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
127.62 £
Asset Under Management
188 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
8
Data as of: 31 Oct 2024.
Data as of: 2 Dec 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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
October saw significant market volatility, as equities declined following a robust rally in the first nine months of the year.
Growth risks remained the primary concern for investors, despite signs of resilience, particularly in the US economy.
The US election in the beginning of November and the possible impact of policy changes on inflation and interest rates further increased uncertainty.
Oil prices experienced volatility, influenced by macroeconomic worries and potential demand declines, counterbalanced by geopolitical tensions in the Middle East.
As a result, the Bloomberg Commodity Index decreased by around 1.9% in October.
Performance commentary
Our Fund recorded a negative performance in absolute and relative terms over October.
The stocks that contributed negatively to our performance were companies linked to the theme of green energy enablers, with Samsung and ASML being our main detractors.
We benefited from our overweight position and rigorous stock selection in the energy sector.
Our biggest contribution this month came from the energy transition theme. Cameco contributed to our performance as technology companies increasingly opt for nuclear energy to meet the electricity demands of artificial intelligence, thereby boosting investor interest in Canada's major uranium producers.
Outlook strategy
During October, we readjusted the weightings of the green energy sub-theme by initiating a new position in Synopsys.
Our strong conviction in semiconductors remains intact.
We believe that our diversification across our sub-themes will enable us to navigate better in 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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
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