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Socially responsible investment (SRI)

Empowered through our independence and transparency since 1989, we have maintained a long-held practice of investing responsibly, aware of our corporate duty to our investors and stewardship as a leader in the European fund management industry.

As Risk Managers, we seek to mitigate as many risk factors as we can identify, which resolutely includes risks associated with poor governance and shareholder underrepresentation, irreverence to social issues such as health and safety, and environmental challenges, particularly in respect of fossil fuel reserves.

By becoming a UNPRI signatory (United Nations Principles of Responsible Investment) in 2012, and as a French investment firm (under the French government’s directive Grenelle II Law, art 224-238, 2010), we have further raised the level of transparency in regards to the application of Environment, Social and Governance (ESG) criteria in our investment process. We have implemented each UNPRI principle across most of our Fund range.

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A Long-term SRI Commitment & UNPRI


Present in the investment industry for close to 30 years, we have always committed to being:  

  • Independent: The capital is held entirely by our Directors, Fund Managers and staff. We are not attached to any group, significantly limiting the risk of conflicts of interest with companies in which we invest our assets under management (AUM).

  • Transparent: In each quarterly report, we publish a detailed breakdown of our Funds’ portfolios. This report is made available to the general public on our website, which ensures complete clarity of our investment strategies. The Funds’ audited annual reports include comments on the major ESG issues affecting companies in which we hold an interest.

  • Responsible: When selecting securities, we exclude companies involved in controversial activities such as anti-personnel mines and cluster munitions. We also practice negative screening on globally recognized norms-based conventions and European Union sanctions*. Regular meetings with managers of the companies in which the Funds invest, and visits to production sites around the world, are the most reliable way of assessing how much weight companies attach to ESG criteria and their promotion of sustainable development. Carmignac’s active voting policy is part of this commitment to promote best practices in all companies.

*For more details on sector related exclusions please see below and/or contact us.

What do E, S, and G mean to us?


  • Environment: The scope of our interest includes the impact of companies on the environment and their ability to propose services and products which respond to environmental challenges. Environmental issues we consider could include companies’ treatment of carbon emissions, pollution, waste, and water usage.
  • Social: We focus on monitoring the impact of companies with all of our stakeholders (suppliers, employees, consumers) and the increasing public expectations of social responsibility. Social issues we consider could include all types of employment abuses, staff turnover metrics, diversity, workplace health and safety, income distribution, and product safety.
  • Governance: We concentrate on the enhanced value created by companies that encourage governance ethics. Governance issues we consider could include any tendency towards uses of bribery and corruption, governments involvement and impact on management, board independence, executive compensation, and anticompetitive practices.  

A UNPRI signatory since 2012

We have made a public commitment to adopt and apply the United Nations Principles for Responsible Investment (UNPRI). Today, over 1,800 Investment Managers have signed the UNPRI, advocating the consideration of Environmental, Social and Corporate Governance issues in investment practices. We have gradually introduced the UNPRI’s six responsible investment principles into most of our Funds:  

1. We will take into account environmental, social and governance (ESG) factors in the investment analysis and decision-making process.
2. We will be active investors and incorporate ESG issues into our shareholder policies and practices.
3. We will ask companies in which we invest to publish appropriate information on ESG issues.
4. We support the adoption and spread circulation of these Principles within the investment industry.
5. We will work together to become more effective in applying these Principles.
6. We will report on our business and our progress in implementing these Principles.

UNPRI recognizes the strengths of Carmignac’s SRI policies:

  • UNPRI Assessment results 2019: Carmignac is rated A+ for the modules “Strategy and Governance” and “Listed Equity - Incorporation”.

  • UNPRI Transparency report 2019: Access the full report
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Mainstream ESG Implementation


Carmignac is an investment company that understands its responsibilities to society. As well as being strongly committed to sustainable measures undertaken at the firm level, the majority of our Funds integrate ESG criteria in their investment approach. Our Fund Managers and Analysts are directly responsible for the implementation and oversight of ESG criteria in their portfolios. A 12-member ESG Committee led by the ESG coordinator supports the investment team in important stages of the investment process.

As of 30/09/2019, 92% of our assets under management* take into account ESG criteria (17 Funds listed below):

  • Carmignac Investissement,
  • Carmignac Portfolio Investissement,
  • Carmignac Portfolio Family Governed,
  • Carmignac Portfolio Grandchildren,
  • Carmignac Portfolio Grande Europe,
  • Carmignac Euro-Entrepreneurs,
  • Carmignac Portfolio Euro-Entrepreneurs,
  • Carmignac Emergents,
  • Carmignac Portfolio Emergents,
  • Carmignac Portfolio Commodities,
  • Carmignac Patrimoine,
  • Carmignac Portfolio Patrimoine,
  • Carmignac Portfolio Patrimoine Europe,
  • Carmignac Portfolio Emerging Patrimoine,
  • Carmignac Portfolio Unconstrained Global Bond,
  • Carmignac Sécurité,
  • and Carmignac Portfolio Sécurité.

*Assets under management excluding OEIC funds, funds of funds and mandates.

ESG implementation in the investment process

The integration of ESG criteria into the investment process is based on four stages.  

1. Understanding: Incorporating and selecting best socially responsible practices. Make use of an ex-ante screening tool, MSCI Business Involvement Screening Research and MSCI ESG ratings company research.

2. Integrating ESG criteria: Integration of ESG criteria assessment in the investment rationale and ongoing monitoring. Identifying risk factors and adopting responsible behaviour. Comply with a list of excluded companies and identify potential controversies in our investments and engage on these issues with companies.

3. Committing: Promoting ESG criteria over the long term, especially in our active voting policy.

4. Communicating: Publish our voting policy and a yearly report. Publish the Funds' Annual Reports with specific ESG related commentary. Publish carbon emissions for close to 40% of assets under management. Provide the Funds’ ESG and Carbon analysis prepared by MSCI ESG analytics’ team when requested.

Excluding harmful sectors

All our Funds’ investment universes are filtered down according to an exclusion list based on international norms and conventions, preventing investments according to the EU Russian company sanction list, USA Patriot Act exclusions, human rights violations exclusions, Oslo/Ottawa Treaty exclusions and controversial weapon companies. Investment in nuclear companies is not restricted but subject to systematic alert to the Fund Manager(s). In line with Carmignac’s own convictions, investment restrictions have been extended to tobacco and coal producers* for a majority of funds.

*Coal producers with over 25% revenues from coal extraction are excluded in our equity funds except for our commodities fund which limits coal producers to a maximum of 5% of its assets under management.

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Socially Responsible Funds


We have increased our commitment to sustainable investments to offer 6 Funds adopting a Socially Responsible approach, documented within each fund prospectus:

  • Carmignac Portfolio Family Governed,
  • Carmignac Portfolio Grandchildren,
  • Carmignac Portfolio Grande Europe,
  • Carmignac Emergents,
  • Carmignac Portfolio Emergents,
  • and Carmignac Portfolio Emerging Patrimoine.

As the SRI perimeter is large, please find below some more details on the approach adopted by each Fund.

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Countries where each Fund is registered for public distribution are listed in the Fund Processing Passport (FPP) and on our website.

Access the glossary

Carmignac Portfolio Family Governed:

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Carmignac Portfolio Grandchildren:

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Carmignac Emergents:

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Carmignac Portfolio Emergents:

Carmignac Portfolio Grande Europe:

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Carmignac Portfolio Emerging Patrimoine:

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Source :

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Socially Responsible Policy and Reports


Voting Policy and Reports

We have partnered with Institutional Shareholder Services (ISS), a leading provider in Corporate Governance and Proxy Voting Analysis & Processing. While benefiting from ISS’s global reach and their comprehensive governance research and recommendations, we maintain total control of our voting choices. We have adopted ISS’s sustainability guidelines.

Below some information on our voting policy and reports:

Engagement Policy

Carmignac is committed to engaging with companies in which it is invested and implementing effective stewardship. Our Engagement Policy, which explains our active engagement approach to investee companies, can be found below. A more complete description can be found in the respective Funds’ annual reports. Carmignac is in the process of reviewing its Engagement Policy in order to align more fully with the Shareholder Rights Directive (SRD II) and its transposition in the relevant countries. This will address additional factors such as how we monitor the strategy, financial and non-financial performance, risk and capital structure of our investee companies (where applicable). In addition to our Conflicts of Interest Management Policy disclosed on our website, we will also address how we manage actual and potential conflicts of interest arising from our engagements.

Engagement Policy 2018 (PDF)

Transparency Code

Socially responsible investing (SRI) is an essential part of the strategic positioning and behaviour of Carmignac. We have been involved formally in SRI since 2012 and welcome the European SRI Transparency Code.

These are our second statements of commitment for the European and Emerging Market funds and our first statement for the Global funds, Carmignac Portfolio Grandchildren and Carmignac Portfolio Family Governed. Our full responses can be accessed via the links below and will be available in the annual report of the Funds (December 2019).

Transparency code - Emerging Markets

Transparency code - Europe

Transparency code - Global Equities

Carbon Policy

Carmignac has made climate awareness a formal component of its investment process, joining the efforts undertaken as part of the Cop21 initiatives and applying the Energy Transition Rule No 173 of the Monetary and Financial Code of the French government (as per article L533-22-1).

As of 31/12/2018, €11.3 billion or 28% of our assets under management (AUM) are measured and monitored in terms of carbon emissions(1). The carbon footprint of these investments was 67% lower than their reference indicators per million EUR invested.

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(1)Carmignac Funds for which carbon emissions are measured and monitored: Carmignac Investissement, Carmignac Portfolio Investissement, Carmignac Emergents, Carmignac Portfolio Emergents, Carmignac Portfolio Commodities, Carmignac Portfolio Grande Europe, Carmignac Euro-Entrepreneurs, Carmignac Portfolio Euro-Entrepreneurs, Carmignac Long-Short European Equities, Carmignac Portfolio Long-Short European Equities, as well as the equity components of Carmignac Patrimoine, Carmignac Portfolio Patrimoine et Carmignac Portfolio Emerging Patrimoine based on the extrapolation of the portfolios of Carmignac Investissement (for Carmignac Patrimoine), Carmignac Portfolio Investissement (for Carmignac Portfolio Patrimoine) and Carmignac Emergents (for Carmignac Portfolio Emerging Patrimoine).

(2)The reference indicator of each Fund is hypothetically invested with identical assets under management as the respective Carmignac equity funds and calculated for total carbon emissions and per million Euro invested. Source: MSCI Carbon Analytics, 31/12/2018.

The carbon emissions analysis is available for the following funds:

  • Carmignac Investissement
  • Carmignac Emergents
  • Carmignac Portfolio Commodities
  • Carmignac Portfolio Grande Europe
  • Carmignac Euro Entrepreneurs
  • Carmignac Long-Short European Equities
  • Carmignac Patrimoine (equity portion)

Carbon analysis per fund