Share Class
FR0010147603
Capturing long-term global equity trends with strong downside risk management
- A core equity portfolio invested in the most promising current market trends and dynamics.
- A Feeder Fund of international equity Fund Carmignac Investissement.
Key documents
Asset Allocation
Equities94.9 %
Other5.1 %
Data as of: 28 Feb 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 244.8 %
+ 16.9 %
+ 48.5 %
+ 31.7 %
+ 1.6 %
To 06/03/2025
Calendar 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 2023Calendar Year Performance 2024
- 4.9 %
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
+ 10.2 %
Net Asset Value
344.82 €
Asset Under Management
139 M €
Net Equity Exposure28/02/2025
43.3 %
SFDR - Fund Classification
Article
8
Data as of: 28 Feb 2025.
Data as of: 6 Mar 2025.
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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Investissement Latitude 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: 28 Feb 2025.Fund management team
Frédéric Leroux
Head of Cross Asset, Fund Manager
Performance commentary
- In this context of a volatile market, the fund delivered a negative performance in the month of February.
- The main reason behind the underperformance has been our exposure to tech stocks (TSMC, Amazon, Alphabet) in the wake of the tech correction.
- Our underweight banks, Europe and China as well as our stock picking in healthcare were also negative factors.
- TSMC, the biggest holding of the fund, was down due to policy uncertainties under the Trump administration (tariffs threats and tighter US export controls on AI chips), which have created market instability. Additionally, the emergence of cheaper LLM models has led to concerns about capex growth trajectories.
- Alphabet suffered from worries about increasing reliance on AI for answering user queries, which could potentially revolutionize search methodologies.
- Block, which provides financial services to both consumers and merchants, was the biggest detractor due to weak earnings.
- In healthcare, Daiichi and Centene both declined due to policy uncertainties stemming from Trump’s tariffs and Medicaid cuts.
- Our hedging of the US equities markets nevertheless mitigated the downward pressures over the month
Outlook strategy
- Markets are trading on a political narrative, leading to a rally in low-quality/value stocks, mostly in Europe and China; moving away from the US exceptionalism trade.
- With global growth influenced by unpredictable policies from key regions such as the US, China, and Europe, our strategy remains grounded in company fundamentals.
- We prioritize assets like growth stocks that are less dependent on the economic cycle across the US, Europe, and EM; and stocks already reflecting a high level of uncertainty in their valuations.
- As negative sentiment hits the tech sector, we keep our tech investments broadly unchanged. There's a lot of noise, but little has changed in terms of fundamentals so far. Tactical hedges are however in place to cushion volatility.
- Regarding the future of AI capex, substantial and ongoing capital investment is essential for fostering groundbreaking innovations, such as artificial general intelligence. Hyperscalers have already projected a significant 70% increase in capex for 2025.
- We continue to actively manage the equity exposure of our portfolio
Performance Overview
Data as of: 6 Mar 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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.From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/03/2025
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: 28 Feb 2025.Net Equity Exposure43.3 %
Beta+1.0 %
Sortino Ratio+0.1
Number of Holdings0
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Frédéric Leroux
Head of Cross Asset, Fund Manager
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.
Frédéric Leroux
Head of Cross Asset, Fund Manager
Related articles
Global equities • 13 February 2025 • English
Addressing Trump 2.0 and DeepSeek with diversification and convictions
3 minute(s) read
Corporate • 29 November 2024 • English
Changes to the Carmignac Investissement Latitude Fund
Did you enjoy the fund page?
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.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) under French law.
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.
Market environment