Diversified strategies
Carmignac Portfolio Patrimoine Europe
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 8Share Class
F EUR Acc • LU1744630424
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
Key documents
Asset Allocation
Bonds39.4 %
Equities34 %
Other26.6 %
Data as of: 30 Sep 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 40.8 %
0.0 %
+ 27.3 %
- 1.2 %
+ 13.3 %
To 21/10/2024
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
-
-
-
-
- 4.3 %
+ 19.3 %
+ 14.5 %
+ 10.3 %
- 12.3 %
+ 2.7 %
Net Asset Value
140.84 €
Asset Under Management
511 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2024.
Data as of: 21 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.
Carmignac Portfolio Patrimoine 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: 30 Sep 2024.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Jacques Hirsch
Fund Manager
Performance commentary
- The Fund's performance was positive over the month, in line with its reference indicator.- Our equities portfolio was negatively impacted by the poor monthly performance of Novo Nordisk. The stock declined following the presentation of mixed Phase 2a clinical data on its new experimental obesity treatment, Monlunabant.- Our diversified exposure to commodities (gold, silver, and copper) proved beneficial, yielding gains between 5% and 8%. - While our bond portfolio did benefit from the support of our credit exposure, the Fund's low modified duration limited our ability to fully capitalize on the decline in interest rates in Europe.
Outlook strategy
- The events of the month support our projection of a soft landing for the global economy. - In this context, we remain optimistic about equities. Specifically, in a scenario characterized by a gradual economic slowdown and global monetary easing, risky assets are expected to continue performing well, provided there is no recession.- However, we are maintaining certain positions to hedge against potential negative economic developments, uncertainties related to the US election, or tensions in the Middle East.- Regarding interest rates, we are maintaining a modest duration around 2 and retaining a high level of exposure to the credit markets. - To further strengthen our portfolio, we have implemented several decorrelation strategies, including exposure to commodities such as gold, silver, and copper, as well as volatility and various option strategies on equity indices.
Performance Overview
Data as of: 21 Oct 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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 23/10/2024
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Sep 2024.| Europe | 100.0 % |
| Total % Equities | 100.0 % |
Europe100.0 %
 France | 27.0 % |
 Germany | 22.5 % |
 Netherlands | 13.5 % |
 Switzerland | 13.3 % |
 Denmark | 12.6 % |
 Sweden | 5.5 % |
 Ireland | 3.0 % |
 Spain | 1.9 % |
 Italy | 0.9 % |
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 Weight34.0 %
Net Equity Exposure31.5 %
Active Share86.7 %
Modified Duration1.9
Yield to Maturity4.3 %
Average RatingA-
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
Mark Denham
Head of Equities, Fund Manager
Jacques Hirsch
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques Hirsch
Fund Manager
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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.
Market environment