Share Class
LU0099161993
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
Key documents
Asset Allocation
Equities95.6 %
Other4.4 %
Data as of: 28 Jun 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
+ 241.9 %
+ 99.4 %
+ 60.9 %
+ 10.4 %
+ 13.9 %
To 01/07/2024
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
+ 10.3 %
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
341.9 €
Asset Under Management
1 030 M $
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 28 Jun 2024.
Data as of: 1 Jul 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 Grande Europe 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 May 2024.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Performance commentary
- During the month of May, the Fund recorded a positive absolute performance though below its reference indicator.
- The underperformance versus the benchmark last month is mainly due to the value rotation and the rally in Banks, sector we do not invest in our portfolio, and which continued to perform well.
- Alcon has been the best performer in the fund after strong response to good results, with sales growth broadly spread across the business with particularly strong growth in contact lenses.
- At the sector level, our positions in Industrials was the biggest drivers of performance over the month with Schneider Electric being one of the main contributors.
- Having no exposure to Communication Services penalised the Fund while, on the contrary, having no exposure to Energy has been supportive.
Outlook strategy
- The Fund continues to rely on bottom-up fundamental analysis with a medium term horizon.
- We anticipate that as economic growth slows down and inflation is nearing the 2% target, the ECB will start to gradually cut the interest rates.
- During the month we have increased our exposure and thus have made several adjustments to our portfolio amidst a volatile period with different prints of macro data.
- We took some profits in Alcon post strong results and we also started to re-increase our position in Genmab ahead of forthcoming data on their pipeline product.
- The Fund maintains a natural stance towards high quality and more defensive companies and the potential for greater visibility in the market is expected to yield favourable outcomes.
Performance Overview
Data as of: 1 Jul 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 03/07/2024
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Jun 2024.| Europe | 100.0 % |
| Total % Equities | 100.0 % |
Europe100.0 %
 France | 24.0 % |
 Germany | 23.6 % |
 Denmark | 16.0 % |
 Netherlands | 13.6 % |
 Switzerland | 13.5 % |
 Sweden | 4.8 % |
 Ireland | 3.0 % |
 Spain | 1.6 % |
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: 28 Jun 2024.Equity Investment Weight95.6 %
Net Equity Exposure95.6 %
Number of Equity Issuers36
Active Share83.0 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark Denham
Head of Equities, 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.
Market environment