Diversified strategies

Carmignac Portfolio Patrimoine

SICAVGlobal marketSRI Fund Article 8
Share Class

LU0992627611

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
Asset Allocation
Bonds45.3 %
Equities41.9 %
Other12.8 %
Data as of:  28 Jun 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 30.8 %
+ 25.2 %
+ 15.1 %
- 4.5 %
+ 8.4 %
From 15/11/2013
To 22/07/2024
Calendar Year Performance 2023
+ 9.4 %
+ 1.3 %
+ 4.4 %
+ 0.5 %
- 10.8 %
+ 11.2 %
+ 13.4 %
- 0.3 %
- 8.8 %
+ 2.7 %
Net Asset Value
130.79 €
Asset Under Management
£
Market
Global market
SFDR - Fund Classification

Article

8
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 Patrimoine 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

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.
  • Interest rates remained volatile but lower US inflation allowed a slight easing. However, political fears in Europe caused spreads between German and other Eurozone yields to widen.

Performance commentary

  • The Fund turned in a positive performance, beating its reference indicator.
  • Our exposure to risky assets (equities, credit) was the main performance driver.
  • Technology stocks along the AI value chain (TSMC, Nvidia, Alphabet, Broadcom) were among the top contributors.
  • Our low modified duration, especially in Europe and Japan, shored up the Fund’s relative performance.
  • However, our currency management (Latam, Yen, Swiss franc) proved costly.

Outlook strategy

  • With equity markets starting to price in lots of good news, we introduced some hedging through options in particular.
  • We also added some hedging to the credit portfolio.
  • In recent months we have diversified our positions in the major beneficiaries of AI and healthcare along the value chain, where valuations are more attractive.
  • We are keeping modified duration low, with a cautious approach at the long end of the curve.

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). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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.
Source: Carmignac at 24/07/2024

Carmignac Portfolio Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
North America58.3 %
Europe21.5 %
Asia15.6 %
Latin America2.9 %
Asia-Pacific1.8 %
Total % Equities100.0 %
North America58.3 %
usUSA
54.8 %
caCanada
3.5 %

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  28 Jun 2024.
Equity Investment Weight41.9 %
Net Equity Exposure33.7 %
Active Share83.2 %
Modified Duration1.5
Yield to Maturity6.1 %
Average RatingBBB
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team

Jacques Hirsch

Fund Manager

Christophe Moulin

Deputy Head of Cross Asset, Fund Manager
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager

Kristofer Barrett

Head of Global Equities, Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

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.