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Equity strategies

Carmignac Portfolio Grande Europe

Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 9
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
Monthly Factsheet
Asset Allocation
Equities92.7 %
Other7.3 %
Data as of:  Feb 28, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 254.9 %
+ 86.1 %
+ 55.7 %
+ 32.8 %
+ 6.6 %
From 02/07/1999
To 06/03/2025
Calendar Year Performance 2024
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
+ 11.3 %
Net Asset Value
354.93 €
Asset Under Management
767 M €
Net Equity Exposure28/02/2025
92.7 %
SFDR - Fund Classification

Article

9
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). 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 Grande Europe
Equity strategiesCarmignac Portfolio Grande Europe
Share Class

LU0099161993

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  Feb 28, 2025.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Market environment

  • In February, European equities outperformed their US counterparts, ending the month as the top-performing major equity index, primarily driven by gains in banks and defence stocks.
  • This performance is particularly notable given the backdrop of weak economic indicators, with the latest Purchasing Managers' Index (PMI) data indicating softness in the Eurozone, especially in France.
  • Additionally, economic data from the U.S. was underwhelming, providing little reason for optimism.
  • The European earnings season has moved towards its final stages, with a predominantly positive trend over the past month. More companies have reported earnings beats than misses, reinforcing the overall positive sentiment around corporate performance.

Performance commentary

  • In February, the fund registered a negative performance in both absolute and relative terms.
  • This underperformance was primarily driven by a notable shift in investor sentiment from growth stocks, such as those in the Technology sector, to value stocks, especially banks, which we do not hold.
  • Novo Nordisk, one of the fund's top holdings, performed well after the FDA (US regulator) confirmed that their drugs are no longer in short supply. Additionally, Kingspan, a recent addition to the portfolio, delivered exceptional performance following better-than-expected results and positive comments regarding data centre demand.
  • The main detractors over the month were Technology stocks ASML and Capgemini.
  • ASML declined due to concerns over potential restrictions from the Trump administration, while Capgemini dropped by more than 15% after projecting flat growth expectations for 2025, reflecting broader economic concerns in Europe.

Outlook strategy

  • During the month, we made some adjustments in our portfolio by initiating new positions in the Fund.
  • We invested in DSV, a logistics company that aligns with our financial and SRI criteria. Although it has faced recent challenges and a valuation decline, we see this as a long-term investment opportunity.
  • Additionally, we initiated a position in Fineco, the Italian online banking and investment platform, enhancing our exposure to the Financials sector.
  • This, combined with a modest increase in Nordnet, strengthens our focus on the wealth management theme.
  • The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
  • We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.

Performance Overview

Data as of:  Mar 6, 2025.
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 10/03/2025

Carmignac Portfolio Grande Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Feb 28, 2025.
Europe100.0 %
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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:  Feb 28, 2025.
Equity Investment Weight92.7 %
Net Equity Exposure92.7 %
Number of Equity Issuers40
Active Share82.6 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Denham Mark

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.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
View Fund's characteristics

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All analysis
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.