Diversified strategies

Carmignac Portfolio Patrimoine Europe

SICAVEuropean marketSRI Fund Article 8
Share Class
F EUR AccLU1744630424
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.
Asset Allocation
Bonds39.3 %
Equities33.7 %
Other27 %
Data as of:  28 Jun 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 38.4 %
0.0 %
+ 28.6 %
- 2.0 %
+ 7.8 %
From 29/12/2017
To 16/07/2024
Calendar Year Performance 2023
-
-
-
-
- 4.3 %
+ 19.3 %
+ 14.5 %
+ 10.3 %
- 12.3 %
+ 2.7 %
Net Asset Value
138.43 €
Asset Under Management
501 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  16 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 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

Jacques Hirsch

Fund Manager

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.
  • The healthcare (Argenx, Novo Nordisk, Zealand Pharma) and technology (SAP, ASML, ASM International) sectors were among the top sources of performance.
  • Our low modified duration shored up the Fund’s relative performance.

Outlook strategy

  • With equity markets starting to price in lots of good news, and political risks in Europe creating volatility, we introduced some hedging through options.
  • We also added some hedging to the credit portfolio.
  • The portfolio’s modified duration is concentrated on the short end of the curve, which offers the most attractive risk/reward profile in the current environment.
  • We remain exposed to gold, not solely as a risk management tool but also to take advantage of its renewed interest to central banks.

Performance Overview

Data as of:  16 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 31/12/2021, 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 18/07/2024

Carmignac Portfolio Patrimoine 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
25.7 %
deGermany
22.3 %
dkDenmark
15.6 %
nlNetherlands
14.3 %
chSwitzerland
13.0 %
seSweden
5.0 %
ieIreland
2.7 %
esSpain
1.5 %

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 Weight33.7 %
Net Equity Exposure30.9 %
Active Share86.2 %
Modified Duration2.1
Yield to Maturity4.8 %
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
[Management Team] [Author] Denham Mark

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
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.