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
-
- 0.2 %
+ 9.1 %
+ 16.1 %
+ 3.4 %
- 0.3 %
+ 6.9 %
+ 13.0 %
- 6.3 %
+ 0.1 %
Net Asset Value
166.8 €
Asset Under Management
579 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 27 Mar 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.
February was all about momentum with equities and the dollar up, and bonds and commodities down. On equity markets, Japan surpassed the United States, while Europe and China rallied strongly. Large caps outperformed small and mid caps, and the UK market underperformed. In style terms, growth beat value, and cyclical beat defensive. The Q4 reporting season, which continued in February, was the main driver of movement in individual and sector share prices. The best performing sectors in Europe were automotive, consumer goods, services, construction, travel & leisure, and technology, while real estate, basic resources and utilities lagged behind. From a macroeconomic perspective, the dominant theme of the month was the prospect of interest rate cuts being put back from March to June, after data published at the start of the month pointed to higher inflation. However, the market seems to have priced this in, as it coincided with marginally stronger activity and underlying economic data. In key scenario terms, ad hoc data, business comments and announcements further added to the markets’ excitement about the potential for AI. These included a very strong quarterly report and forward guidance from NVIDIA, the AI leader, which fuelled the ongoing technology and semiconductor rally.
Performance commentary
In February, the fund posted a positive performance, driven by our Long book. On the Long side, our strong performance can be divided into four buckets: - On the Technology side, the Magnificent 7 continued to report very strong earnings. During the month, Nvidia was up +28%, Meta +25% and Amazon +14%. In Europe, both ASML and SAP also reported strong earnings. Within our Core Long portfolio, we had positions in these five stocks and the strength of these earnings had a broader impact on other positions like Nova or SK Hynix, where we built strong convictions for the last few months. The Technology sector contributed for more than +500bps of P&L. - Prada, one of our largest positions, had a strong recovery and a +112bps contribution. In a tough luxury backdrop, Richemont’s results earlier in the month provided a positive read which helped Prada’s stock price recovery. - Adyen reported strong revenue growth at 26% and a significant beat on margins. We had a large position ahead of the results, which provided a strong contribution of +130bps to our returns. - Mercedes reported a solid margin guidance and additional share buybacks. We had implemented the position through single stock and call options, which contributed +77bps of P&L. On the Short side, we had a strong contribution from ASM-Osram, as the stock went down 35%, after the cancellation of an already delayed micro-LED project.
Outlook strategy
The net exposure of the strategy rose to close to 50% and 35% beta adjusted; while our gross exposure also rose to close to 220%. As fundamentals are back at driving stock prices, we continued to reinforce our convictions on both the long and short side and our portfolio is back to a normal level of convictions. On the long side of the book, our portfolio in our Core Long book has been stable with strong convictions in Prada in the Luxury sector, Daimler in the Automotive space, IMI in the Chemicals space and several positions in the Technology sector like ASML, Hynix or SAP; as well as some defensive positions like Novo Nordisk and Deutsche Telekom. On the short side, we continue to find many new names in the Consumer, Industrials and Healthcare spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings. We have also had some strong contributions from positions in our aggressive accounting bucket, with Grifols for example. Overall, we keep strong convictions in our Core Long book and have sized up these positions accordingly. We feel the current environment is quite conducive to our conviction-led portfolio.
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.
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Market environment
February was all about momentum with equities and the dollar up, and bonds and commodities down. On equity markets, Japan surpassed the United States, while Europe and China rallied strongly. Large caps outperformed small and mid caps, and the UK market underperformed. In style terms, growth beat value, and cyclical beat defensive. The Q4 reporting season, which continued in February, was the main driver of movement in individual and sector share prices. The best performing sectors in Europe were automotive, consumer goods, services, construction, travel & leisure, and technology, while real estate, basic resources and utilities lagged behind. From a macroeconomic perspective, the dominant theme of the month was the prospect of interest rate cuts being put back from March to June, after data published at the start of the month pointed to higher inflation. However, the market seems to have priced this in, as it coincided with marginally stronger activity and underlying economic data. In key scenario terms, ad hoc data, business comments and announcements further added to the markets’ excitement about the potential for AI. These included a very strong quarterly report and forward guidance from NVIDIA, the AI leader, which fuelled the ongoing technology and semiconductor rally.