Share Class
FR0011269406
An opportunistic and style agnostic long/short approach to European equities
- A diversified portfolio, based on a top-down and bottom-up approach, to take advantage of market inefficiencies.
- Active management of the net equity exposure (-20% to +50%).
Key documents
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 40.2 %
+ 33.4 %
+ 16.1 %
+ 2.0 %
+ 7.7 %
To 15/07/2024
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
+ 2.5 %
- 8.0 %
+ 9.1 %
+ 14.6 %
+ 4.3 %
- 1.3 %
+ 5.3 %
+ 12.6 %
- 8.6 %
0.0 %
Net Asset Value
132.57 €
Asset Under Management
215 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 15 Jul 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Carmignac Absolute Return 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: 28 Jun 2024.Fund management team
Johan Fredriksson
Fund Manager
Dean Smith
Fund Manager
Performance commentary
- The Fund delivered a positive return in June.
- The main contributors to monthly performance were long positions in technology, finance and communication services, along with short positions in consumer discretionary.
- In equities, there were several winners:
- First Solar, which is benefiting from the need for new energy sources to accelerate AI takeup; Nvidia, whose figures remain impressive;
- Meta, which is spreading positive sentiment about the beneficiaries of AI; Microsoft following positive comments about AI product announcements; and UBS, which published strong Q1 results.
Outlook strategy
- We further expanded our AI beneficiaries theme to include other industries that will help support its roll-out.
- More specifically, we have started looking for companies that could help produce the green energy so desperately needed to power data centres.
- We strengthened an existing position and opened two new ones, which we think will be very promising as the economy picks up over the years ahead.
- We also added some quality growth stocks while taking profits on consumer names including Beiersdorf and Richemont, which had reached our price targets.
- In the consumer discretionary sector, we kept developing our short-selling strategy to take advantage of weakening consumer spending trends.
- In technology, we seized on the short squeeze to add a few new short positions in companies whose fundamentals still look fragile.
- Our overall gross exposure reached 130%-140% during the month, while our net exposure averaged +20%.
Performance Overview
Data as of: 15 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 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 17/07/2024
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Jun 2024.| Europe EUR | 26.8 % |
| Other countries | 18.4 % |
| North America | 13.0 % |
| Europe ex-EUR | 12.0 % |
| Equity Basket Derivatives | 1.2 % |
| Index Derivatives | -33.2 % |
| Total % of alternative | 38.2 % |
Europe EUR26.8 %
 Germany | 12.2 % |
 Netherlands | 4.8 % |
 France | 4.0 % |
 Ireland | 1.8 % |
 Belgium | 1.6 % |
 Italy | 1.4 % |
 Spain | 0.8 % |
 Greece | 0.5 % |
 Luxembourg | 0.1 % |
 Finland | -0.1 % |
 Austria | -0.3 % |
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: 28 Jun 2024.Net Equity Exposure25.1 %
Beta+0.1 %
Sortino Ratio+3.5
Number of Holdings62
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Johan Fredriksson
Fund Manager
Dean Smith
Fund Manager
Our objective is to provide a long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.
Dean Smith
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.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
Market environment