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
+ 0.7 %
- 19.8 %
+ 41.6 %
+ 10.4 %
- 16.2 %
+ 9.1 %
+ 15.5 %
+ 4.3 %
- 9.7 %
- 0.1 %
Net Asset Value
127.09 £
Asset Under Management
£
Market
Thematic Fund
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 25 Jul 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
On global markets, performance was mixed for US stocks.
Tech companies and the Russell 2000 index outperformed, whereas utility providers and medical equipment manufacturers encountered difficulties.
Treasuries weakened, the dollar was stable and crude oil prices rose again.
However, commodity stocks delivered negative returns with the Bloomberg Commodity index down 1.5%.
In other news, the ECB started its rate-cutting cycle in June, lowering its deposit rate by 25 basis points to 3.75% in response to the brighter outlook for inflation.
Despite this easing of key interest rates, the repercussions of French elections being called early heightened uncertainty on equity and bond markets.
Performance commentary
Our Fund generated a positive absolute return but trailed its reference indicator in June.
Companies linked to the supply of green energy weighed on the Fund’s performance, with Nextera the most costly position.
TPI Composites also hit performance after announcing that it was selling its automotive business to focus on making wind turbine blades.
We benefited from our overweighting and careful selection of technology and consumer discretionary stocks.
This month’s number one source of performance was the green technology theme.
Taiwan Semiconductors (TSMC), one of our biggest positions and part of the green technology sub-theme, was the main performance contributor in the wake of strong demand for microchips.
Outlook strategy
We tweaked the weighting of stocks in the renewable energy sub-theme in June, trimming positions in Orsted and TPI Composites after disappointing performances.
We remain strongly convinced of the outlook for semiconductors
and believe that our diversification through sub-themes will make it easier to navigate this market environment.
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 Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
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Market environment