Alternative strategies

Carmignac Investissement Latitude

French mutual fund (FCP)Global marketSRI Fund Article 8
Share Class
A EUR Acc • FR0010147603
Capturing long-term global equity trends with strong downside risk management
  • A core equity portfolio invested in the most promising current market trends and dynamics.
  • A Feeder Fund of international equity Fund Carmignac Investissement.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities92 %
Other8 %
Data as of:  31 Oct 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 255.2 %
+ 37.1 %
+ 53.2 %
+ 15.5 %
+ 15.3 %
From 31 Dec 2004
To 20 Nov 2024
Calendar Year Performance 2023
+ 5.1 %
- 4.9 %
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
Net Asset Value
355.24 €
Asset Under Management
142 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  20 Nov 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Alternative strategiesCarmignac Investissement Latitude
Alternative strategiesCarmignac Investissement Latitude
Share Class
A EUR Acc • FR0010147603

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Investissement Latitude 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 Oct 2024.
Fund management team

Frédéric Leroux

Head of Cross Asset, Fund Manager

Market environment

  • October was a volatile month for markets, with equities (in local currencies) moving lower after a strong rally since the beginning of the year.
  • The equity correction occurred despite robust economic data in the US, including strong consumption and employment figures. Inflation data further complicated the situation, with September’s core CPI coming in hotter than expected.
  • The third-quarter earnings season kicked off with strong results from the banking sector. However, guidance from tech companies was more mixed, contributing to market volatility.
  • Chinese equities experienced a significant rally at the start of the month in response to government stimulus measures. However, the momentum waned later due to a lack of detailed information regarding fiscal stimulus.

Performance commentary

  • Against this backdrop, the fund delivered a positive performance for the month of October.- Nvidia rose sharply, buoyed by comments from its supplier TSMC regarding the growing demand for artificial intelligence chips, and the investment prospects of its main customers (Microsoft, Alphabet, Meta and Amazon).- Alphabet and Amazon also reported satisfactory results. Alphabet benefited from its cloud activities and from increased subscriptions to YouTube and Google One, while Amazon saw its cost-cutting efforts bear fruit and materialise in the financial statements.- However, we were penalised by our healthcare stocks, in particular Elevance and Centene. Elevance saw its share price fall as a result of the downward revision of its annual forecasts, caused by the increase in costs linked to the Medicaid healthcare programme. Centene experienced some turbulence on the stock market, but this did not affect its long-term prospects.- Finally, our hedges on the equities markets supported the fund's performance, but were slightly penalised by our tactical management of the dollar.

Outlook strategy

  • While we agree that consensus EPS growth expectations are overly optimistic, the economic conditions are robust enough to prevent an earnings collapse justifying a constructive view on equities.
  • The portfolio combines stocks with high earnings and relatively high valuations on one side, and stocks with lower growth but high visibility and attractive valuations on the other.
  • TSMC is the largest holding in our fund. The shares offer a unique combination of an attractive cyclical backdrop—characterized by under-shipping demand—valuation in line with the 5-year average, and being a key beneficiary of AI advancements.
  • Despite strong fundamentals, tech stocks have underperformed since their peak in July, now presenting more attractive valuations. Demand for AI remains robust, with clear signs of accelerating revenues from AI-related activities. We have reinforced our positions in undervalued stocks.
  • We are gradually increasing our exposure to small and mid-cap companies, which provides an excellent opportunity to diversify our portfolio. Among these, Elite Material, a Taiwanese company specializing in the production of copper-clad laminates.
  • Carmignac Investissement Latitude continues to actively manage the Fund's equities exposure, which currently stands at around 30% to 40%.
  • In terms of currencies, we continue to actively manage the euro/dollar parity.

Performance Overview

Data as of:  20 Nov 2024.
View Performance in detail
​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 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
Source: Carmignac at 21/11/2024

Key figures

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

Exposure Data

Data as of:  31 Oct 2024.
Net Equity Exposure-5.0 %
Beta+0.8 %
Sortino Ratio+2.2
Number of Holdings0

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team

Frédéric Leroux

Head of Cross Asset, Fund Manager
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.

Frédéric Leroux

Head of Cross Asset, Fund Manager
View Fund's characteristics
View characteristics and risks
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.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) under French law.