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Equity strategies

Carmignac Portfolio Climate Transition

Luxembourg SICAV sub-fundThematicESG Thematic Fund Article 8
Share Class

LU0164455502

A thematic equity Fund acting for climate change mitigation
  • Investing with a purpose : aiming to generate attractive returns on the long-term while having a positive environmental contribution.
  • Investing efficiently : targeting innovative companies across the whole renewable and green industry value chains.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Equities91.2 %
Other8.8 %
Data as of:  Dec 31, 2024.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 214.3 %
+ 9.1 %
+ 7.8 %
- 3.5 %
+ 11.6 %
From 10/03/2003
To 17/01/2025
Calendar Year Performance 2024
- 16.2 %
+ 21.7 %
+ 5.5 %
- 17.7 %
+ 14.8 %
+ 4.5 %
+ 10.4 %
- 15.1 %
+ 1.8 %
+ 3.3 %
Net Asset Value
314.22 €
Asset Under Management
184 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  Jan 17, 2025.
​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.
Equity strategiesCarmignac Portfolio Climate Transition
Equity strategiesCarmignac Portfolio Climate Transition
Share Class

LU0164455502

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Climate Transition 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:  Dec 31, 2024.
Fund management team
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager

Market environment

  • December was characterised by a cautious market environment, with investors offsetting optimism about economic growth with concerns about inflation and monetary policy.
  • Although the Fed and the ECB cut their key rates, they indicated that they would remain vigilant, albeit for different reasons.
  • The Fed was cautious because of continuing uncertainties about inflation in the US, while the ECB was concerned about growth in Europe.
  • Commodity returns were positive, with the Bloomberg Commodity Index posting a gain of around 1%.

Performance commentary

  • In December, our Fund recorded a negative performance in both absolute and relative terms.
  • The stocks that contributed negatively to our performance were those associated with green solution enablers, notably Ashtead Group and Waste Management, which were our main detractors.
  • We benefited from our overweight position and rigorous stock selection in the Communication Services sector.
  • Our biggest contribution this month came from the Green Technology sub-theme. TSMC was the biggest contributor, as the company continues to be a key player in artificial intelligence.

Outlook strategy

  • During December, we readjusted our weightings in the renewable energy sub-theme after selling our position in Vestas Wind Systems.
  • Our strong conviction in semiconductors remains intact.
  • We believe that our diversification across our sub-themes will enable us to better navigate this market environment.

Performance Overview

Data as of:  Jan 17, 2025.
View Performance in detail
​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.On 15/05/2020 the reference indicator changed to MSCI AC WORLD NR (USD) index net dividends reinvested. Performances are presented using the chaining method. The Fund’s name was changed from Carmignac Portfolio Green Gold to Carmignac Portfolio Climate Transition.​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
Source: Carmignac at 21/01/2025

Carmignac Portfolio Climate Transition Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Dec 31, 2024.
North America58.5 %
Asia22.7 %
Europe18.3 %
Latin America0.3 %
Africa0.1 %
Total % Equities100.0 %
North America58.5 %
usUSA
55.6 %
caCanada
3.0 %
View Portfolio allocation

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.

Exposure Data

Data as of:  Dec 31, 2024.
Equity Investment Weight91.2 %
Net Equity Exposure88.2 %
Number of Equity Issuers53
Active Share85.6 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager
Through Carmignac Portfolio Climate Transition, we are adopting a differentiated approach to climate change that reflects our sustainable philosophy. This position is in line with our first theme of ESG engagement: Climate.
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager
View Fund's characteristics
View characteristics and risks
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.