Equity strategies

Carmignac Portfolio Human Xperience

Luxembourg SICAV sub-fundThematicESG Thematic Fund Article 9
Share 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
Monthly Factsheet (including ESG data)KID
Asset Allocation
Equities92.9 %
Other7.1 %
Data as of:  31 Oct 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 30.9 %
0.0 %
0.0 %
+ 9.2 %
+ 19.1 %
From 31 Mar 2021
To 20 Nov 2024
Calendar Year Performance 2023
-
-
-
-
-
-
-
+ 19.2 %
- 21.8 %
+ 22.6 %
Net Asset Value
130.86 €
Asset Under Management
116 M €
Market
Thematic Fund
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 Human Xperience
Equity strategiesCarmignac Portfolio Human Xperience
Share Class

LU2295992163

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  31 Oct 2024.
Fund management team
[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

  • Over the month of October the fund had a negative absolute return while the index showed a slightly positive return.
  • Our overweight to Consumer Staples was the main contributor to this underperformance. L’Oreal, Colgate-Palmolive and Diageo were among the largest detractors over the month. Despite names like Colgate-Palmolive reporting good numbers for the third quarter, staple names did not perform in line with results.
  • While we were underweight healthcare, our positions in Danaher and Roche were hurt as market performance over the month primarily came from the Energy and Financial sectors.

Outlook strategy

  • Over the month of September, we initiated a new position in Apple which has a strong CHX score.
  • We continued reducing our position in Novo Nordisk and sold out of the stock during the month. Garming was also a position we exited over the month of October as the score deteriorated over the past few months.
  • We remain cautious in positioning our portfolio and continue to focus on quality, less cyclical companies.

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

Carmignac Portfolio Human Xperience Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Oct 2024.
North America63.3 %
Europe26.3 %
Asia7.9 %
Asia-Pacific2.6 %
Total % Equities100.0 %
North America63.3 %
usUSA
63.3 %
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 Weight92.9 %
Net Equity Exposure95.7 %
Number of Equity Issuers40
Active Share77.7 %

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] Ejikeme Obe

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.
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
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.