Equity strategies

Carmignac Portfolio Grande Europe

SICAVEuropean marketSRI Fund Article 9
Share Class

LU2206982626

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.
Asset Allocation
Equities95.6 %
Other4.4 %
Data as of:  28 Jun 2024.
Risk Indicator
6/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 27.7 %
0.0 %
0.0 %
+ 7.8 %
+ 9.9 %
From 16/07/2020
To 18/07/2024
Calendar Year Performance 2023
-
-
-
-
-
-
+ 9.7 %
+ 14.9 %
- 16.1 %
+ 12.6 %
Net Asset Value
127.72 £
Asset Under Management
£
Market
European market
SFDR - Fund Classification

Article

9
Data as of:  18 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 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:  28 Jun 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Market environment

  • Looking across equity markets, the US outperformed Europe (EU significantly impacted by French election fears) while the large cap outperformed small & mid-caps.
  • June also saw the start of rate cuts by the ECB, which reduced its deposit rate by 25 basis points to 3.75% in response to the improving inflation outlook.
  • Despite the cut in key rates, the consequences of the announcement of early French elections added to the uncertainty on the European equities markets, which posted a negative performance for the month.

Performance commentary

  • During the month of June, the Fund recorded a positive absolute performance, above its reference indicator which showed a negative performance of -1.2%
  • The overperformance versus the benchmark last month is mainly due to our selection in the Technology and Healtchare sectors, as well as the underexposure to the Bank sector.
  • Argenx has been one of the best performers in the fund after the approval in the US, by the FDA, of their product Vyvgart, for patients with an autoimmune condition.
  • Our biggest detractor during the month has been, our positions in Consumer Staples, particularly L’Oreal, which impacted our performance after its CEO provided lower growth forecast.
  • Having no exposure to sectors like Communication Services and Energy has been supportive for the Fund.

Outlook strategy

  • During the month we have made several adjustments to our portfolio amidst a volatile month driven by political factors.
  • We took some profits in ASML post strong results and we also decreased our position in Adyen after the sector turmoil during the month of June.
  • 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 maintain our focus on stocks and sectors with strong visibility on sales and profits and have de-emphasised some of our Industrial holdings.

Performance Overview

Data as of:  18 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.​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 19/07/2024

Carmignac Portfolio Grande Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
24.0 %
deGermany
23.6 %
dkDenmark
16.0 %
nlNetherlands
13.6 %
chSwitzerland
13.5 %
seSweden
4.8 %
ieIreland
3.0 %
esSpain
1.6 %

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 Weight95.6 %
Net Equity Exposure95.6 %
Number of Equity Issuers36
Active Share82.1 %

The strategy in a nutshell

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

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.
[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.
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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