Carmignac Portfolio Grandchildren: Letter from the Fund Managers
Over the third quarter, Carmignac Portfolio Grandchildren achieved a positive return of +0.86%, although it underperformed its reference indicator, which posted a gain of +2.14%. This resulted in a year-to-date performance of +18.95% for the fund, compared to +17.64% for the reference indicator.
Market environment
The third quarter of 2024 concluded with positive returns despite several episodes of market volatility. In early August, stocks took a hit due to weaker U.S. economic data, an interest rate hike from the Bank of Japan, and thin summer liquidity. However, the much-anticipated commencement of the Federal Reserve’s rate-cutting cycle in September, along with a less aggressive stance from Japanese policymakers and new stimulus measures in China, alleviated investor concerns and fuelled a strong stock market rally towards the end of the quarter. This rally was also bolstered by strong earnings growth, continued positive economic growth in the US, and declining interest rates.
In more detail, the third quarter marked a shift in equity market leadership, with performance broadening beyond the mega-cap technology leaders. For example, the technology sector underperformed the S&P 500 by its widest margin since the second quarter of 2016. Instead, bond proxy sectors like Utilities and Real Estate, emerged as top performers.
How did we fare in this context?
The fund's defensive positioning allowed it to navigate this period with less volatility compared to the market. However, we did not participate in the September rally that followed the Federal Reserve's 50 basis points cut and the announcement of Chinese stimulus measures.
Reflecting broader market trends, the technology sector was the main detractor for the quarter, with notable underperformers including Microsoft, Adobe, and ASML. Nevertheless, our management of semiconductor exposure throughout the quarter helped mitigate some of this underperformance. Although Nvidia posted a negative quarterly performance, it contributed positively to our overall results due to our active management of its exposure. At the end of May, we decided to reduce our exposure to Nvidia (and ASML) as we believed the expectations were too challenging to meet. After reducing our exposure to 1.5% over the summer, we decided to increase it again in mid-September following a 25% drop in stock price. Additionally, in the technology sector, software giants SAP and Oracle reported strong quarterly results, particularly in the cloud segment, and ended the quarter with positive performance.
The healthcare sector remains one of the largest components of our fund, but this quarter we observed mixed results from our main investments. Life sciences companies like Lonza and Thermo Fisher performed well, but Novo Nordisk's stock dropped by over 20%. The company had mixed second-quarter results due to ongoing supply issues and higher-than-expected price declines. Although we expect supply to increase and for Novo Nordisk, along with competitor Eli Lilly, to dominate the obesity market, new competitors and different types of drugs are creating uncertainty in our medium-term forecasts. Additionally, drug pricing is under increased scrutiny and may not develop favourably. Considering these trends and the risk associated with an upcoming drug trial in November, Novo Nordisk's stock fell, impacting our fund's performance. Consequently, we have slightly reduced our investment in Novo Nordisk to manage these risks, but we still believe in its long-term potential.
Finally, our strategic convictions in the financial sector, which notably exclude traditional banks, have delivered notable performance over the quarter. Leading the charge were S&P Global and Intercontinental Exchange, emerging as the top contributors to the Fund. Given the year-over-year performance of these names, we have prudently taken some profits and slightly reduced our exposure to these holdings. This approach ensures we continue to maximize returns while maintaining a balanced and forward-looking portfolio.
Outlook
In alignment with our macroeconomic views, we continue to adopt a prudent approach, favouring high-quality defensive companies amidst the global economic slowdown. However, we have made some adjustments within the portfolio. Firstly, as previously mentioned, we have slightly increased our exposure to technology stocks that have underperformed in recent months, particularly in the semiconductor sector. These increases were funded by taking profits from companies that have performed well over the past 12 months, such as Procter & Gamble, Colgate Palmolive, and S&P Global. Lastly, we also capitalized on the rebound in discretionary consumer stocks following recent announcements from China to sell our remaining stake in Estée Lauder.
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