Equity strategies
Carmignac Portfolio Human Xperience
Luxembourg SICAV sub-fundThematicESG Thematic Fund Article 9Share Class
LU2295992163
A thematic Fund focused on customer and employee experience
- Social thematic Fund : a thematic strategy that focuses both on customer and employee satisfaction.
- Leveraging the power of social data : quantitative expertise and experience in using ‘alternative’ sources of data.
Key documents
Asset Allocation
Equities95.4 %
Other4.6 %
Data as of: 30 Sep 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 27.8 %
0.0 %
0.0 %
+ 10.2 %
+ 20.9 %
To 30/10/2024
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
-
-
-
-
-
-
-
+ 19.2 %
- 21.8 %
+ 22.6 %
Net Asset Value
127.81 €
Asset Under Management
114 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
9
Data as of: 30 Sep 2024.
Data as of: 30 Oct 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.
Carmignac Portfolio Human Xperience 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: 30 Sep 2024.Fund management team
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
Performance commentary
- Although the fund delivered positive returns in absolute terms, it underperformed its benchmark over the month of September.
- Our overweight to IT and Consumer Staples was the main contributor to this underperformance. Samsung, Adobe and Intuit in the IT sector were a drag relative to our positions in Lenovo and Microsoft which supported our returns. Similarly, our Staples positions in Colgate-Palmolive, Nestle and Costco were among the largest stock detractors over the month.
- Despite an underweight to Healthcare which supported our performance during the month, positions in Novo Nordisk and Roche did not support our outperformance.
Outlook strategy
- Over the month of September, we initiated new positions in Experian, Beiersdorf and Oracle, all three have a top quartile CHX score.
- We reduced some of our weights more cyclical names such as TSMC, Nvidia and LVMH and took some profit on Novo Nordisk.
- We remain cautious in positioning our portfolio and continue to focus on quality, less cyclical companies.
Performance Overview
Data as of: 30 Oct 2024.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 02/11/2024
Carmignac Portfolio Human Xperience Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Sep 2024.| North America | 58.8 % |
| Europe | 29.3 % |
| Asia | 9.2 % |
| Asia-Pacific | 2.8 % |
| Total % Equities | 100.0 % |
North America58.8 %
 USA | 58.8 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.Exposure Data
Data as of: 30 Sep 2024.Equity Investment Weight95.4 %
Net Equity Exposure95.4 %
Number of Equity Issuers41
Active Share81.5 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Obe Ejikeme
Fund Manager, Analyst
The social theme is one of the most disregarded areas within ESG. Yet we believe that companies providing positive experiences to both their customers and employees are better positioned to achieve superior returns over the long run.
Obe Ejikeme
Fund Manager, Analyst
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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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Market environment
Major indices reached all-time highs during the month, driven by monetary easing from central banks.
Chinese equities surged towards the end of the period as Beijing's stimulus measures boosted optimism about the recovery of the world's second-largest economy. These measures aim to counter monetary contraction, address the collapse in the property market, and revive the struggling stock market.
The Federal Reserve initiated its easing cycle with an aggressive 50 basis point cut in its key rate, while the European Central Bank continued to reduce its key rates by 25 basis points.
Economic indicators in the United States remain robust, with rising retail sales and industrial production, a mixed but solid employment market, and falling inflation. In contrast, economic activity in the eurozone has been more lackluster.