Diversified strategies

Carmignac Portfolio Patrimoine

SICAVGlobal marketSRI Fund Article 8
Share Class

LU1163533778

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
Asset Allocation
Bonds46.7 %
Equities41.5 %
Other11.8 %
Data as of:  28 Mar 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 17.0 %
-
+ 18.0 %
- 4.7 %
+ 7.3 %
From 31/12/2015
To 19/04/2024
Calendar Year Performance 2023
-
+ 1.3 %
+ 4.4 %
+ 0.6 %
- 10.8 %
+ 11.2 %
+ 13.4 %
- 0.3 %
- 8.8 %
+ 2.7 %
Net Asset Value
73.0 €
Asset Under Management
1 330 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  19 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 Patrimoine 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

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. The Bank of Japan bucked the trend: it put an end to eight years of negative interest rates, even amid increasing signs of substantial pay rises. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. The S&P 500 is having its best start to a year since 2019. Although the rally has mainly been fuelled by the Magnificent Seven, it spread to more corners of the market at the end of the month when cyclical sectors rebounded 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. Equity markets seem to have accepted the optimistic scenario under which central banks lower interest rates and the economy slows moderately, meaning that valuations are high though supported by earnings growth. Credit also continued to perform well. European yields eased in March, while the growth differential between the United States and the Eurozone persists.

Performance commentary

The Fund was up in March, beating its reference indicator. Our stock picking paid off once again, especially in technology and healthcare despite sector rotation during the month. Our semiconductor companies maintained their upward trajectory and published more excellent results, strengthening our investment case based on a growing imbalance between supply and demand. Exposure to gold stocks was also profitable in March, as bullion prices hit new highs. Our credit exposure also continues to generate steady positive returns thanks to the attractive carry on this asset class. Our decision to reduce the portfolio’s modified duration to an almost neutral level limited the impact of yields rising over the month. However, our yen exposure did not pay dividends, despite the Bank of Japan’s decision to terminate its negative interest rate policy.

Outlook strategy

Over the next few months, we expect global growth to stabilise as the manufacturing cycle picks up. This scenario, of slow but firm economic growth and more accommodative monetary policies, should continue to favour risky assets. However, as financial markets have already priced it in, with indices at record levels, a selective approach and profit-taking are necessary. We remain optimistic about artificial intelligence and obesity treatments, while also strengthening positions in sectors that had been lagging and diversifying others, especially in industrials. Credit still has strong upside potential as a result of carry. At a sovereign debt level, our exposure to interest rate movements remains limited as, despite signs of central banks pivoting, solid inflation and economic data call for caution, especially at the long end of the yield curve. We are also optimistic for commodities, especially gold and copper, which should benefit from the manufacturing industry’s gradual rebound, with diversified investments in equities, bonds and currencies.

Performance Overview

Data as of:  19 Apr 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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 23/04/2024

Carmignac Portfolio Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
North America63.7 %
Europe21.5 %
Asia7.9 %
Asia-Pacific4.3 %
Latin America2.6 %
Total % Equities100.0 %
North America63.7 %
usUSA
59.4 %
caCanada
4.3 %

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  28 Mar 2024.
Equity Investment Weight41.5 %
Net Equity Exposure45.8 %
Active Share85.8 %
Modified Duration0.9
Yield to Worst2.8 %
Average RatingBBB

The strategy in a nutshell

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

Jacques Hirsch

Fund Manager

Christophe Moulin

Deputy Head of Cross Asset, Fund Manager
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager

Kristofer Barrett

Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

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.