Equity strategies
Carmignac Portfolio Investissement
Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8Share Class
LU1299311164
A Fund geared for a changing world
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
Key documents
Asset Allocation
Equities96.5 %
Other3.5 %
Data as of: 29 Nov 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 95.7 %
0.0 %
+ 72.2 %
+ 24.2 %
+ 26.0 %
To 19/12/2024
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
-
- 1.7 %
+ 2.1 %
+ 4.7 %
- 14.0 %
+ 25.1 %
+ 34.6 %
+ 4.5 %
- 17.9 %
+ 19.4 %
Net Asset Value
195.65 €
Asset Under Management
268 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 29 Nov 2024.
Data as of: 19 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. 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 Portfolio Investissement 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: 31 Oct 2024.Fund management team
Kristofer Barrett
Head of Global Equities, Fund Manager
Performance commentary
Against this backdrop, the fund posted a slightly positive performance, in line with its reference indicator.Nvidia rose sharply, buoyed by comments from its supplier TSMC regarding the growing demand for artificial intelligence chips, and the investment prospects of its main customers (Microsoft, Alphabet, Meta and Amazon).Alphabet and Amazon also reported satisfactory results. Alphabet benefited from its cloud activities and from increased subscriptions to YouTube and Google One, while Amazon saw its cost-cutting efforts bear fruit and materialise in the financial statements.However, we were penalised by our healthcare stocks, in particular Elevance and Centene. Elevance saw its share price fall as a result of the downward revision of its annual forecasts, caused by the increase in costs linked to the Medicaid healthcare programme. Centene experienced some turbulence on the stock market, but this did not affect its long-term prospects.Outlook strategy
- While we agree that consensus EPS growth expectations are overly optimistic, the economic conditions are robust enough to prevent an earnings collapse justifying a constructive view on equities.
- The portfolio combines stocks with high earnings and relatively high valuations on one side, and stocks with lower growth but high visibility and attractive valuations on the other.
- TSMC is the largest holding in our fund. The shares offer a unique combination of an attractive cyclical backdrop—characterized by under-shipping demand—valuation in line with the 5-year average, and being a key beneficiary of AI advancements.
- Despite strong fundamentals, tech stocks have underperformed since their peak in July, now presenting more attractive valuations. Demand for AI remains robust, with clear signs of accelerating revenues from AI-related activities. We have reinforced our positions in undervalued stocks.
- We are gradually increasing our exposure to small and mid-cap companies, which provides an excellent opportunity to diversify our portfolio. Among these, Elite Material, a Taiwanese company specializing in the production of copper-clad laminates.
Performance Overview
Data as of: 19 Dec 2024.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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 22/12/2024
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 29 Nov 2024.| North America | 67.5 % |
| Asia | 19.4 % |
| Europe | 8.9 % |
| Latin America | 2.5 % |
| Asia-Pacific | 1.7 % |
| Total % Equities | 100.0 % |
North America67.5 %
 USA | 64.7 % |
 Canada | 2.8 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.Exposure Data
Data as of: 29 Nov 2024.Equity Investment Weight96.5 %
Net Equity Exposure91.3 %
Number of Equity Issuers67
Active Share79.6 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Kristofer Barrett
Head of Global Equities, Fund Manager
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
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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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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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