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
+ 1.7 %
- 7.4 %
+ 10.8 %
+ 19.0 %
+ 6.6 %
+ 3.1 %
+ 8.4 %
+ 13.9 %
- 4.2 %
+ 2.7 %
Net Asset Value
187.4 $
Asset Under Management
578 M $
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 16 May 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Carmignac Portfolio Long-Short European Equities 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 Apr 2024.
Fund management team
Malte Heininger
Delegated Fund Manager, White Creek Capital LLP
Market environment
The escalation of tension in Israel, lukewarm macroeconomic data and persistent inflation made investors very defensive in April, and global equities suffered. Higher-than-expected inflation figures pushed bond yields up further and delayed US rate cuts, which even left European investors wondering about the ECB’s own timing. Risk premia and equity volatility skyrocketed as a result, and investors’ confidence quickly evaporated. This uncertainty led to big swings on the market, which investors found difficult to manage. The technology sector hit turbulence after ASML and TSMC reversed the trend for microprocessor companies by suggesting that demand may keep slowing for longer than expected.
Performance commentary
In April, the fund posted a negative performance, driven by our Long book. On the Technology side, our semi-conductor positions suffered from the cautious demand comments made by ASML and TSMC. On the Financials side, Adyen suffered from a 15% stock drop on the day of its earnings. The company’s solid results were overshadowed by a compression of its take rate, which exacerbated investor’s skepticism. We had a large performance contribution from our position in Prada, as Miu Miu continues on a strong growth trajectory. On the Short side, our Shorts in Nike and Lululemon continued to do well, as the demand for activewear seems to be stagnating. We also made a positive contribution from our short position in Straumann, which reported a slowdown in consumer demand for dental implants in its key US markets.
Outlook strategy
The net exposure of the strategy remains in the low thirties; and our gross exposure stayed stable above 200%. As fundamentals are back at driving stock prices, we continued to reinforce our convictions on both the long and short side and our portfolio is back to a normal level of convictions. On the long side of the book, our portfolio in our Core Long book has been stable with strong convictions in Prada in the Luxury sector, Daimler in the Automotive space, IMI in the Chemicals space and several positions in the Technology sector like ASML, Hynix or SAP; as well as some defensive positions like Novo Nordisk and Deutsche Telekom. On the short side, we continue to find many new names in the Consumer, Industrials and Healthcare spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings. Overall, we keep strong convictions in our Core Long book and have sized up these positions accordingly. We feel the current environment is quite conducive to our conviction-led portfolio.
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
The escalation of tension in Israel, lukewarm macroeconomic data and persistent inflation made investors very defensive in April, and global equities suffered. Higher-than-expected inflation figures pushed bond yields up further and delayed US rate cuts, which even left European investors wondering about the ECB’s own timing. Risk premia and equity volatility skyrocketed as a result, and investors’ confidence quickly evaporated. This uncertainty led to big swings on the market, which investors found difficult to manage. The technology sector hit turbulence after ASML and TSMC reversed the trend for microprocessor companies by suggesting that demand may keep slowing for longer than expected.