Alternative strategies
Carmignac Portfolio Long-Short European Equities
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 8Share Class
LU0992627371
A high-conviction long/short approach to European equities
- A bottom-up fundamental approach to maximise long and short alpha generation.
- Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
Key documents
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
+ 63.8 %
+ 61.4 %
+ 31.3 %
+ 8.4 %
+ 17.2 %
To 19/12/2024
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
+ 2.2 %
- 8.4 %
+ 9.4 %
+ 16.5 %
+ 4.9 %
- 0.2 %
+ 7.1 %
+ 13.3 %
- 6.2 %
- 1.4 %
Net Asset Value
163.78 CHF
Asset Under Management
566 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: Dec 19, 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Carmignac Portfolio Long-Short European Equities 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 31, 2024.Performance commentary
In October, the fund posted a positive performance, driven by our Short book.
Our positions in defensive stocks performed particularly well, with Deutsche Telekom, Schibsted and SAP contributing to our alpha.
Our position in DSV did particularly well since the stock reported solid earnings and continued to increase its market share thanks to its new commercial strategy.
On the Short side, we benefited from the profit warning of Estee Lauder, as it warned that sales would fall and profits disappointed during the quarter, while slashing its dividend by 47%.
We also benefited from our stock selection in our accounting shorts bucket.
Outlook strategy
- The net exposure of the strategy stayed stable at 35% throughout the month, as we keep strong convictions in defensive names on the Long side.
- Our gross exposure has been stable in the 150-160% range.
- On the long side of the book, we are keeping a large exposure to defensive names with attractive idiosyncratic catalysts, particularly in the Telecommunications and Healthcare spaces.
- On the short side, we continue to find many new names in the Industrials and Technology spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
- Overall, the portfolio has managed well the high dispersion of the Q3 reporting season.
Performance Overview
Data as of: Dec 19, 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 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 21/12/2024
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: Nov 29, 2024.| Europe EUR | 44.0 % |
| Europe ex-EUR | 6.2 % |
| North America | 4.8 % |
| Others | 0.6 % |
| Equity Basket Derivatives | -12.3 % |
| Index Derivatives | -16.9 % |
| Total % of alternative | 26.4 % |
Europe EUR44.0 %
 Germany | 31.7 % |
 Italy | 6.9 % |
 Netherlands | 6.0 % |
 Portugal | 1.2 % |
 France | 0.6 % |
 Luxembourg | -0.2 % |
 Spain | -0.7 % |
 Finland | -1.5 % |
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: Nov 29, 2024.Net Equity Exposure26.4 %
Beta+0.2 %
Sortino Ratio+2.1
Number of Holdings74
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.0
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
![[Management Team] [Author] Heininger Malte](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte Heininger
Delegated Fund Manager, White Creek Capital LLP
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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
As November kicks off, we are seeing the first signs of vulnerability from markets fueled for too long by central banks, expanding economies and receding inflation.
Major indices, including the S&P 500, ended the month lower, breaking a streak of five consecutive monthly gains.
Tech earnings, a key catalyst for upside this year, have turned patchy before the resolution of a deadlocked presidential election and uncertainty of the Federal Reserve’s upcoming interest rate moves.
Quarterly earnings reports have been mixed, even among the so-called “hyperscalers”, a group that includes Alphabet, Amazon, Meta and Microsoft.