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Diversified strategies

Carmignac Portfolio Patrimoine Europe

Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 8
Share Class

LU1744630424

An all-weather European Fund
  • Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
  • Dynamic and flexible management to quickly adapt to market movements.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Bonds35.3 %
Equities33.5 %
Other31.2 %
Data as of:  Nov 29, 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 40.3 %
0.0 %
+ 23.2 %
- 1.1 %
+ 8.1 %
From 29/12/2017
To 19/12/2024
Calendar Year Performance 2023
-
-
-
-
- 4.3 %
+ 19.3 %
+ 14.5 %
+ 10.3 %
- 12.3 %
+ 2.7 %
Net Asset Value
140.31 €
Asset Under Management
504 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).
Diversified strategiesCarmignac Portfolio Patrimoine Europe
Diversified strategiesCarmignac Portfolio Patrimoine Europe
Share Class

LU1744630424

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Patrimoine Europe 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.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager

Market environment

  • October experienced significant volatility in the financial markets, with equities declining in local currency terms while interest rates increased.- Concerns about economic growth continued to dominate investors' minds, despite signs of resilience, particularly from the US economy. Uncertainty was heightened by the upcoming US elections and their potential impact, especially on inflation and European growth.- In Europe, growth remains sluggish but is showing signs of improvement, particularly in Germany. However, the risk of inflation persists. The UK presented its first budget under the new Labour government, announcing tax increases and borrowing to finance investment projects.- Consequently, UK yields rose by over 60 basis points, German yields by 25 basis points, and US yields by 50 basis points. The euro also underperformed against the dollar.- Meanwhile, the third-quarter earnings season commenced with strong performances from the banking sector. However, forecasts from technology companies were more mixed, contributing to market instability.- Finally, despite the rise in bond yields, the price of gold increased again in October, reaching new highs over $2,700. In the oil markets, volatility increased with the escalation of the conflict in the Middle East, but prices remained relatively stable.

Performance commentary

  • The Fund's performance was negative over the month, but it outperformed its performance indicator.- Amid declining equities and bonds, the Fund managed to cushion some of the decline- In the equity market, defensive stocks were particularly hard hit, with significant pressure on the healthcare and consumer staples sectors.- Our positioning in fixed income and exposure to commodities helped offset the decline in equity markets.- The Fund also benefited from its position in inflation-linked instruments.

Outlook strategy

  • Our scenario remains unchanged in light of this month's macroeconomic data.- Against this backdrop, we remain optimistic about equities. In a scenario of gradual economic slowdown and global monetary easing, risk assets should continue to perform well as long as there is no recession.- However, we are maintaining hedges to guard against any adverse political or geopolitical developments, particularly in view of the US elections.- Regarding interest rates, we are maintaining a moderate modified duration and a high exposure to the credit markets.- To strengthen the overall construction of our portfolio, we have implemented several decorrelation strategies, including exposure to commodities (gold and copper), volatility, and various option strategies on equity indices.

Performance Overview

Data as of:  Dec 19, 2024.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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 22/12/2024

Carmignac Portfolio Patrimoine Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Nov 29, 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
24.8 %
deGermany
23.2 %
chSwitzerland
13.5 %
dkDenmark
13.4 %
nlNetherlands
12.8 %
seSweden
5.6 %
ieIreland
3.6 %
esSpain
1.9 %
itItaly
1.4 %
View Portfolio allocation

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:  Nov 29, 2024.
Equity Investment Weight33.5 %
Net Equity Exposure40.4 %
Active Share88.0 %
Modified Duration2.3
Yield to Maturity3.9 %
Average RatingA-
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
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.

Jacques Hirsch

Fund Manager
View Fund's characteristics

Related articles

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All analysis
View characteristics and risks
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.