Diversified strategies

Carmignac Portfolio Patrimoine Europe

SICAVEuropean marketSRI Fund Article 8
Share Class

LU1932476879

An all-weather European Fund
  • Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
  • Dynamic and flexible management to quickly adapt to market movements.
Asset Allocation
Bonds41.7 %
Equities34.6 %
Other23.7 %
Data as of:  30 Apr 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 39.6 %
-
+ 32.1 %
- 3.3 %
+ 5.3 %
From 31/12/2019
To 23/05/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 18.5 %
+ 15.2 %
+ 9.4 %
- 12.9 %
+ 1.9 %
Net Asset Value
139.6 €
Asset Under Management
541 M $
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  23 May 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 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:  30 Apr 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager

Market environment

April was a difficult month for equities and bonds due to higher-than-anticipated US inflation and persistently solid growth. This led the markets to lower their expectations of imminent rate cuts at the Federal Reserve, pushing up bond yields and pressurising share prices. European equities have held up better than their US peers, benefitting from brighter growth prospects and a less worrisome inflation trend. US rate cuts seem further away, but local economic data suggests that the European Central Bank is still on track to lower its interest rates in June. Equities were down but credit markets performed relatively well. Investment grade spreads tightened further in both the United States and Europe. The month also brought announcements of Q1 results. Although most companies beat forecasts, the markets were more willing than usual to punish those who fell short. Elsewhere, the wider spread between the interest rates of Japan and other developed countries exerted downside pressure on the yen and raised concerns about the effect of imported inflation on Japanese domestic demand.

Performance commentary

In a complex environment, the Fund posted a negative performance but fared better than its reference indicator. Our selection of healthcare and technology stocks such as SAP (-5%) and Lonza (-6%) was the main hindrance. However, our macroeconomic diversification on the equity market helped limit the damage as gold, copper and our equity and volatility index hedges raised performance. On the fixed income side, the portfolio’s low modified duration and credit hedging positions held at the beginning of the month cushioned the impact of rising core yields. The Fund’s yen exposure weighed on performance as Japan’s currency lost even more ground to the euro before its authorities intervened. Overall, the positive correlation between equities and bonds proved detrimental, although our diversifying positions on commodities and our risky asset hedging cushioned the blow.

Outlook strategy

The first part of the year was notable for a simultaneous global recovery and synchronised monetary easing, which was very good for equity markets in general. However, volatility has reared its head in recent weeks. The markets are seeking a new equilibrium that can reflect encouraging news about economic growth and corporate earnings on the one hand, and concerns about inflation on the other. We therefore think the simultaneous recovery will continue over the coming months, but expect greater divergence between the main central banks’ respective monetary policies. This situation should continue to benefit risky assets but may create more volatility on the markets. In light of this, we are keeping equity exposure high but diversifying towards commodities in particular. On the fixed income side, we are keeping modified duration low given the lack of visibility over any future rate cuts. To protect the Fund from increased volatility, we have introduced option strategies on the main share indices and on volatility itself, taking advantage of some cheap hedging.

Performance Overview

Data as of:  23 May 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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 27/05/2024

Carmignac Portfolio Patrimoine Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
25.2 %
deGermany
22.2 %
nlNetherlands
17.3 %
dkDenmark
14.2 %
chSwitzerland
12.3 %
seSweden
4.9 %
ieIreland
2.3 %
esSpain
1.7 %

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:  30 Apr 2024.
Equity Investment Weight34.6 %
Net Equity Exposure38.4 %
Active Share86.8 %
Modified Duration2.4
Yield to Worst4.6 %
Average RatingA-
Yield to Maturity & Yield to Worst : Calculated at the fixed income bucket level.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.

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.