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.

*For the Carmignac Portfolio Grande Europe A EUR acc share class and for the FP Carmignac European Leaders A GBP acc share class. Risk scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.

(1) Source: Carmignac, Morningstar, 31/10/2019. Performance of the A EUR acc share class. Reference indicator: Stoxx Europe 600 NR EUR. 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. ​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. Morningstar Category: Europe Large-Cap Growth Equity. Peer group includes Europe Equity Income, Europe Flex-Cap Equity, Europe Large-Cap Blend Equity, Europe Large-Cap Growth Equity, Europe Large-Cap Value Equity categories. The 3-year period runs from 01/11/2016 to 30/11/2019. © 2019 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. (2) Source & Copyright: Citywire. Mark Denham is rated A by Citywire based on the manager’s three-year risk-adjusted performance to 31/10/2019. The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager. (3) For more information on the SRI label, please visit www.lelabelisr.fr/en

PROMOTIONAL MATERIAL. For professionals only. This document may not be reproduced, in whole or in part, without prior authorisation from the Investment Manager. This document does not constitute a subscription offer, nor does it constitute investment advice. 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. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Second Floor, 52-54 Gracechurch Street, London EC3V 0EH; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA, UK Branch (Registered Office: 2 Carlton House Terrace, London, SW1Y 5AF. Registered in England and Wales with number FC031103, CSSF agreement of 10/06/2013) has been appointed as the Investment Manager and distributor in respect of the Company. Access to the Company may be subject to restrictions with regard to certain persons or countries. The Company is not registered in North America, in South America, in Asia nor is it registered in Japan. The Company has not been registered under the US Securities Act of 1933. The Company may not be offered or sold, directly or indirectly, for the benefit or on behalf of a U.S. person, according to the definition of the US Regulation S and/or FATCA. The Company’s prospectus, KIIDs and annual reports are available at www.carmignac.com or upon request to the Investment Manager. The KIID must be made available to the subscriber prior to subscription. This material was prepared by Carmignac Gestion Luxembourg SA and is being distributed in the UK by the Investment Manager.