Equity strategies
Carmignac Portfolio Investissement
Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8Share Class
LU1299311834
A Fund geared for a changing world
- An international equity Fund offering an exposure to companies that thrive in an evolving global world.
- An opportunistic approach aiming at benefiting from the most promising market dynamics and trends.
Key documents
Asset Allocation
Equities96.5 %
Other3.5 %
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
+ 72.7 %
0.0 %
+ 68.9 %
+ 9.8 %
+ 24.0 %
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
-
- 1.7 %
+ 1.1 %
+ 3.7 %
- 14.8 %
+ 24.4 %
+ 33.7 %
+ 3.8 %
- 18.5 %
+ 18.5 %
Net Asset Value
172.71 €
Asset Under Management
244 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 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: 31 Jul 2024.Fund management team
Kristofer Barrett
Head of Global Equities, Fund Manager
Performance commentary
Against this backdrop, the fund delivered a negative performance in July.
While the strengthening of our defensive positions in the healthcare sector (Centene, United Health) buoyed performance, increased competition in the field of obesity treatments led to a fall in Novo Nordisk, the main detractor from performance in July.
Despite good results, potential trade restrictions for China in the semiconductor sector weighed on TSMC, SK Hynix and ASML holdings.
At the time of its results publication, Microsoft disappointed investors with its Azure cloud division, and announced a more cautious outlook for the medium term, casting doubt on the benefits of artificial intelligence in the short term.
Outlook strategy
We identify promising long-term trends, particularly in technology, healthcare, infrastructure and consumer goods.
We are pursuing our strategy of diversifying the portfolio by investing across the value chain, to capture opportunities in large caps as well as small and mid-caps.
We closed three positions in AMD, Thermo Fisher and Deere & Co, bringing the total number of holdings to 70.
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.
Source: Carmignac at 31/08/2024
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jul 2024.| North America | 59.6 % |
| Europe | 19.9 % |
| Asia | 16.7 % |
| Asia-Pacific | 2.0 % |
| Latin America | 1.8 % |
| Total % Equities | 100.0 % |
North America59.6 %
 USA | 57.5 % |
 Canada | 2.1 % |
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 Weight96.5 %
Net Equity Exposure91.9 %
Number of Equity Issuers70
Active Share77.9 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Kristofer Barrett
Head of Global Equities, Fund Manager
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.
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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.
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Global equities • 2 July 2024 • English
Exploring the benefits of Carmignac Investissement
2 minute(s) read
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.