Share Class
LU1299311834
Global equities - broad in perspective, selective by conviction
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
- Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
Key documents
Asset Allocation
Equities98.8 %
Other1.2 %
Data as of: Sep 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 147.1 %
+ 165.6 %
+ 51.5 %
+ 81.4 %
+ 14.7 %
To 05/11/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
+ 1.1 %
+ 3.7 %
- 14.8 %
+ 24.4 %
+ 33.7 %
+ 3.8 %
- 18.5 %
+ 18.5 %
+ 24.6 %
+ 17.4 %
Net Asset Value
€247.12
Asset Under Management
495 M €
Net Equity Exposure30/09/2026
85.8%
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Nov 5, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
Carmignac Portfolio Investissement 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: Oct 30, 2026.Fund management team
Performance commentary
- Against this backdrop of high market dispersion, the strategy delivered positive absolute and relative performance. Portfolio diversification played its role: weakness in our positions exposed to the AI value chain was more than offset by our investments in financials and healthcare, as well as by our equity hedges.
- Technology was the main detractor, notably through SK Hynix, Nvidia, TSMC and BizLink. These stocks were caught up in the broader correction among AI beneficiaries, driven by concerns around accelerating hyperscaler capital expenditure rather than any deterioration in fundamentals. SK Hynix, for instance, reported results above expectations, supported by continued strong demand for HBM memory. In addition, our significant underweight to hyperscalers supported the Fund’s relative performance.
- Conversely, our performance drivers outside technology fully played their role. Financial infrastructure names, including Tradeweb, S&P Global and ICE, contributed strongly, as did McKesson and Cencora in healthcare. Genmab was a notable outperformer following very encouraging phase 3 results for petosemtamab in the treatment of certain head and neck cancers.
- Finally, our equity hedging strategies made a positive contribution, helping the Fund absorb the bouts of volatility seen during the month.
Outlook strategy
- In a market that remains highly concentrated and increasingly shaped by frequent rotations, flexibility is essential. We therefore seek to build a portfolio that can adapt quickly without relying on a single investment theme.
- Within AI, we continue to favour hardware companies, which directly benefit from the massive investment being deployed into infrastructure. We are positioned across several bottlenecks in the value chain — memory, semiconductors, equipment, connectivity and cooling.
- We also see opportunities in high-quality companies that we believe have been unfairly penalised by concerns around AI disruption, notably in payment services. At the same time, we are developing other performance drivers that are less dependent on the AI cycle, including biotechnology, pharmaceutical distributors, selected industrials and emerging-market financials.
- Over the month, we continued to reduce our exposure to hyperscalers and took profits in Nvidia and TSMC, whose upside potential now appears more limited given their current market capitalisations.
- Conversely, we increased our exposure to memory, particularly in South Korea. We viewed the recent corrections as excessive relative to fundamentals: SK Hynix continues to deliver strong earnings momentum, supported by demand for advanced memory, alongside a supportive shareholder-return policy.
- We also reduced selected defensive positions, notably McKesson and Cencora. These stocks played their role during periods of volatility and have now reached valuation levels that led us to crystallise part of our gains.
Performance Overview
Data as of: Nov 5, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/11/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2026.| North America | 52.7% |
| Asia | 26.6% |
| Europe | 14.5% |
| Asia-Pacific | 3.7% |
| Latin America | 1.9% |
| Eastern Europe | 0.4% |
| Middle East | 0.2% |
To Access the weekly view
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: Sep 30, 2026.Equity Investment Weight98.8%
Net Equity Exposure85.8%
Number of Equity Issuers98
Active Share81.0%
To Access the weekly view
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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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment