Alternative strategies

Carmignac Investissement Latitude

FCPGlobal marketSRI Fund Article 8
Share Class
A EUR AccFR0010147603
Capturing long-term global equity trends with strong downside risk management
  • A core equity portfolio invested in the most promising current market trends and dynamics.
  • A Feeder Fund of international equity Fund Carmignac Investissement.
Key documents
Asset Allocation
Equities91.7 %
Other8.3 %
Data as of:  30 Apr 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 247.8 %
+ 45.4 %
+ 50.3 %
+ 14.6 %
+ 20.2 %
From 31/12/2004
To 23/05/2024
Calendar Year Performance 2023
+ 5.1 %
- 4.9 %
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
Net Asset Value
347.8 €
Asset Under Management
147 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  23 May 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 Investissement Latitude 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 Apr 2024.
Fund management team

Frédéric Leroux

Head of Cross Asset, Fund Manager

Market environment

April was a difficult month for equities and bonds due to higher-than-anticipated US inflation and persistently solid growth. This led the markets to lower their expectations of imminent rate cuts at the Federal Reserve, pushing up bond yields and pressurising share prices. The month also brought announcements of Q1 results. Although most companies beat forecasts, the markets were more willing than usual to punish those who fell short. Investors are trying to decide whether earnings growth justifies the rise in prices over the last six months. European equities have held up better than their US peers, benefitting from brighter growth prospects and a less worrisome inflation trend. However, Japanese equities underwent a correction after posting gains in each of the five previous months. The wider spread between the interest rates of Japan and other developed countries exerted downside pressure on the yen and raised concerns about the effect of imported inflation on domestic demand. Chinese equities rallied strongly, brought to life initially by government stimulus, then a slight improvement in sentiment and their particularly attractive valuations.

Performance commentary

The Fund posted a negative performance, trailing its reference indicator. The main drag was Meta, the parent company of Facebook and Instagram. Although its results were good, the company is planning to raise spending and, in particular, accelerate investment in generative AI, reviving concerns about Meta’s ability to control its costs. Technology stocks as a whole suffered. These included AI players like AMD, Microsoft and Nvidia. However, we are still taking a constructive approach to growth in the semiconductor industry and the beneficiaries of this theme. The other sector to struggle in April was finance, with UBS and Block notable fallers. The Fund did benefit from the appreciation of Danish giant Novo Nordisk, which leads the booming market for obesity treatments, and Chinese markets’ rally through positions in DiDi and Alibaba. Our hedging on developed equity markets, through US (S&P 500 and Nasdaq) as well as European (EURO STOXX 500) indices, raised the Fund’s overall performance.

Outlook strategy

The beginning of the year was good for equity markets due to the global economic recovery and expectations of monetary easing. However, volatility has now reared its head as the markets look to strike a balance between economic growth and concerns about high inflation and interest rates. We think the economic recovery will continue, but with greater divergence between central banks’ respective monetary policies. Financial markets’ trajectory will therefore be less predictable. Moreover, valuations are currently high, leaving little room for disappointment. We are therefore adjusting our portfolio gradually, in preparation for more volatile conditions. After benefitting greatly from the AI and obesity themes, we have taken profits and reallocated the proceeds to better quality, more defensive stocks in different sectors. In IT, we are diversifying our semiconductor exposure to companies that offer predictable growth at a reasonable price. In healthcare, we are taking profits on investments in the GLP-1 giants and diversifying with a similar strategy.

Performance Overview

Data as of:  23 May 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.​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 27/05/2024

Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  30 Apr 2024.
Net Equity Exposure71.5 %
Beta+1.1 %
Sortino Ratio+2.6
Number of Holdings0

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team

Frédéric Leroux

Head of Cross Asset, Fund Manager
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.

Frédéric Leroux

Head of Cross Asset, 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.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) under French law.
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.