Equity strategies

Carmignac Portfolio Grandchildren

SICAVGlobal marketSRI Fund Article 9
Share Class

LU1966631266

An intergenerational Fund focused on quality, sustainable companies
  • A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
  • An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
Asset Allocation
Equities95.2 %
Other4.8 %
Data as of:  28 Jun 2024.
Risk Indicator
6/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 100.7 %
0.0 %
+ 86.3 %
+ 20.2 %
+ 22.1 %
From 31/05/2019
To 22/07/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 15.9 %
+ 21.4 %
+ 29.2 %
- 23.7 %
+ 23.5 %
Net Asset Value
200.66 €
Asset Under Management
£
Market
Global market
SFDR - Fund Classification

Article

9
Data as of:  22 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.

Carmignac Portfolio Grandchildren 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:  28 Jun 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • US growth continued its soft landing. European data revealed sluggish growth.
  • Central banks around the world took different paths with the ECB, Swiss National Bank and Bank of Canada cutting interest rates, but the Bank of England and Federal Reserve holding tight.
  • Political news was a source of volatility, in Europe where early elections were called in France, and in a few emerging countries such as India, Mexico and South Africa.
  • US stock markets set new records, once again supported by technology companies - especially semiconductor manufacturers. However, European markets were down.

Performance commentary

  • The Fund delivered a positive return, beating its reference indicator.
  • The Fund benefited from its exposure to the technology sector, mainly through Nvidia, Microsoft and SAP, which are still riding the AI wave.
  • Our healthcare allocation also helped the strategy, in particular through Danish giant Novo Nordisk, as well as Intuitive Surgical, a US company specialising in the design of medical robots.
  • However, our European portfolio’s exposure to consumer discretionary stocks L’Oréal and Hermès proved costly amid political uncertainty in France.

Outlook strategy

  • Our macroeconomic analysis still calls for relatively defensive positioning, which is reflected in the portfolio’s overall construction - its healthcare and consumer staples names in particular.
  • We are keeping high exposure to the technology and healthcare sectors,
  • While limiting exposure to semiconductors, having trimmed positions in Nvidia and ASML.

Performance Overview

Data as of:  22 Jul 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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 24/07/2024

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:  28 Jun 2024.
Equity Investment Weight95.2 %
Net Equity Exposure95.2 %
Number of Equity Issuers43
Active Share83.1 %

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
North America67.5 %
Europe32.5 %
Total % Equities100.0 %
North America67.5 %
usUSA
67.5 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
View Fund's characteristics
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.
​The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.

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