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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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Market environment
Investor sentiment flipped from cautious into a seasonally weak month to optimistic on the back of a clearer picture on US monetary policy and China.Investor positioning remains pro-Defensive, with conviction behind consensual trades being tested and the China exposure emerging as the ‘Pain Trade’.
Macro data was mixed, with the US and China surprising positively while Europe continues to struggle, with PMIs surprising negatively yet again.
This month, we experienced an auto OEM warning avalanche, as the industry faces a bumpy transition to electric vehicles.