Diversified strategies

Carmignac Portfolio Patrimoine

Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8
Share Class

LU0992627884

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
Key documents
Monthly Factsheet (including ESG data)KIID
Asset Allocation
Bonds45.6 %
Equities40 %
Other14.4 %
Data as of:  30 Sep 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 32.2 %
+ 31.8 %
+ 13.8 %
- 3.6 %
+ 7.9 %
From 15/11/2013
To 18/10/2024
Calendar Year Performance 2023
+ 2.0 %
- 3.8 %
+ 20.9 %
+ 4.6 %
- 9.8 %
+ 5.0 %
+ 19.8 %
- 6.5 %
- 3.6 %
+ 0.3 %
Net Asset Value
132.22 £
Asset Under Management
1 367 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  18 Oct 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.
Diversified strategiesCarmignac Portfolio Patrimoine
Diversified strategiesCarmignac Portfolio Patrimoine
Share Class

LU0992627884

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  30 Sep 2024.
Fund management team
Jacques Hirsch, Christophe Moulin, Guillaume Rigeade, Eliezer Ben Zimra, Kristofer Barrett

Market environment

  • The markets experienced an eventful month, characterized by rate cuts from central banks, the escalation of conflict in the Middle East, and the announcement of stimulus measures in China.- The Federal Reserve initiated its easing cycle with a larger-than-expected cut of 50 basis points and signaled further rate cuts to come. In Europe, the European Central Bank continued to reduce its key rates by 25 basis points.- Economic indicators in the United States remained robust, with rising retail sales and industrial production, a mixed but solid labor market, and falling inflation. In contrast, economic activity in the eurozone was more subdued.- Global equities rose in September, driven mainly by emerging markets. Notably, the Chinese stock market surged by nearly 25% after authorities announced additional monetary and fiscal support measures towards the end of the month.- In the bond market, yields fell once again, with a steepening move. In the currency markets, major currencies continued to appreciate against the US dollar.- Finally, in commodities, gold reached a new high, while oil briefly dipped below the $70 mark.

Performance commentary

  • The Fund's performance was negative for the month, underperforming its reference indicator.- The fund was adversely affected by our long-term positions in the healthcare sector, including Denmark's Novo Nordisk, Japan's Daiichi Sankyo, and America's McKesson. - The absence of Chinese stocks in the fund also negatively impacted its relative performance.- Although our bond portfolio benefited from credit support, its low modified duration prevented us from fully capitalizing on the decline in interest rates.- Exchange rate fluctuations were favorable for the fund in September. Our under-exposure to the dollar, along with our exposure to the yen and the Brazilian real, proved advantageous.

Outlook strategy

  • The events of the month support our projection of a soft landing for the global economy. - The Federal Reserve's 50 basis point rate cut reduces the risk of a recession in the United States, while China's recovery could enable the global economy to gain momentum once again.- In this context, we remain optimistic about equities, maintaining a 34% allocation. In a scenario characterized by a gradual economic slowdown and global monetary easing, risky assets should continue to perform well as long as a recession is avoided.- However, we are maintaining certain positions to hedge against potential negative news on corporate earnings, uncertainties related to the US election, or tensions in the Middle East.- Regarding interest rates, we are keeping a low level of modified duration and continue to anticipate steeper yield curves. - To enhance the overall structure of our portfolio, we have implemented several decorrelation strategies, including exposure to emerging local rates, gold miners, South American currencies, and the yen.

Performance Overview

Data as of:  18 Oct 2024.
View Performance in detail
​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 21/10/2024

Carmignac Portfolio Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Sep 2024.
North America57.8 %
Asia17.5 %
Europe17.3 %
Latin America5.3 %
Asia-Pacific2.2 %
Total % Equities100.0 %
North America57.8 %
usUSA
54.2 %
caCanada
3.6 %
View Portfolio allocation

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:  30 Sep 2024.
Equity Investment Weight40.0 %
Net Equity Exposure33.5 %
Active Share86.3 %
Modified Duration0.6
Yield to Maturity3.2 %
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
View characteristics and risks
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.
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.