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 %
- 7.4 %
+ 10.8 %
+ 19.0 %
+ 6.6 %
+ 3.1 %
+ 8.4 %
+ 13.9 %
- 4.2 %
+ 2.7 %
Net Asset Value
197.5 $
Asset Under Management
586 M $
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 1 Jul 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: 31 May 2024.
Fund management team
Malte Heininger
Delegated Fund Manager, White Creek Capital LLP
Market environment
Along with better-than-expected Q1 earnings, investors’ optimism for the economy shored up risky assets in May.
European large caps such as ASML and SAP beat their profit forecasts, fuelling their performance.
The possibility of the European Central bank cutting interest rates further brightened the outlook for European equities.
Despite difficult conditions ahead of European elections, Europe’s industrial champions continued to grow.
Performance commentary
In May, the fund posted a positive performance, driven by our Core Long book and our positions in the Technology sector.
Overall, the surge in Tech stocks was driven by robust earnings, AI optimism, and the ongoing digital transformation.
Our semi-conductor positions performed particularly well, as Nvidia exceeded earnings estimates, reinforcing the AI-driven rally’s momentum.
On the Short side, our short in Lululemon continued to work well as they reported slower growth than expected and guidance below expectations.
Outlook strategy
The net exposure of the strategy remains stable; and our gross exposure stayed stable above 200%.
As fundamentals are back at driving stock prices, we continued to reinforce our convictions on both the long and short side and our portfolio is back to a normal level of convictions.
On the long side of the book, our portfolio in our Core Long book has been stable with strong convictions in Prada in the Luxury sector and several positions in the Technology sector like Nova Limited, Hynix or SAP; as well as some defensive positions like Novo Nordisk and Deutsche Telekom.
On the short side, we continue to find many new names in the Consumer, Industrials and Technology spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Overall, we keep strong convictions in our Core Long book and have sized up these positions accordingly. We feel the current environment is quite conducive to our conviction-led portfolio.
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.
Unsupported browserWe've noticed that your browser is no longer supported. To ensure optimal performance and security while using our website, we recommend updating your browser or other relevant software. Thank you for your understanding!
Market environment
Along with better-than-expected Q1 earnings, investors’ optimism for the economy shored up risky assets in May.
European large caps such as ASML and SAP beat their profit forecasts, fuelling their performance.
The possibility of the European Central bank cutting interest rates further brightened the outlook for European equities.
Despite difficult conditions ahead of European elections, Europe’s industrial champions continued to grow.