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
+ 10.4 %
+ 1.2 %
+ 2.1 %
+ 4.8 %
- 14.2 %
+ 24.8 %
+ 33.7 %
+ 4.0 %
- 18.4 %
+ 18.9 %
Net Asset Value
228.81 €
Asset Under Management
3 662 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 25 Jul 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
US growth continued its soft landing. European data revealed sluggish growth.
Central banks around the world took different paths with the ECB, Swiss National Bank and Bank of Canada cutting interest rates, but the Bank of England and Federal Reserve holding tight.
Political news was a source of volatility, in Europe where early elections were called in France, and in a few emerging countries such as India, Mexico and South Africa.
US stock markets set new records, once again supported by technology companies - especially semiconductor manufacturers. However, European markets were down.
Performance commentary
The Fund delivered a positive return, outperforming its reference indicator.
The technology sector was the main source of performance in June as Taiwanese (TSMC) and South Korean (Samsung Electronics and SK Hynix) stocks rallied.
US tech stocks followed suit. Not just the Magnificent 7 (Nvidia, Microsoft, Meta, etc.) but Broadcom and ServiceNow too.
However, the portfolio’s European component lost ground due to political risks and the slump in Airbus’s share price amid supply problems and delivery delays.
Outlook strategy
We identify promising long-term trends, especially in technology, healthcare, infrastructure and the consumer sector.
We are continuing our strategy of diversifying the portfolio by investing all along the value chain, seizing opportunities presented by large caps as well as SMEs.
During the month we opened three new positions in the United States: Cadence Design System, Deer & Co and O’Reilly Automotive.
We also closed positions in Baxter International and L’Oréal, taking the total number of holdings to 71.
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.
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Market environment