Diversified strategies

Carmignac Portfolio Patrimoine Europe

SICAVEuropean marketSRI Fund Article 8
Share Class

LU2490324840

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
Bonds44 %
Equities36.5 %
Other19.5 %
Data as of:  28 Mar 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 3.3 %
-
-
-
+ 4.6 %
From 30/06/2022
To 23/04/2024
Calendar Year Performance 2023
-
-
-
-
-
-
-
-
- 2.8 %
+ 2.1 %
Net Asset Value
97.8 €
Asset Under Management
514 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  23 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 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:  29 Mar 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager

Market environment

Economic activity remains weak in Europe. Eurozone manufacturing and services PMIs drifted further apart in March, with the former particularly low. UK data was more positive: GDP improved a little in January, and the composite PMI stayed in expansionary territory throughout the first quarter. European inflation rates dropped further despite persistent tensions on the labour market. US data continues to reflect a degree of economic resilience, with inflation figures still high. In the light of this, the Fed and the ECB are sticking to their plan and will probably start cutting interest rates this summer. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. The Stoxx 600 Europe performed well, beating its US equivalent. The rally spread to more corners of the market at the end of the month when cyclical sectors rebounded as commodity prices climbed. 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, in line with its reference indicator. Sector rotation between European equities weighed on the relative performance of our long-term convictions. Quality and growth stocks such as Alcon and Dassault Systèmes underperformed. However, as we mentioned last month, we have added futures on more cyclical sector indices, which served their purpose in March. Exposure to gold was also profitable, as bullion prices hit new highs. On fixed income markets, credit was the main source of performance – financials in particular. Our JPY/EUR position was the biggest drag, despite the Bank of Japan’s decision to terminate its negative interest rate policy.

Outlook strategy

European inflation continues to fall, while growth – though weak – seems to be improving. We are therefore expecting the ECB to act in June and lower its interest rates for the first time since 2020. This should benefit risky assets. We have nonetheless diversified our equity investments, increasing exposure to more cyclical sectors such as metals and automotive. We also strengthened our position on gold and copper during the month. We feel confident about commodities, which should benefit from the manufacturing industry’s gradual rebound. The equity markets’ strong rally over recent months could lead to volatility over the coming weeks. To overcome this, we are looking at cheap ways of protecting the portfolio: buying volatility options and credit default swaps. 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.

Performance Overview

Data as of:  23 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 31/12/2021, 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 25/04/2024

Carmignac Portfolio Patrimoine Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
Europe105.1 %
Total % Equities105.1 %
Europe105.1 %
frFrance
24.5 %
deGermany
22.8 %
nlNetherlands
18.3 %
dkDenmark
13.5 %
chSwitzerland
12.7 %
beBelgium
5.1 %
seSweden
4.2 %
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:  28 Mar 2024.
Equity Investment Weight34.7 %
Net Equity Exposure40.4 %
Active Share86.0 %
Modified Duration2.2
Yield to Worst4.2 %
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.