Share Class
LU1317704135
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.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 70.6 %
+ 75.4 %
+ 25.6 %
+ 23.6 %
+ 0.9 %
To 05/03/2026
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
+ 8.1 %
+ 14.8 %
+ 3.4 %
- 1.1 %
+ 6.3 %
+ 12.4 %
- 7.0 %
- 0.7 %
+ 17.1 %
+ 7.1 %
Net Asset Value
170.55 €
Asset Under Management
743 M €
Net Equity Exposure30/01/2026
7.8 %
SFDR - Fund Classification
Article
8
Data as of: Mar 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.
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: Feb 27, 2026.Performance commentary
- In February, the fund posted a negative performance due to our hedging but a strong alpha, on both the long and short books.
- On the Long side, our semiconductor positions represented close to 20% of our exposure and generated +49bps of P&L during the month. Nvidia reported a 75% year-over-year data-center revenue growth, while the continued shortage on the memory side led to continued price increases and a positive outlook for semiconductor equipment spending.
- We have been very active across the semiconductor supply chain over the past two years, with the memory segment being our largest contributor.
- Our largest contributor on the long side was Fresenius (+71bps), which performed well in its FY25 reporting at the end of February, as management continued to deliver at an attractive valuation.
- The company benefits from low exposure to tariffs and is mostly immune to AI, making it an attractive defensive play in our portfolio.
- On the short side, the “SaaSpocalypse” continued and our Software shorts delivered more than +100bps of P&L within our AI losers bucket.
- AI tools like Anthropic’s Claude Code dramatically shrink the time it takes to build complex software, creating uncertainty on the potential destruction of some parts of the software sector from AI.
- We also benefited from our short in Metlen, a €5 billion Greek company which relisted in the UK last summer.
- Metlen has been one of our largest short convictions since Q3 2025 and they issued a profit warning early February, due to cost overruns on projects. Our thesis stays on track, and we have kept a large short position in this stock.
Outlook strategy
- The net exposure of the strategy was reduced to the 10-20% range, as we implemented some hedges to protect the portfolio during the extreme volatile moves this month.
- We remain constructive on the long side in industries such as luxury goods, specialty engineering, specialty chemicals, medical technology, aerospace and defence, and classifieds.
- We remain constructive in Europe in 2026, as the fiscal stimulus and low rates provide an attractive tailwind.
- Germany has removed the fiscal drag which has weighted on Europe for more than a decade, and the upcoming defence and infrastructure historic investment plan will have a profound impact on the overall region.
- Our portfolio remains focused on stock specific and idiosyncratic drivers, rather than macro plays.
- On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: Mar 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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 06/03/2026
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jan 30, 2026.| Europe EUR | 29.0 % |
| Others | 8.3 % |
| Europe ex-EUR | -3.8 % |
| North America | -4.4 % |
| Equity Basket Derivatives | -6.9 % |
| Index Derivatives | -14.4 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Jan 30, 2026.Net Equity Exposure7.8 %
Beta+0.1
Sortino Ratio+0.6
Number of Holdings20
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
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
Articles that may interest you
Strategies insights • April 18, 2025 • English
Seeking diversification in uncertain times
3 minute(s) read
Strategies insights • November 14, 2024 • English
Carmignac Portfolio Long Short European Equities: Letter from the Fund Manager
2 minute(s) read
Strategies insights • August 22, 2024 • English
Carmignac Portfolio Long-Short European Equities: Letter from the Fund Manager
2 minute(s) read
Did you enjoy the fund page?
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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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.
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