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
+ 5.8 %
-
-
-
+ 2.3 %
To 06/08/2026
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
€105.83
Asset Under Management
132 M €
Net Equity Exposure30/06/2026
19,8 %
SFDR - Fund Classification
Article
8
Data as of: Aug 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 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: Jul 31, 2026.Fund management team
Johan FREDRIKSSON
Fund Manager
Performance commentary
- The fund generated a negative return during the month.
- Financials sector was the largest contributor to performance, driven by continued strength across Banks. Our largest negative detractors came from Industrials despite resilient earnings, Technology and Consumer names.
- Key stock selection winners included long positions in Fresenius (as concerns for 2027 faded), ASR (benefiting from the semis unwinding) and Relx (supported by strong quarterly results).
- The main detractors were Halma, hit by Tech sell-off and a short position in Arcadis who received a bid from a Canadian peer.
Outlook strategy
- Looking ahead, we expect market leadership to remain fluid as investors digest the remainder of the second-quarter earnings season and reassess positioning following July's sharp factor rotation.
- While earnings have generally proved resilient, elevated valuations in parts of the market leave little room for disappointment, placing increased emphasis on management guidance and the sustainability of earnings expectations.
- We expect this elevated dispersion across sectors, styles and individual stocks to persist, creating both risks and opportunities.
- Although macroeconomic conditions remain broadly supportive, with inflation continuing to moderate and central banks expected to ease policy gradually, geopolitical developments and trade policy uncertainty are likely to keep market volatility elevated.
- In this environment, we remain disciplined in our portfolio construction, focusing on companies with durable earnings growth, attractive valuations and identifiable catalysts.
- We believe maintaining a balanced and selective approach is appropriate while markets continue to rotate rapidly between leadership themes.
Performance Overview
Data as of: Aug 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 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 08/08/2026
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| Europe EUR | 14.7% |
| Europe ex-EUR | 11.5% |
| North America | 4.1% |
| Others | 3.5% |
| Index Derivatives | -14.0% |
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: Jun 30, 2026.Net Equity Exposure19.8%
Issuer equity derivative short41
Issuer equity derivative long52
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