Equity strategies

Carmignac Portfolio Grande Europe

SICAVEuropean marketSRI Fund Article 9
Share Class

LU0807689152

A high conviction, sustainable European equity strategy
  • Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
  • On the lookout for long-term growth, built on robust fundamentals and strong business models.
Asset Allocation
Equities98 %
Other2 %
Data as of:  31 May 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 145.4 %
+ 101.9 %
+ 67.0 %
+ 13.8 %
+ 15.8 %
From 19/07/2012
To 12/06/2024
Calendar Year Performance 2023
+ 10.4 %
- 1.4 %
+ 5.2 %
+ 10.4 %
- 9.6 %
+ 34.3 %
+ 13.8 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
235.3 €
Asset Under Management
930 M €
Market
European market
SFDR - Fund Classification

Article

9
Data as of:  12 Jun 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 Grande 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:  31 May 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Market environment

  • In May, we observed stronger macro data with Eurozone PMI, US PMI higher and improved consumer confidence in the US.
  • This was followed by the Euro area core CPI inflation which accelerated for the first time since June last year to 2.9, potentially pushing delaying rate cuts that were expected at the June meeting.

Performance commentary

  • During the month of May, the Fund recorded a positive absolute performance though below its reference indicator.
  • The underperformance versus the benchmark last month is mainly due to the value rotation and the rally in Banks, sector we do not invest in our portfolio, and which continued to perform well.
  • Alcon has been the best performer in the fund after strong response to good results, with sales growth broadly spread across the business with particularly strong growth in contact lenses.
  • At the sector level, our positions in Industrials was the biggest drivers of performance over the month with Schneider Electric being one of the main contributors.
  • Having no exposure to Communication Services penalised the Fund while, on the contrary, having no exposure to Energy has been supportive.

Outlook strategy

  • The Fund continues to rely on bottom-up fundamental analysis with a medium term horizon.
  • We anticipate that as economic growth slows down and inflation is nearing the 2% target, the ECB will start to gradually cut the interest rates.
  • During the month we have increased our exposure and thus have made several adjustments to our portfolio amidst a volatile period with different prints of macro data.
  • We took some profits in Alcon post strong results and we also started to re-increase our position in Genmab ahead of forthcoming data on their pipeline product.
  • The Fund maintains a natural stance towards high quality and more defensive companies and the potential for greater visibility in the market is expected to yield favourable outcomes.

Performance Overview

Data as of:  12 Jun 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 13/06/2024

Carmignac Portfolio Grande Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 May 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
23.7 %
deGermany
20.9 %
nlNetherlands
18.0 %
dkDenmark
14.8 %
chSwitzerland
12.7 %
seSweden
5.2 %
ieIreland
2.6 %
esSpain
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:  31 May 2024.
Equity Investment Weight98.0 %
Net Equity Exposure98.0 %
Number of Equity Issuers35
Active Share83.0 %

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 favouring profits reinvestment over profits distribution to grow the business for the future.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, 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.