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
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-
-
-
-
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+ 9.7 %
+ 14.9 %
- 16.1 %
+ 12.6 %
Net Asset Value
128.29 £
Asset Under Management
949 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 28 Jun 2024.
Data as of: 25 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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
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.
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