Quality: your compass in an uncertain world
Carmignac Portfolio Grandchildren
A global equity fund supported by reinvestment
Three reasons to invest in global equities with Carmignac Portfolio Grandchildren
*Source: Bloomberg, Carmignac, 28/02/2025.
Quality "Made in Carmignac"
Over the last few decades, quality companies have managed to hold their own against their peers, such as ‘growth’ and ‘value’. The solidity of their fundamentals and their capacity to innovate often enable them to adapt to market changes to remain competitive.
At Carmignac Portfolio Grandchildren, we have an objective definition of quality based on two key concepts: high and sustainable profitability and reinvestment of earnings to support future growth. This unique approach to "quality" is at the heart of our strategy for navigating different market configurations.
How does Carmignac Portfolio Grandchildren unearth leaders with a strong past and a promising future to thrive over time?
Reinvestment as a growth driver
Where to find promising investment opportunities?
There are many sub-sectors in this area that support our investment thesis. By responding to structural challenges such as the ageing of the population and having an above-average capacity for innovation, heathcare is full of quality companies.
Furthermore, this sector brings together players at various stages of development, particularly in terms of medical treatment advances, offering the opportunity to select companies that can adapt to the different phases of the economic cycle.
Our long-term convictions
Within the sectors identified above, we select companies that are reinvesting and are capable of innovating to adapt to market changes. Here are some of our main convictions.
Hermès: Reinvesting to keep up with the times
Hermès, founded in 1837, is a French luxury house that initially specialised in the manufacture of harnesses and saddles. Today it is renowned for its top-of-the-range handcrafted creations, such as Birkin bags and silk squares.
The French fashion house successfully expanded its range of activities. In 1922, Hermès diversified into leather goods. From 1978 onwards, Hermès explored new fields, including watchmaking, shoe manufacturing and goldsmithing. In 2020, Hermès added beauty as a new area of expertise, bringing the total number of business lines to 16. These initiatives reflect Hermès' determination to diversify in order to meet today's challenges.
Its success is based not only on a prestigious heritage, but also on a visionary reinvestment strategy. Unlike some companies in the sector that focus on rapid growth, Hermès has chosen to continually reinvest its profits in innovation and craftsmanship. Through strong vertical integration, it controls its value chain and reinforces its image of excellence.
Source: Carmignac, Hermès, March 2025.
Microsoft: Offering innovative solutions across generations
Microsoft, an American technology company founded in 1975, launched its first operating system in the 1980s, as well as its flagship office suite, Microsoft Office.
In the 2000s, Microsoft made a major strategic shift by diversifying its activities. In 2001, Microsoft introduced its first console, the Xbox, to compete with video game giants Sony and Nintendo. In 2010, Microsoft launched Azure, becoming a major player in cloud computing, responding to the growing demand from businesses for flexible data storage and processing solutions. In the 2020s, it established strategic partnerships in the field of artificial intelligence, notably with OpenAI, to remain competitive in this fast-growing sector.
Today, Microsoft is still a pillar of the sector thanks to its strong capacity for innovation and adaptation, successfully consolidating its presence in various segments of the industry over the years.
Source: Carmignac, Microsoft, March 2025.
Lonza: A pioneer in the face of today's health challenges
Lonza, founded in Switzerland in 1897, has grown from hydroelectric power generation to become a world leader in healthcare, particularly in the pharmaceutical and biotechnology sectors. The company takes its name from the River Lonza, drawing inspiration from its dynamics to continue its steady progress.
Originally based in Gampel, Lonza moved its operations to Visp in 1909 to support its expansion. Over the course of the 20th century, it diversified its activities to include the chemical industry, before partering with pharmaceutical groups to develop medicines through biotechnology. The 2000s marked a decisive turning point for Lonza. Through massive investments and strategic acquisitions, the company positioned itself as a key manufacturer of biological products, cell and gene therapies.
Based in Basel, Lonza now operates on five continents and employs almost 18,500 people, becoming a key player in global healthcare.
Source: Carmignac, Lonza, March 2025.
Carmignac Portfolio Grandchildren is managed by two experienced fund managers: Mark Denham and Obe Ejikeme. With 34 and 21 years of investment experience respectively, they collectively manage €2.1 billion of assets under management*. Their complementary expertise – Mark Denham is known for his fundamental approach and Obe Ejikeme for his quantitative analysis – enables the Fund to benefit from a robust process to unearth quality companies.
*Source: Carmignac at 28/02/2025.
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Carmignac Portfolio Grandchildren in detail
Find all the information about the Fund and the latest documents (monthly factsheet, product sheet, etc.).Visit the Fund pageLatest articles
Annual Meeting 2025
Speakers : Raphaël Gallardo, Pierre Verlé, Mark Denham
Carmignac Portfolio Grandchildren: Letter from the Fund Managers
Carmignac Portfolio Grandchildren: Reinvesting to reinvent ourselves
Carmignac Portfolio Grandchildren A EUR Acc
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 4/7
- SFDR - Fund Classification**
- Article 9
*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.
Main risks of the fund
Fees
- Entry costs
- 4,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
- Exit costs
- We do not charge an exit fee for this product.
- Management fees and other administrative or operating costs
- 1,70% of the value of your investment per year. This estimate is based on actual costs over the past year.
- Performance fees
- 20,00% when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
- Transaction Cost
- 0,28% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.
Performance
| Carmignac Portfolio Grandchildren | 15.5 | 20.3 | 28.4 | -24.2 | 23.0 | 21.9 | 1.8 |
| Reference Indicator | 15.5 | 6.3 | 31.1 | -12.8 | 19.6 | 26.6 | 2.3 |
| Carmignac Portfolio Grandchildren | + 9.8 % | + 13.0 % | + 13.4 % |
| Reference Indicator | + 13.1 % | + 15.1 % | + 14.5 % |
Source: Carmignac at 28 Feb 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Reference Indicator: MSCI World NR index
Marketing Communication. Please refer to the KID/prospectus of the fund before making any final investment decisions. This document is intended for professional clients.
The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this material may be partial information and may be modified without prior notice.
Access to the Funds may be subject to restrictions regarding certain persons or countries. The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. The Management Company can cease promotion in your country anytime. The risks, fees and ongoing charges are described in the KID. The Funds’ prospectus, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. Investors have access to a summary of their rights in English at section 5 of "regulatory information page" on the following link: https://www.carmignac.com/en_US
Carmignac Portfolio Grandchidren refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. 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. 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.
In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
Copyright: The data published in this presentation are the exclusive property of their owners, as mentioned on each page.
CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tél : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676
CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel : (+352) 46 70 60 1 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 - RC Luxembourg B 67 549