Alternative strategies
Carmignac Portfolio Long-Short European Equities
European marketSRI Fund Article 8Share Class
LU0992627538
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
+ 104.5 %
+ 93.3 %
+ 52.9 %
+ 24.5 %
+ 11.4 %
To 06/03/2025
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
- 7.4 %
+ 10.8 %
+ 19.0 %
+ 6.6 %
+ 3.1 %
+ 8.4 %
+ 13.9 %
- 4.2 %
+ 2.7 %
+ 18.6 %
Net Asset Value
204.54 $
Asset Under Management
609 M €
Net Equity Exposure28/02/2025
15.0 %
SFDR - Fund Classification
Article
8
Data as of: Mar 6, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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: Feb 28, 2025.Performance commentary
In February, the fund posted a negative performance, driven by our Short book and our Hedging.
Our Core Longs delivered a mixed performance with our European convictions delivering strong performance, while our positions in the Tech sector suffered from the risk-off mode.
Prada was one of our top performers during the month, as they reported one of the best sales growth rates in the sector at +18% ex-FX in retail, a double-digit growth across regions and a healthy EBIT margin expansion at +150bps in H2 2024 and +110bps in FY 2024.
Our Trading Longs had a positive contribution, with Fresenius, Deutsche Telekom and ASR Nederland reporting strong results during the month.
On the Short side, the European market rally penalized most of our shorts and our Tech shorts could not counterbalance the overall negative market sentiment.
Outlook strategy
- The net exposure of the strategy was significantly reduced towards the end of the month to the low single digits level, as the overall market volatility spiked.
- 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 Consumer and Technology spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: Mar 6, 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.From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 10/03/2025
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: Feb 28, 2025.| Europe EUR | 43.5 % |
| Europe ex-EUR | 10.8 % |
| Others | 7.2 % |
| North America | -6.8 % |
| Equity Basket Derivatives | -8.1 % |
| Index Derivatives | -31.5 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: Feb 28, 2025.Net Equity Exposure15.0 %
Beta+0.3 %
Sortino Ratio+1.5
Number of Holdings27
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.
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.
Market environment
February was a volatile month with the overall market sentiment in a risk-off mode, as investors reassessed the impact of trade policies and economic indicators.
However, the European stock market performed well in February, continuing their strong start to the year and outpacing their U.S counterparts.
A confluence of factors has been boosting European markets since the beginning of the year:
The rise of Chinese artificial intelligence Deepseek and the lackluster earnings from heavyweights like Alphabet and Microsoft shook the US stock market’s expected outperformance.
The strength of the US economy has been good news for large European companies, many of which get more revenues from the US than their home market.
Central banks in Europe are expected to cut interest rates more aggressively than the Fed.
Germany has removed the fiscal drag which has weighted on Europe for more than a decade and the upcoming defence and infrastructure historic investment plan will have a profound impact on the overall region.
European equities offer double the premium as US stocks and have become the obvious place to diversify into bargain value stocks as the Mag7 sky high valuations have started to look frothy.