain
1.9 %
itItaly
1.4 %
ptPortugal
-

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  31 Dec 2024.
Equity Investment Weight33.7 %
Net Equity Exposure34.9 %
Active Share87.8 %
Modified Duration1.6
Yield to Maturity4.0 %
Average RatingBBB+
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.

Jacques Hirsch

Fund Manager
View Fund's characteristics
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised 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.