Equity strategies

Carmignac Portfolio Investissement

SICAVGlobal marketSRI Fund Article 8
Share Class

LU1299311677

A Fund geared for a changing world
  • An international equity Fund offering an exposure to companies that thrive in an evolving global world.
  • An opportunistic approach aiming at benefiting from the most promising market dynamics and trends.
Key documents
Asset Allocation
Equities98.8 %
Other1.2 %
Data as of:  28 Mar 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 110.2 %
-
+ 87.2 %
+ 17.2 %
+ 33.9 %
From 19/11/2015
To 11/04/2024
Calendar Year Performance 2023
-
- 1.8 %
+ 3.5 %
+ 6.5 %
- 11.8 %
+ 28.0 %
+ 36.3 %
+ 5.1 %
- 15.8 %
+ 21.6 %
Net Asset Value
210.2 $
Asset Under Management
255 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 Investissement 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

Kristofer Barrett

Fund Manager

Market environment

US data continues to reflect a degree of economic resilience, with inflation figures still high. However, the disinflation trend continues in Europe. In the light of this, the Fed and the ECB are sticking to their plan and will probably start cutting interest rates this summer. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. Stock market indices rose further in March, with global equities enjoying their longest stretch of positive monthly performances since 2021. Fortunes were fairly consistent between the various regions. Energy and materials were the best performing sectors as commodity prices climbed. Oil was up 5% to $87 a barrel (Brent), while gold set a new record of more than $2,200 an ounce. The technology and consumer sectors fared worse, even if they did end the month higher. Stock markets remain on the up because they are still expecting the Fed to cut interest rates and the economy to land softly, which is good news for corporate earnings.

Performance commentary

The Fund ended March with a gain of more than 4%, beating its reference indicator. Once again, semiconductor stocks benefited from AI and its growth prospects. This month it was Micron Technology that gave the market a pleasant surprise, announcing much better-than-expected results. These support our investment case, namely that the industry is gradually reaching a mismatch between supply and demand. The only blot on the copybook was AMD, which suffered from the Chinese government’s recent decisions aimed at prioritising Chinese microchips. Away from semiconductors, Airbus performed well in industrials, as did Lonza in healthcare. Our portfolio of healthcare stocks also raised performance as Novo Nordisk, a leader on the blossoming market for obesity treatments, climbed ever higher.

Outlook strategy

The combination of slower but firmer economic growth and more accommodative central banks should keep macroeconomic conditions favourable for equities. However, although financial markets are not showing any signs of exuberance, this scenario has already been priced in, with most indices reaching all-time highs. Regular profit-taking and selectivity are therefore essential. Although we remain optimistic for the AI and obesity treatment themes, we are strengthening positions on laggards and diversifying through the industrial sector in particular. These laggards include chip maker TSMC, which supplies Apple and NVIDIA and is therefore benefiting from the frenzy surrounding AI. We also remain convinced about Hermès, which should post double-digit sales growth again this year and beat its rivals, as its high-end positioning gives the company pricing power and leads to higher volumes being sold. Kristofer Barrett will take over the Carmignac Investissement strategy on 8 April 2024. With a proven investment approach that combines bottom-up research with pragmatic macroeconomic analysis, Kristofer has delivered remarkable results over the long term. The investment philosophy will remain true to that which is behind Carmignac Investissement’s 35 years of success.

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.
Source: Carmignac at 13/04/2024

Carmignac Portfolio Investissement Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
North America60.2 %
Europe24.9 %
Asia11.2 %
Asia-Pacific2.6 %
Latin America1.2 %
Total % Equities100.0 %
North America60.2 %
usUSA
58.4 %
caCanada
1.8 %

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 Weight98.8 %
Net Equity Exposure98.8 %
Number of Equity Issuers53
Active Share79.0 %

The strategy in a nutshell

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

Kristofer Barrett

Fund Manager
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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.