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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-
-
-
-
-
-
+ 1.5 %
- 12.1 %
+ 2.7 %
Net Asset Value
93.9 €
Asset Under Management
501 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 30 Apr 2024.
Data as of: 17 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.
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.
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
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.