Funds in Focus

European equities according to Mark Denham

20.12.2019

Since Mark Denham took over the Carmignac Portfolio Grande Europe fund (SICAV) in 2016, he has demonstrated a rigorous approach to stock selection while also maintaining an unwavering belief in the importance of socially responsible investment. These qualities have led to a significant turnaround for the Fund, and has prompted us to launch an OEIC version of this strategy in May 2019: FP Carmignac European Leaders.

In Mark Denham’s own words


To celebrate his three-year anniversary at Carmignac, we asked Mark Denham a few questions on him, his approach to European equities and the newest FP Carmignac European Leaders fund.


I think European equities offer great returns for somebody who’s prepared to invest on a three to five-year investment horizon or longer

Key achievements in 3 years

Mark has spent the last 16 years refining his investment process, and his results are a testament to his clear thinking and long-term vision for investors. In just three years, with the help of the European Equities team and Carmignac’s sector specialists, Mark has introduced an investment discipline that has enhanced the risk/return profile of the Carmignac Portfolio Grande Europe fund, and gained the interest of investors and the investment community alike.

[Article image] Morningstar 4 stars

A top-decile Fund with positive risk-adjusted returns
With a 32.3% cumulated return over three years (9.8% annualised return), Carmignac Portfolio Grande Europe beats 91% of its peers and outperforms its reference indicator. The Fund is also first quartile for its Information ratio, Sharpe ratio and Sortino ratio, and is rated 4 stars by Morningstar over Mark’s tenure 1 .

[Article image] Citywire A

Mark Denham’s Citywire rating upgraded to A
In November 2019, in recognition of his investment process and consistency in meeting the Fund’s investment objective over the three-year period, Mark’s Citywire rating was upgraded from “+” to “A”, placing him in a select group of fund managers who have demonstrated strong risk-adjusted returns 2 .

[Article image] Label ISR

A Fund Manager living up to his social responsibilities
Mark’s long-held commitment to socially responsible investment (SRI) has also been recognised. In January 2019, Carmignac Portfolio Grande Europe obtained the French SRI label 3 . The Fund has also been designated as “socially conscious” and “low carbon” by Morningstar.


Carmignac Portfolio Grande Europe (SICAV) and FP Carmignac European Leaders (OEIC) share the same investment strategy and are managed by the same Fund Manager, Mark Denham. The only difference is that the OEIC fund excludes the UK from its investment universe. Due to European regulations, we are not permitted to show FP Carmignac European Leaders’ performance as it does not have a one year track record yet.

To find out more on FP Carmignac European Leaders, we invite you to:

Visit the dedicated web page
Visit the Fund page

To find out more on Carmignac Portfolio Grande Europe, we invite you to:

Visit the Fund page

[Article Image] CGE Performance table EN
[CGE] Risk scale Investment Horizon EN

Carmignac Portfolio Grande Europe

Main risks of the Fund

EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.

CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.

DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

The Fund presents a risk of loss of capital.

FP Carmignac European Leaders

Main risks of the Fund

EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.

CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.

DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

The Fund presents a risk of loss of capital.