Carmignac Portfolio Grandchildren: Letter from the Fund Managers
Over the second quarter, Carmignac Portfolio Grandchildren posted a positive performance of +2.15%, underperforming its reference indicator (+3.42%). This brought the fund performance for the year to date to +17.94%, versus +15.18% for the reference indicator.
Market environment
The second quarter continued the positive trend of the first quarter with equity markets delivering positive returns despite some volatility. Monetary policy risk has gradually been replaced by political risk, which has led to dispersion across regions and sectors. Leadership among stocks and sectors constantly changed over the period and this was reflected in Energy and Financials as well as Healthcare and Technology being among the better performing sectors. Overall, the US markets outperformed, benefiting from the strong earnings of technology companies. Meanwhile, Europe faced political instability in June due to an unforeseen snap election called by Macron, which had a detrimental effect on the overall returns in the region.
How did we fare in this context?
The fund's largest exposure remains in the technology sector, which also performed exceptionally well in the second quarter. Nvidia's impressive performance continued, with a 39% increase in the quarter, driven by strong and widespread demand for GPUs from major hyperscalers, enterprises, and sovereigns. This demand-supply balance is expected to remain tight for the rest of the year. The positive news flow in the semiconductor sector is evident through the performance of companies like ASML (+8%). However, towards the end of the quarter, we significantly reduced our holding in Nvidia, from an average weighting of around 5% to just 2% by the end of June. This decision was influenced by the stock's substantial 150% rise in 2024 alone, placing it at the higher end of its valuation range at approximately 50 times the estimated earnings for 2025. As a result, we decided to take some profits with a view to adding back on momentum reversal.
Our more defensive stocks also demonstrated strong performance throughout the quarter, particularly in the Consumer Staples and Healthcare sectors. Notably, Colgate experienced a 9% increase, following another quarter of better-than-anticipated results. Similarly, Novo Nordisk witnessed a 14% surge in value, driven not only by a robust financial report but also by the significant expansion of their supply for the previously limited obesity drug, Wegovy. This expansion was prompted by an overwhelming demand for the product.
However, there were also some disappointing performances in the consumer and healthcare sectors during the quarter. Estee Lauder, for example, experienced a significant decline of 29% in the quarter due to negative reaction to their quarterly results. Although the company confirmed a positive growth of 6% organic in their fiscal 3rd quarter to March, with expectations of further acceleration towards the end of the year as the over-stocking issue in Asian travel retail had been resolved, their full-year guidance fell slightly below expectations. This, combined with a lacklustre global consumer backdrop, triggered a sell-off. Healthcare companies with consumer exposure, such as Align Technology, specializing in orthodontics, and Demant, known for hearing aids, were also adversely affected by concerns about global consumer strength. As a result, their stocks plummeted by 25% and 12% respectively, even though there is currently no concrete evidence of any significant impact on their financial results.
Outlook
Our macro overlay framework continues to indicate a defensive stance towards equity markets. In line with our cautious macroeconomic outlook, we have taken further steps to reduce exposure to economically sensitive stocks. During the second quarter, this involved reducing positions in high-valued software companies such as Palo Alto, ServiceNow, Salesforce, Intuit, Adobe, as well as AMD, Amadeus, TransUnion, and others. On the other hand, we have increased our holdings in consumer staples and healthcare stocks, particularly those we believe have been unfairly undervalued.
One notable addition to our portfolio is Vertex Pharma, a healthcare company that stood out in our screening process. This change represents the largest adjustment we have made. Vertex Pharma is one of the few large pharmaceutical stocks that performed well in our evaluation. Additionally, the company currently presents an attractive opportunity. It holds a strong position as a provider of drugs for cystic fibrosis (treatment, and we anticipate the approval of their next-generation drug later this year. Furthermore, Vertex Pharma has promising prospects in other therapeutic areas, including pain treatment and kidney disease.
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 | +9,1 | −5,1 | +21,9 | +23,0 | −24,2 | +28,4 | +20,3 | +15,5 |
| Referenzindikator | +16,7 | +6,8 | +26,6 | +19,6 | −12,8 | +31,1 | +6,3 | +15,5 |
| Carmignac Portfolio Grandchildren | +11,1 % | +3,8 % | +10,5 % |
| Referenzindikator | +20,1 % | +11,3 % | +14,0 % |
Quelle: Carmignac Stand 30. Okt 2026.
Datum des ersten NAV : 31/05/2019.
Die Wertentwicklung der Vergangenheit ist keine Garantie für die zukünftige Wertentwicklung. Sie verstehen sich nach Abzug von Gebühren (außer eventuellen Ausgabeaufschlägen, die von der Vertriebsstelle erhoben werden).
Bei den nicht währungsgesicherten Anteilen kann die Rendite aufgrund von Währungsschwankungen steigen oder fallen (bei Aktien, die nicht gegen das Währungsrisiko abgesichert sind).
Referenzindikator: MSCI World NR index