Equity strategies

FP Carmignac European Leaders

OEICEuropean marketSRI Fund
Share Class

GB00BJHPHZ49

A high-conviction, bottom-up European Ex-UK Equity strategy
  • An investment process seeking profitable companies with attractive long-term prospects, built on robust fundamentals and strong business models
  • A high-conviction, low turnover, concentrated portfolio designed to maximise long-term alpha generation
Asset Allocation
Equities94.6 %
Other5.4 %
Data as of:  28 Jun 2024.
Risk Indicator
6/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 82.9 %
0.0 %
+ 65.2 %
+ 13.9 %
+ 15.1 %
From 15/05/2019
To 16/07/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 18.2 %
+ 27.1 %
+ 13.9 %
- 14.8 %
+ 13.9 %
Net Asset Value
1.83 £
Asset Under Management
89 M £
Market
European market
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.

FP Carmignac European Leaders 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:  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). 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

FP Carmignac European Leaders 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
24.5 %
deGermany
23.1 %
dkDenmark
15.6 %
nlNetherlands
14.6 %
chSwitzerland
13.7 %
seSweden
5.2 %
ieIreland
1.6 %
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 Weight94.6 %
Net Equity Exposure94.6 %
Number of Equity Issuers35
Active Share76.2 %

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 favoring profits reinvestment over profits distribution to grow the business for the future.
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.
​The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.