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.
Risk Indicator
1
2
3
4
5
6
7
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
+ 5.7 %
-
-
-
+ 0.9 %
To 04/06/2026
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
€105.71
Asset Under Management
137 M €
Net Equity Exposure30/04/2026
13,8 %
SFDR - Fund Classification
Article
8
Data as of: Jun 4, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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.
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
Our objective is to provide long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.
Johan FREDRIKSSON
Fund Manager
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: May 29, 2026.Fund management team
Johan FREDRIKSSON
Fund Manager
Performance commentary
- The fund generated a positive return during the month.
- Performance was driven primarily by our long positions but was partially offset by index hedging positions which reflected the constructive market backdrop during the month.
- Technology was the largest contributor to performance driven by continued strength across semiconductor holdings.
- Other contributors were Financials, supported by resilient earnings and positive sentiment towards the sector while Utilities benefited from ongoing investor focus on electrification and power infrastructure themes.
- The principal detractors at a sector level were Healthcare and Consumer-related holdings where stock-specific weakness outweighed broader market strength.
- Key stock selection winners included long positions in PPC (as market is reassessing its new growth plan), SK Hynix (continued benefitting from accelerating demand for high-bandwidth memory products) and ASML (benefited from positive sentiment towards semiconductor equipment).
- Detractors included our longs in Fresenius and Alcon who suffered from overall sector weakness and a short position in an Energy company.
Outlook strategy
- Equity markets enter June with a broadly positive backdrop, supported by resilient corporate earnings & continued investment in artificial intelligence.
- While the US market remains the primary driver of global returns, earnings growth is starting to broaden beyond the largest technology companies.
- With European equities having lagged, they now look relatively attractive, but still vulnerable to Iran newsflow.
- At the same time, with the Q2 reporting season now behind us, focus shifts even more to macro, politics, and the upcoming large US tech IPOs (SpaceX), which is likely to add volatility.
- Also, with valuations in parts of the US market being elevated, it leaves less room for disappointment, particularly in the Middle East and another push higher of energy prices.
- Overall, the medium-term outlook remains constructive, but near-term gains are likely to be accompanied by periodic pullbacks as markets balance strong fundamentals against increasing macroeconomic and geopolitical risks.
Performance Overview
Data as of: Jun 4, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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 06/06/2026
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Apr 30, 2026.| Europe EUR | 16.3% |
| North America | 4.8% |
| Others | 3.7% |
| Europe ex-EUR | 2.9% |
| Index Derivatives | -13.9% |
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: Apr 30, 2026.Net Equity Exposure13.8%
Issuer equity derivative short40
Issuer equity derivative long49
To Access the weekly view
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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