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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- 2.6 %
+ 2.5 %
Net Asset Value
107.88 €
Asset Under Management
510 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 29 Nov 2024.
Data as of: 3 Dec 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.
October experienced significant volatility in the financial markets, with equities declining in local currency terms while interest rates increased.- Concerns about economic growth continued to dominate investors' minds, despite signs of resilience, particularly from the US economy. Uncertainty was heightened by the upcoming US elections and their potential impact, especially on inflation and European growth.- In Europe, growth remains sluggish but is showing signs of improvement, particularly in Germany. However, the risk of inflation persists. The UK presented its first budget under the new Labour government, announcing tax increases and borrowing to finance investment projects.- Consequently, UK yields rose by over 60 basis points, German yields by 25 basis points, and US yields by 50 basis points. The euro also underperformed against the dollar.- Meanwhile, the third-quarter earnings season commenced with strong performances from the banking sector. However, forecasts from technology companies were more mixed, contributing to market instability.- Finally, despite the rise in bond yields, the price of gold increased again in October, reaching new highs over $2,700. In the oil markets, volatility increased with the escalation of the conflict in the Middle East, but prices remained relatively stable.
Performance commentary
The Fund's performance was negative over the month, but it outperformed its performance indicator.- Amid declining equities and bonds, the Fund managed to cushion some of the decline- In the equity market, defensive stocks were particularly hard hit, with significant pressure on the healthcare and consumer staples sectors.- Our positioning in fixed income and exposure to commodities helped offset the decline in equity markets.- The Fund also benefited from its position in inflation-linked instruments.
Outlook strategy
Our scenario remains unchanged in light of this month's macroeconomic data.- Against this backdrop, we remain optimistic about equities. In a scenario of gradual economic slowdown and global monetary easing, risk assets should continue to perform well as long as there is no recession.- However, we are maintaining hedges to guard against any adverse political or geopolitical developments, particularly in view of the US elections.- Regarding interest rates, we are maintaining a moderate modified duration and a high exposure to the credit markets.- To strengthen the overall construction of our portfolio, we have implemented several decorrelation strategies, including exposure to commodities (gold and copper), volatility, and various option strategies on equity indices.
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: 29 Nov 2024.
Equity Investment Weight33.5 %
Net Equity Exposure40.4 %
Active Share88.0 %
Modified Duration2.3
Yield to Maturity3.9 %
Average RatingA-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
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