Equity strategies
Carmignac Portfolio Family Governed
Luxembourg SICAV sub-fundThematicESG Thematic Fund Article 8Share Class
LU2004385154
A global, high-conviction equity fund that invests in family companies
- A Fund seeking to invest in family companies, which tend to have a longer-term focus, an attractive growth profile, and strategies aligned with shareholders' interests.
- Portfolio construction is based on the company's family control and ownership, liquidity, profitability, earnings reinvestment and quality of its governance.
Key documents
Asset Allocation
Equities99.1 %
Other0.9 %
Data as of: 31 Jul 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 84.4 %
0.0 %
+ 75.9 %
+ 15.8 %
+ 15.5 %
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
-
-
-
-
-
+ 11.6 %
+ 16.8 %
+ 27.8 %
- 18.1 %
+ 21.4 %
Net Asset Value
184.39 €
Asset Under Management
19 M €
Market
Thematic Fund
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 Portfolio Family Governed 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
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
Performance commentary
- Our Fund delivered a positive performance in both absolute and relative terms in July.
- Our overweight to industrials and stock selection in the sector were the largest contributors to performance. Old Dominion Freight, Watts Water Technology, SS&C Technologies and Cintas were among biggest stock contributors.
- while tech stocks suffered over the month of July, our large underweight to the sector benefitted our relative performance.
- Stock selection in financials (Brown & Brown) and healthcare (Roche, Danaher, Essilor) also supported our performance over the month.
Outlook strategy
- During July, we made no changes to our portfolio.
- In the current market environment, we remain cautious in our portfolio positioning and continue to focus on less cyclical family-owned companies.
- We continue to believe that the resilience that comes from investing in quality family and founder-owned businesses will be the key strength of our strategy going forward.
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.
Source: Carmignac at 31/08/2024
Carmignac Portfolio Family Governed Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jul 2024.| North America | 63.0 % |
| Europe | 36.5 % |
| Asia-Pacific | 0.5 % |
| Total % Equities | 100.0 % |
North America63.0 %
 USA | 63.0 % |
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: 31 Jul 2024.Equity Investment Weight99.1 %
Net Equity Exposure99.1 %
Number of Equity Issuers37
Active Share96.0 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
Obe Ejikeme
Fund Manager, Analyst
As a family business ourselves, we are best placed to understand the dynamics and needs of family businesses over the long term.
Mark Denham
Head of Equities, 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
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.
The Q2 earnings season has started and brought a mix of both positive and negative surprises, leading to increased market volatility. In summary, the results have been strong on EPS beats but weak on sales. Tech sectors have raised concerns after some disappointment about the pace and timing of AI revenue.