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
+ 5.1 %
- 4.9 %
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
Net Asset Value
355.7 €
Asset Under Management
148 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 1 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.
The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.
Although the US economy remains firm, signs of cooling were observed in May.
In Europe, PMIs published during the month confirmed an improvement in economic activity.
The downward trend for US interest rates helped growth stocks.
Nvidia continued to benefit from investors’ excitement about artificial intelligence after publishing its results.
Performance commentary
The Fund delivered a positive return in May.
Healthcare stocks were the main drag on performance as a number of our top holdings (Baxter, Lonza) showed weakness.
Nvidia was the top contributor as its quarterly results surpassed investors’ expectations.
Performances in the technology sector were mixed, with Samsung suffering from stiff competition with SK Hynix.
The Fund’s hedging of US equities proved a little costly.
Outlook strategy
Since Kristofer Barrett took over the master fund, Carmignac Investissement, the portfolio has been transformed with the addition of some 30 stocks and removal of a dozen others.
Carmignac Investissement focuses on profitable trends in artificial intelligence and healthcare, and he has diversified the portfolio all along the value chain.
The master fund reduced investments in momentum stocks with high price multiples, decreasing the portfolio’s average valuation.
We are continuing to manage the Fund’s equity exposure actively, and are keeping exposure high.
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 Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) under French law.
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Market environment
The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.
Although the US economy remains firm, signs of cooling were observed in May.
In Europe, PMIs published during the month confirmed an improvement in economic activity.
The downward trend for US interest rates helped growth stocks.
Nvidia continued to benefit from investors’ excitement about artificial intelligence after publishing its results.