Share Class
FR001400JG56
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%).
- Strong discipline of portfolio risk management to contain the downside.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 7.7 %
-
-
-
+ 0.2 %
To 06/02/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
-
-
-
-
-
-
-
+ 2.1 %
+ 3.7 %
+ 0.2 %
Net Asset Value
107.73 €
Asset Under Management
154 M €
Net Equity Exposure31/12/2025
27.3 %
SFDR - Fund Classification
Article
8
Data as of: Feb 6, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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: Jan 30, 2026.Fund management team
Johan FREDRIKSSON
Fund Manager
Dean SMITH
Fund Manager
Performance commentary
- The Fund produced a positive return in January.
- The largest positive contributions came from Technology, reflecting exposure to the AI investment cycle, as well as Banks, Industrials, Communication Services and Materials.
- The main detractors were Healthcare, Consumer Discretionary and Consumer Staples.
- Key stock selection winners included long positions in SK Hynix (earnings expectations benefited from higher memory prices), ASM International (strong order intake for semiconductor capital equipment), and Piraeus Bank (stronger lending growth drove earnings upgrades).
- Detractors included our long in Prosus (concerns that potential M&A activity could reduce the scale of share buybacks) as well as our short positions in a logistics company and a Swiss capital‑goods company.
Outlook strategy
- With increased volatility at the single-stock level, we used market strength to selectively take profits in Financials, Industrials and Materials, while adding to preferred holdings on weakness.
- New positions initiated during the month included Schneider, re-entered following a period of underperformance after having been exited last year, and PPC, a Greek utility offering highly visible earnings growth over the next five years.
- Elsewhere, profits were taken in Allfunds following confirmation of the Deutsche Börse takeover bid, and exposure was tactically reduced to stocks perceived to be at risk from AI disruption.
- In February, the focus will remain on the FY25 reporting season. Momentum driven sell offs represent a rising risk. Although often short lived, these episodes can trigger sharp, indiscriminate declines below index levels.
- The principal risk remains a market reassessment of AI related disruption, particularly for software and data driven business models.
- On the long side, our focus and risk exposure remain in banks, financials, and key industrials including A&D. We recently re established long positions in both Safran and Airbus.
- The short book continues to target disruptive AI victims and weak consumer related names, including Autos and Luxury.
- We are also closely monitoring commodity chemical names, which have moved higher recently on rotational flows, but where we see significant earnings risk.
Performance Overview
Data as of: Feb 6, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 10/02/2026
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Dec 31, 2025.| Europe EUR | 24.8 % |
| Europe ex-EUR | 14.4 % |
| North America | 7.2 % |
| Others | 6.5 % |
| Index Derivatives | -25.5 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Dec 31, 2025.Net Equity Exposure27.3 %
Issuer equity derivative short45
Issuer equity derivative long75
To Access the weekly view
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.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment