Equity strategies
Carmignac Portfolio Grande Europe
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 9Share Class
LU0099161993
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
Key documents
Asset Allocation
Equities95.1 %
Other4.9 %
Data as of: 30 Aug 2024.
Risk Indicator
6/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 242.8 %
+ 98.7 %
+ 56.4 %
+ 5.7 %
+ 17.4 %
To 18/09/2024
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
+ 10.3 %
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
342.77 €
Asset Under Management
968 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 30 Aug 2024.
Data as of: 18 Sep 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.
Carmignac Portfolio Grande 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: 30 Aug 2024.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Performance commentary
- During the month of August, the Fund recorded a positive absolute performance, in line with its reference indicator.
- Our holding in Straumann has been the best performers in the fund after reporting strong quarterly results and provided an optimistic outlook, which benefited the Fund.
- Our biggest detractors during the month have been Lonza and Zealand Pharma which experienced a decline during the month after strong performance since the beginning of the year.
- Having no exposure to Communication Services penalised the Fund while, on the contrary, having no exposure to Energy has been supportive.
Outlook strategy
- With volumes being at low levels during the month of August, we made few changes to our portfolio.
- We reduced our holdings in the Healthcare stocks and particularly in Lonza after decent recovery off summer’s lows and Zealand Pharma post very strong performance this year.
- During the month we initiated a new position in Biontech and sold our holdings in Evotec in after the company lowered their medium-term forecast.
- The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
- As rate cuts have started in Europe and the economies weaken, we are encouraged that markets should be able to ride out a period of weaker economic strength and some political headlines.
- We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.
Performance Overview
Data as of: 18 Sep 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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.From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 20/09/2024
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| Europe | 100.0 % |
| Total % Equities | 100.0 % |
Europe100.0 %
 France | 25.5 % |
 Germany | 22.9 % |
 Denmark | 15.4 % |
 Switzerland | 14.2 % |
 Netherlands | 12.5 % |
 Sweden | 4.6 % |
 Ireland | 3.0 % |
 Spain | 1.6 % |
 Italy | 0.4 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.Exposure Data
Data as of: 30 Aug 2024.Equity Investment Weight95.1 %
Net Equity Exposure95.1 %
Number of Equity Issuers35
Active Share82.6 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark Denham
Head of Equities, Fund Manager
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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