Alternative strategies
Carmignac Portfolio Long-Short European Equities
European marketSRI Fund Article 8Share Class
LU1317704051
A high-conviction long/short approach to European equities
- A bottom-up fundamental approach to maximise long and short alpha generation.
- Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 77.0 %
-
+ 35.9 %
+ 13.6 %
+ 5.4 %
To 17/04/2025
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
- 0.2 %
+ 9.1 %
+ 16.1 %
+ 3.4 %
- 0.3 %
+ 6.9 %
+ 13.0 %
- 6.3 %
+ 0.1 %
+ 17.4 %
Net Asset Value
177.02 €
Asset Under Management
586 M €
Net Equity Exposure31/03/2025
14.5 %
SFDR - Fund Classification
Article
8
Data as of: 17 Apr 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.
Carmignac Portfolio Long-Short European Equities 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 Mar 2025.Performance commentary
In March, the fund posted a negative performance, driven by our Long book.
Our Core Longs suffered from the broader market selloff, as investors’ sentiment turned negative on the upcoming trade tensions between the US and the rest of the world.
Prada, Richemont and SAP were our worst detractors. Prada, which has been one of our top contributors since we implemented the position in early 2020, was our biggest detractor.
The stock dropped 20% during the month on tariffs’ uncertainty and the potential €1.5 billion acquisition of Versace. We took advantage of this weakness to increase our position, as we stay positive on the fundamentals and the execution of the management team and see the stock as significantly undervalued at this level.
Our Trading Longs had a negative contribution to our performance, driven by the overall selloff.
On the Short side, our Alpha Shorts had a strong contribution to performance with LVMH, Nvidia and Sodexo among our top contributors.
LVMH, which has been both a strategic case and a leadership case, suffered from the current consumer backdrop and fears of the upcoming US tariffs, which are meant to impact both luxury goods and spirits.
Sodexo issued a profit warning on March 20th, as margins got impacted by a decelerating top line and softer-than-expected performance in North America. We have kept a smaller position in order to re-scale it, as sell-side downgrades could follow and we await early April announcements on the potential deterioration of their cash flow.
Outlook strategy
- The net exposure of the strategy stayed low throughout the month, as the overall market volatility stayed elevated, and we remained constructive on the shorts.
- We keep strong convictions on the Long side in European companies excelling globally and benefiting from local monopolies.
- These include industries such as luxury goods, specialty engineering, ERP software, specialty chemicals, medical technology, aerospace and defense, and classifieds.
- We believe Europe presents for the first time in a long time a very attractive entry point, with a risk/reward skewed to the upside thanks to several factors we discuss in our latest quarterly letter.
- On the short side, we continue to find many new names in the Consumer and Technology spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: 17 Apr 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.Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 19/04/2025
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Mar 2025.| Europe EUR | 45.2 % |
| Others | 5.8 % |
| Europe ex-EUR | 3.7 % |
| Equity Basket Derivatives | -9.9 % |
| North America | -10.9 % |
| Index Derivatives | -19.5 % |
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Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: 31 Mar 2025.Net Equity Exposure14.5 %
Beta+0.3 %
Sortino Ratio+0.3
Number of Holdings26
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
![[Management Team] [Author] Heininger Malte](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte Heininger
Delegated Fund Manager, White Creek Capital LLP
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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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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.
Market environment
In March, worries about Trump’s tariffs’ policies and its impact on the consumer and business sentiment sent the S&P 500 and the Nasdaq to their worst quarters since 2022 with the S&P 500 losing 4.6% and the Nasdaq falling by more than 8%.
The fastest Momentum unwind in 40 years erased 2 years’ worth of gains and accelerated investors’ late-cycle positioning into Defensive stocks and out of riskier assets.
Amidst all the chaos, there is mounting evidence that Trump’s aggressive moves may have driven an inflection point for the European economy and equity markets — Germany in particular.
We continue to see signs of macro improvement, with the latest German surveys continuing to tick higher.