Equity strategies

Carmignac Portfolio Climate Transition

SICAVThematicESG Thematic Fund Article 8
Share Class

LU0992629237

A thematic equity Fund acting for climate change mitigation
  • Investing with a purpose : aiming to generate attractive returns on the long-term while having a positive environmental contribution.
  • Investing efficiently : targeting innovative companies across the whole renewable and green industry value chains.
Asset Allocation
Equities96.4 %
Other3.6 %
Data as of:  28 Mar 2024.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 21.4 %
+ 21.0 %
+ 7.7 %
- 0.9 %
+ 4.0 %
From 15/11/2013
To 11/04/2024
Calendar Year Performance 2023
+ 7.8 %
- 15.6 %
+ 22.5 %
+ 6.0 %
- 17.3 %
+ 15.5 %
+ 5.1 %
+ 11.1 %
- 14.5 %
+ 2.5 %
Net Asset Value
121.4 €
Asset Under Management
208 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  11 Apr 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 Climate Transition 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:  29 Mar 2024.
Fund management team
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager

Market environment

Global equities had a good month with the MSCI World index up 3%. Bond performance was also positive in March. However, a clear trend emerged: risky assets beat quality investments. This can be attributed to the US economy’s resilience and to signs of recovery in Europe. Despite these positive developments, uncertainties remain as inflation seems to be settling above the central banks’ 2% target. The best performing region in March was Europe, where the MSCI Europe gained 3.5%. This resulted from encouraging inflation figures and an overall macroeconomic situation that suggests financial conditions will probably be eased. Moreover, recession fears subsided after the European market received some good news on the economy, various economic indicators improved in the United States, and rate cuts were delayed owing to the economy’s relative strength. The stock markets reflected all of this. However, uncertainties remain, especially due to tight valuations, upcoming elections and mounting debt. Despite this, the S&P 500 returned slightly over 3%. Commodity markets also climbed in March, with the Bloomberg Commodity Index up 3.7%. This was because of higher oil prices following a steady decrease in supply, and geopolitical tensions offsetting the drop in gas prices.

Performance commentary

Our Fund delivered a positive return in March, though trailed its reference indicator. Energy solution enablers weighed on the Fund’s performance, with Sterling & Wilson the month’s biggest drag amid rumours that an investor was planning to sell its stake in the company. Semiconductor materials supplier Soitec also hit the Fund’s performance after predicting that its revenue will stagnate in 2025, and announcing high inventory levels. However, we benefited from our overweighting and careful selection of technology and energy stocks. The month’s biggest contributors were Samsung Electronics and Taiwan Semiconductor (TSMC), confirming strong demand for processors used in artificial intelligence. The energy transition sub-theme was also profitable, with GeoPark among the top 10 sources of performance after reporting solid Q4 results and share buybacks.

Outlook strategy

We took advantage of the market’s rally in March to take some profits and readjust our portfolio. We tweaked the weighting of energy transition stocks by trimming our position in GeoPark after a fine start to the month. We also shuffled our green technology holdings, opening a position in SK Hynix, a South Korean supplier of dynamic random-access memory chips and flash memory chips. Our strong conviction about semiconductors remains intact and we think that our diversification through sub-themes will make it easier to navigate the market.

Performance Overview

Data as of:  11 Apr 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.On 15/05/2020 the reference indicator changed to MSCI AC WORLD NR (USD) index net dividends reinvested. Performances are presented using the chaining method. The Fund’s name was changed from Carmignac Portfolio Green Gold to Carmignac Portfolio Climate Transition.​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 13/04/2024

Carmignac Portfolio Climate Transition Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
North America42.6 %
Asia31.1 %
Europe21.7 %
Latin America3.1 %
Asia-Pacific1.5 %
Africa0.1 %
Eastern Europe-
Total % Equities100.0 %
North America42.6 %
usUSA
40.7 %
caCanada
2.0 %

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 Mar 2024.
Equity Investment Weight96.4 %
Net Equity Exposure88.7 %
Number of Equity Issuers55
Active Share91.3 %

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] Wiskirski Michel

Michel Wiskirski

Fund Manager
Through Carmignac Portfolio Climate Transition, we are adopting a differentiated approach to climate change that reflects our sustainable philosophy. This position is in line with our first theme of ESG engagement: Climate.
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

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.
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.