Carmignac Portfolio Tech Solutions: Letter from the Fund Manager - Q1 2026
During the first quarter of 2026, Carmignac Portfolio Tech Solutions (F EUR Acc) delivered a performance of -2.16%, outperforming its reference indicator, which posted a loss of -3.24%.
Market environment
The quarter was undeniably volatile. January was marked by a continuation of the 2025 euphoria, particularly in technology. In February, however, volatility began to build beneath the surface: while headline indices appeared relatively stable, sharp sell-offs emerged in certain parts of the market, with sentiment-driven dislocations affecting stocks perceived as “AI losers,” especially in the software space.
In March, investors were caught off guard by both the scale and duration of the ongoing Middle East conflict, triggering sharp moves across a range of assets. The conflict disrupted some of the market’s most crowded trades, reflecting not only a fundamental deterioration in risk sentiment but also the forced unwinding of leveraged positions. South Korean issuers and gold miners were among the main casualties.
From a geographical standpoint, Emerging markets outperformed US and European markets since the beginning of the year. Nevertheless, both EM and Europe lost momentum as geopolitical tensions and energy security concerns weighed on the regional outlook.
Rates also moved sharply higher across both US and European markets.
Overall, the quarter saw markets shift rapidly from a “Goldilocks” scenario to a far more uncertain regime, dominated by stagflation risks and the renewed importance of macroeconomic and geopolitical dynamics.
How did we fare in this context?
The fund outperformed its reference indicator in the first quarter of 2026 driven by both stock selection and strong allocation across themes and sectors. Our stock selection in Taiwanese, South Korean and Japanese Tech Materials were our biggest contributors over the quarter with names like All Ring, TSMC, Lotes, SK Hynix and Nitto Boseki posting strong gains over the period thanks to pricing power of scarce, high spec components and record revenues.
Our off-benchmark convictions such as All Ring mentioned above were once again an alpha driver for the strategy over the period, but also Industrial names held either within the Tech Materials space or within the Industrials sector supporting electrification and data centre buildout like Vertiv and Furukawa Electric.
Our largest absolute detractors were within the software and services space, where we are currently underweight. Our application and system software names like Atlassian, Salesforce, Microsoft and ServiceNow, were hurt over the period on fears of AI disruption. Over the quarter we reduced this exposure as skepticism towards the segment may persist until markets gain better visibility on the true scale and timing of any disruption.
Outlook
Looking ahead, uncertainty is likely to remain elevated, with market dispersion staying high as long as the conflict in the Middle East persists. The key variable will be its duration: a prolonged conflict would increase the likelihood of lasting damage, raising the risk that today’s disruptions evolve into more severe and potentially irreversible economic and market consequences. At this stage, markets appear to be pricing in an inflation shock, but not yet a meaningful growth shock.
In this environment, any sharp dislocations—whether triggered by geopolitical developments or abrupt swings in market sentiment—are likely to be viewed as opportunities to build positions at attractive valuations. In many cases, such episodes are driven more by short-term uncertainty than by any material deterioration in underlying fundamentals.
In technology, the recent correction was significant. Tech stocks fell sharply, erasing most of the Nasdaq 100’s valuation premium relative to the broader market, as investors questioned the returns that will ultimately be generated by AI-related capital expenditure. While this pullback created opportunities, the sector no longer moves as a single block, making stock selection more important than broad-based exposure.
Within technology, semiconductors remain our biggest exposure, as demand and pricing power continue to provide support. That said, valuations already reflect much of this strength, which calls for a more selective approach. We have added some Japanese upstream actors to diversify our semiconductor exposure (Nitto Boseki, Ibiden, Disco).
Among hyperscalers, uncertainty around the return on AI capex continues to fuel volatility. Against this backdrop, we have reduced our exposure to Microsoft in favour of Alphabet and Amazon. We believe Alphabet is relatively better positioned in the current environment, while Amazon should benefit from an acceleration in growth as capital expenditure progressively catches up with demand. In software, skepticism toward the segment may persist until the market gains greater visibility on the scale and timing of any disruption linked to AI. In this context, we are maintaining selective exposure to the most resilient players, supported by historically attractive valuations, such as Salesforce.
Within our exposure to names outside of technology, we have added to our climate tech names under the electrification theme. We used the March correction to re-initiate our position in Schneider Electric on weakness.
1MSCI AC World Information Technology 10/40 Capped NR index
2Equity Sector Technology
3Fund launched on 21/06/2024
Carmignac Portfolio Tech Solutions
Carmignac Portfolio Tech Solutions F EUR ACC
- Empfohlene Mindestanlagedauer
- 5 Jahre
- Risikoskala*
- 5/7
- 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
- Wir berechnen keine Einstiegsgebühr.
- Ausstiegskosten
- Wir berechnen keine Ausstiegsgebühr für dieses Produkt.
- Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten
- 1,15 % 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
- 0,35 % 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 Tech Solutions | −2,2 | +29,4 | +6,5 |
| Referenzindikator | −3,2 | +14,8 | +7,5 |
| Carmignac Portfolio Tech Solutions | +49,3 % | - | +18,3 % |
| Referenzindikator | +29,0 % | - | +10,5 % |
Quelle: Carmignac Stand 31. Mär 2026.
Datum des ersten NAV : 21/06/2024.
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 AC World Information Technology 10/40 Capped NR index