Diversified strategies
Carmignac Portfolio Patrimoine
Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8Share Class
LU0992627611
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
Key documents
Asset Allocation
Bonds45.1 %
Equities42.8 %
Other12.1 %
Data as of: Nov 29, 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 32.5 %
+ 21.5 %
+ 13.8 %
+ 0.8 %
+ 8.0 %
To 19/12/2024
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
+ 9.4 %
+ 1.3 %
+ 4.4 %
+ 0.5 %
- 10.8 %
+ 11.2 %
+ 13.4 %
- 0.3 %
- 8.8 %
+ 2.7 %
Net Asset Value
132.54 €
Asset Under Management
1 404 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: Nov 29, 2024.
Data as of: Dec 19, 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Carmignac Portfolio Patrimoine 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: Oct 31, 2024.Fund management team
Performance commentary
- The Fund's performance was neutral over the month but outperformed its performance indicator.- In a challenging market for both fixed income and equities, the Fund managed to cushion the impact, benefiting from a positive downward correlation between these asset classes.- Regarding interest rates, our cautious positioning with very low modified duration allowed us to navigate the rise in rates effectively during the month.- The Fund also benefited from its position in inflation-linked instruments, which performed well as core inflation persisted in the United States.- In equities, the Fund experienced slight losses but benefited from moderate exposure to this asset class. Our technology stocks, such as TSMC, held up well.- Finally, in terms of currencies, our under-exposure to the US dollar slightly impacted relative performance, as did our exposure to the Brazilian real and the Australian dollar.
Outlook strategy
- This month's macroeconomic data supports our scenario of a soft landing for the global economy.- We believe that US growth is robust and that the Federal Reserve will continue to support this growth. At the same time, we remain convinced that the risk of inflation is being underestimated by the markets.- Against this backdrop, we remain optimistic about equities, maintaining an exposure of around 30%. Although EPS growth forecasts for 2025 appear overly optimistic, macroeconomic conditions should continue to support equity markets.- Regarding interest rates, we maintain a low modified duration and anticipate steeper yield curves in both Europe and the United States. We remain cautious about expected rate cuts, particularly in Europe, and therefore favor the euro within the portfolio.- To strengthen the overall construction of our portfolio, we have implemented several decorrelation strategies, including exposure to emerging local rates, gold miners, South American currencies, and the yen.
Performance Overview
Data as of: Dec 19, 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. 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.
Source: Carmignac at 23/12/2024
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: Nov 29, 2024.| North America | 64.1 % |
| Asia | 16.7 % |
| Europe | 12.2 % |
| Latin America | 5.1 % |
| Asia-Pacific | 1.9 % |
| Total % Equities | 100.0 % |
North America64.1 %
 USA | 60.8 % |
 Canada | 3.3 % |
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: Nov 29, 2024.Equity Investment Weight42.8 %
Net Equity Exposure38.8 %
Active Share85.3 %
Modified Duration0.4
Yield to Maturity4.9 %
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
Jacques Hirsch
Fund Manager
Christophe Moulin
Deputy Head of Cross Asset, Fund Manager
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Eliezer Ben Zimra
Fund Manager
Kristofer Barrett
Head of Global Equities, Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques Hirsch
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.
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