Share Class
LU0992627611
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
Key documents
Asset Allocation
Bonds45.1 %
Equities41.9 %
Other13 %
Data as of: 28 Jun 2024.
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
+ 32.0 %
+ 27.3 %
+ 16.7 %
- 3.8 %
+ 9.4 %
To 01/07/2024
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
+ 9.4 %
+ 1.3 %
+ 4.4 %
+ 0.5 %
- 10.8 %
+ 11.2 %
+ 13.4 %
- 0.3 %
- 8.8 %
+ 2.7 %
Net Asset Value
132.0 €
Asset Under Management
1 437 M $
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
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 Patrimoine 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
Performance commentary
The Fund delivered a positive return and beat its reference indicator.
The Fund’s high allocation to risky assets (equities and bonds) shored up performance in good conditions for these assets.
The technology and gold sectors raised the performance of our equity component. However, our option hedges had a slightly negative impact.
The Fund’s modified duration increased during the month as we reduced our short position on Japanese bonds and raised our exposure to US short-term debt.
Outlook strategy
Global economies should hold firm over the coming months as stimulus remains high at a time of military and trade conflict.
We are keeping equity exposure relatively high at around 40%, and raised our modified duration back up a little in May.
Since Kristofer joined our team, we have added 13 new equity positions and relinquished five others.
Although he is keeping the emphasis on profitable trends in artificial intelligence and healthcare, he has diversified the portfolio all along the value chain.
We have reduced investments in momentum stocks with high price multiples, and this has decreased the portfolio’s average valuation.
Performance Overview
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). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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 03/07/2024
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Jun 2024.| North America | 58.3 % |
| Europe | 21.5 % |
| Asia | 15.6 % |
| Latin America | 2.9 % |
| Asia-Pacific | 1.8 % |
| Total % Equities | 100.0 % |
North America58.3 %
 USA | 54.8 % |
 Canada | 3.5 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.Exposure Data
Data as of: 28 Jun 2024.Equity Investment Weight41.9 %
Net Equity Exposure33.7 %
Active Share83.5 %
Modified Duration1.7
Yield to Maturity6.1 %
Average RatingBBB
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Jacques Hirsch
Fund Manager
Christophe Moulin
Deputy Head of Cross Asset, Fund Manager
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Eliezer Ben Zimra
Fund Manager
Kristofer Barrett
Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques Hirsch
Fund Manager
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.
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
The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.
Although the US economy remains firm, signs of cooling were observed in May.
In Europe, PMIs published during the month confirmed an improvement in economic activity.
This desynchronisation led to a sharp drop in US yields whereas the Eurozone trend was more upward, especially for the long end of the curve.
The downward trend for US interest rates helped growth stocks and narrowed spreads.
Nvidia continued to benefit from investors’ excitement about artificial intelligence after publishing its results.