Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q2 2025
Carmignac Portfolio Grandchildren A EUR Acc delivered a performance of +2.44% in the second quarter of 2025, slightly underperforming its reference indicator, which had a performance of +2.58%.
Market environment during the period
The second quarter of 2025 was marked by sharp volatility across developed markets as investors navigated escalating tariff tensions and geopolitical concerns in the Middle East. Markets opened the quarter on a sour note with the US administration’s unexpected "Liberation Day" tariff announcement on April 2, which sparked a significant correction. The scale of the proposed measures led to a sharp selloff in both equities and bonds. However, the subsequent decision to suspend most of the new tariffs for 90 days—excluding those on China—quickly reassured markets. This policy reversal, combined with ongoing strength in hard economic data, set the stage for a strong rebound.
Developed market equities posted robust gains over the quarter, driven largely by renewed investor confidence and a solid earnings season. The US led the recovery, with large-cap technology names—particularly the ‘Magnificent 7’—powering growth stock outperformance. European equities, by contrast, delivered more moderate gains, especially when compared to the strength of the first quarter, but still attracted meaningful inflows from global investors seeking to rebalance portfolios away from concentrated US exposures.
How did we fare in this context?
During the second quarter of 2025, the fund slightly underperformed its reference indicator. The Information Technology and Communication Services sectors—primarily composed of large-cap technology companies—together represent approximately 34% of the benchmark. Although the fund maintained an underweight position in these sectors, by about 6–8% relative to the benchmark, our disciplined stock selection delivered strong results, as a result, this allocation was a net positive contributor to overall performance.
Microsoft, our largest holding at 9% of the portfolio, led the way with a +22% gain and was the fund’s top contributor. The company’s Q1 results reinforced the substantial long-term potential of artificial intelligence (AI). Azure, Microsoft’s hyperscaler business, saw revenue growth accelerate to 35%, with AI-related demand accounting for roughly half of this growth.
Nvidia also posted strong performance, rising 33% as continued demand for AI infrastructure supported its leadership in the sector. However, the standout performer this quarter was Oracle, whose shares surged 44%. This was driven by upbeat quarterly results and forward-looking guidance highlighting an expected 70% revenue growth next year in its hyperscaler unit, Oracle Cloud Infrastructure (OCI), following 50% growth in the past year.
Healthcare remained one of the weaker segments of the market during the second quarter, which weighed on our performance given the fund’s sizeable exposure to the sector. Investor sentiment was dampened by repeated statements from the U.S. administration indicating its intent to control healthcare costs—primarily through drug price regulation—and by proposed budget cuts to publicly funded research institutions such as the NIH. These developments have introduced a high degree of uncertainty across the sector.
The most impacted sub-sector has been Life Sciences tools and equipment providers, particularly those linked to research and development (R&D). Companies like Thermo Fisher and Danaher, which supply essential equipment for R&D processes, came under significant pressure. Thermo Fisher, for instance, saw its share price decline by 24% during the period. Despite these headwinds, we have retained our positions in these names. We believe the risks are now largely priced in, and we expect a near-term rebound in manufacturing-related revenues, particularly driven by a recovery in demand for bioprocessing equipment.
Vertex Pharmaceuticals, a biopharma name in the portfolio, declined 15% on concerns around potential U.S. drug price controls and new tariff risks on imported medicines. However, we viewed the pullback as a buying opportunity. Vertex specializes in niche therapies, where pricing pressure is likely to be limited, and it benefits from U.S.-based manufacturing, which mitigates trade-related risks.
Outlook & positioning
In the months ahead, one of the most pivotal macro considerations remains the potential implementation of new tariffs following the delay. The outcome and magnitude of any such measures continue to cast a cloud of uncertainty over global markets and are weighing on investor sentiment.
We made several adjustments to the portfolio during the quarter. In Healthcare, we increased our positions in McKesson and Cencora—two leading pharmaceutical distributors that benefit from the structural growth in drug volumes, supported by demographic shifts and broader access to healthcare. These additions were funded by a reduction in our holding in Intuitive Surgical, where the valuation—now approaching 70 times this year’s earnings—appears to fully reflect its growth potential.
In Financials, while many balance sheet-driven institutions still fall short of our fundamental and sustainability criteria, UBS has emerged as a notable exception. The bank has made meaningful progress in integrating Credit Suisse, and recent regulatory clarity from the Swiss government regarding capital requirements has reduced uncertainty. This has allowed investors to refocus on UBS’s core strength—its global wealth management franchise—which remains attractively valued relative to peers.
Although our portfolio has limited direct exposure to companies significantly impacted by tariff changes, we remain attentive to the broader economic implications. In this environment, we continue to prioritize high-quality, secular growth companies with resilient earnings and strong revenue visibility. We believe these businesses are best equipped to navigate uncertainty while delivering compelling long-term returns.
Carmignac Portfolio Grandchildren
Carmignac Portfolio Grandchildren A EUR Acc
- Empfohlene Mindestanlagedauer
- 5 Jahre
- Risikoskala*
- 4/7
- SFDR-Klassifizierung**
- Artikel 9
*Die Definition der Risikoskala finden Sie im KID/BIB (Basisinformationsblatt). Das Risiko 1 ist nicht eine risikolose Investition. Dieser Indikator kann sich im Laufe der Zeit verändern. **Die Offenlegungsverordnung (Sustainable Finance Disclosure Regulation - SFDR) 2019/2088. Die SFDR-Klassifizierung der Fonds kann sich im Laufe der Zeit ändern.
Hauptrisiken des Fonds
Kosten
- Einstiegskosten
- 4.00% des Betrags, den Sie beim Einstieg in diese Anlage zahlen. Dies ist der Höchstbetrag, der Ihnen berechnet wird. Carmignac Gestion erhebt keine Eintrittsgebühr. Die Person, die Ihnen das Produkt verkauft, teilt Ihnen die tatsächliche Gebühr mit.
- Ausstiegskosten
- Wir berechnen keine Ausstiegsgebühr für dieses Produkt.
- Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten
- 1.71% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres.
- Erfolgsgebühren
- 20.00% wenn die Anteilsklasse während des Performancezeitraums den Referenzindikator übertrifft. Sie ist auch dann zahlbar, wenn die Anteilsklasse den Referenzindikator übertroffen, aber eine negative Performance verzeichnet hat. Minderleistung wird für 5 Jahre zurückgefordert. Der tatsächliche Betrag hängt davon ab, wie gut sich Ihre Investition entwickelt. Die obige aggregierte Kostenschätzung enthält den Durchschnitt der letzten 5 Jahre oder seit der Produkterstellung, wenn es weniger als 5 Jahre sind.
- Transaktionskosten
- 0.30% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die Basiswerte für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen.
Performance
| Carmignac Portfolio Grandchildren | −5.2 | +21.9 | +23.0 | −24.2 | +28.4 | +20.3 | +15.5 |
| Referenzindikator | −3.4 | +26.6 | +19.6 | −12.8 | +31.1 | +6.3 | +15.5 |
| Carmignac Portfolio Grandchildren | +11.6% | +10.1% | +11.3% |
| Referenzindikator | +13.8% | +13.5% | +12.5% |
Quelle: Carmignac Stand 30. Jun 2025.
Datum des ersten NAV : 31/05/2019.
Wertentwicklungen der Vergangenheit lassen keine Rückschlüsse auf zukünftige Wertverläufe zu. Wertentwicklung nach Gebühren (keine Berücksichtigung von Ausgabeaufschlägen die durch die Vertriebsstelle erhoben werden können) Der Fonds ist mit einem Kapitalverlustrisiko verbunden.
Bei den nicht währungsgesicherten Anteilen kann die Rendite aufgrund von Währungsschwankungen steigen oder fallen.
Referenzindikator: MSCI World NR index