Share Class
FR0011269596
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
Key documents
Asset Allocation
Bonds48.6 %
Equities40.1 %
Other11.3 %
Data as of: 31 Jul 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 14.3 %
+ 5.9 %
+ 7.5 %
- 8.4 %
+ 5.2 %
To 29/08/2024
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
+ 8.6 %
- 0.8 %
+ 3.1 %
- 0.5 %
- 11.8 %
+ 10.0 %
+ 12.0 %
- 1.2 %
- 9.8 %
- 0.1 %
Net Asset Value
114.29 CHF
Asset Under Management
6 250 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 31 Jul 2024.
Data as of: 29 Aug 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.
Carmignac Patrimoine 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: 31 Jul 2024.Fund management team
Performance commentary
The Fund's performance was nearly flat over the month, underperforming its reference indicator.
Our equity stock selection suffered from the market rotation and were the main detractor to performance.
However, the inclusion of gold mining stocks, along with Financials and Industrials, partially mitigated the decline in our growth-oriented stocks.
The yield curve steepening was positive for the fund, even if our low modified duration did not allow us to take full advantage of the sharp decline in interest rates.
The performance was negatively impacted by exposure to currencies, primarily due to the volatility in the dollar, and despite the yen's recovery towards the end of the month.
Outlook strategy
The normalization of the labor market in the US means that a rate cut scenario is finally in sight.
Us growth is decelerating, but we favor more a soft landing rather than a recession.
In this scenario, our exposure to risky assets has evolved thanks to our options, but it remains in the middle of our range.
We remain cautious about the duration as the markets anticipate a high number of rate cuts, and we continue to expect steeper yield curves.
A return to the inflation target could be a source of disappointment, given the market's optimistic expectations justifying keeping inflation-linked instruments in the portfolio.
Performance Overview
Data as of: 29 Aug 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. Until 31 December 2012, the reference indicators' equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund's reference indicator comprised 50% MSCI AC World NR (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 31/08/2024
Carmignac Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jul 2024.| North America | 57.5 % |
| Europe | 21.4 % |
| Asia | 15.4 % |
| Latin America | 3.5 % |
| Asia-Pacific | 2.2 % |
| Total % Equities | 100.0 % |
North America57.5 %
 USA | 53.3 % |
 Canada | 4.2 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.Exposure Data
Data as of: 31 Jul 2024.Equity Investment Weight40.1 %
Net Equity Exposure35.2 %
Active Share84.8 %
Modified Duration1.2
Yield to Maturity5.7 %
Average RatingBBB+
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Jacques Hirsch
Fund Manager
Christophe Moulin
Deputy Head of Cross Asset, Fund Manager
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Eliezer Ben Zimra
Fund Manager
Kristofer Barrett
Head of Global Equities, Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques Hirsch
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.
Market environment
In the US, the economy is slowly paving the way for a soft landing, with job creation and retail sales easing over the month. At the same time, inflation continued to trend lower. In Europe, growth surprised to the upside at +0.3% in the second quarter, while inflation picked up slightly.
As expected, the Fed left short-term rates unchanged during their July meeting. However, the combination of a less dynamic job growth and lower inflation sets the stage for the Fed to potentially lower rates in September.
The Bank of Japan raised interest rates for the first time in 15 years and unveiled a detailed plan to slow its massive bond buying, taking another step towards normalization.
In July, political volatility came from the US. Trump survived an assassination attempt, Biden ended his 2024 candidacy, and Harris' nomination boosted Democrats' standing in the polls, hinting at a closely contested election.
Equity market underwent a significant rotation during the month, with small cap and value stocks performing well and outperforming mega cap and growth stocks.
Yield have declined meaning over the month both in Europe and the US, while the yield curve steepens. In the credit market, investment grade (IG) bonds outperformed high yield bonds.