Equity strategies

Carmignac Portfolio Grandchildren

Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 9
Share Class

LU1966631001

An intergenerational Fund focused on quality, sustainable companies
  • A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
  • An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Equities96.8 %
Other3.2 %
Data as of:  31 Oct 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 101.8 %
0.0 %
+ 79.2 %
+ 11.1 %
+ 25.0 %
From 31 May 2019
To 20 Nov 2024
Calendar Year Performance 2023
-
-
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
Net Asset Value
201.75 €
Asset Under Management
564 M €
Market
Global market
SFDR - Fund Classification

Article

9
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.
Equity strategiesCarmignac Portfolio Grandchildren
Equity strategiesCarmignac Portfolio Grandchildren
Share Class

LU1966631001

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Grandchildren 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
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

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

  • The fund underperformed its performance indicator over the month.- The fund suffered from the underperformance of the most defensive sectors, such as healthcare and consumer staples.- The fund was also affected by the results season, with some of our holdings being penalized.- Microsoft, the fund's largest holding, reported solid results but provided a disappointing outlook for its cloud business, which weighed on the share price. - Similarly, ASML, a position we trimmed the past few months, declined following an earnings warning, as did Thermo Fisher, which announced a drop in third-quarter sales.- On a positive note, most of our technology stocks performed well. Nvidia, which we re-increased recently, along with Ansys and Cadence Design, showed strong performance.

Outlook strategy

  • Quality cyclical stocks have shown better performance in recent weeks, buoyed by optimism that growth is more resilient than expected.- In light of company results, we remain cautious and are maintaining our current positioning. We favor defensive-quality companies against the backdrop of a global economic slowdown and deteriorating corporate margins. - Consequently, we have made few changes to the portfolio this month, with only a slight increase in our exposure to technology stocks. - As a result, Nvidia has returned to the fund's top three holdings.

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.
Source: Carmignac at 21/11/2024

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Oct 2024.
North America70.7 %
Europe29.3 %
Total % Equities100.0 %
North America70.7 %
usUSA
70.7 %
View Portfolio allocation

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:  31 Oct 2024.
Equity Investment Weight96.8 %
Net Equity Exposure96.8 %
Number of Equity Issuers42
Active Share81.8 %

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
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
View Fund's characteristics

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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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.