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As concerns around stagflation re-emerge amid rising geopolitical tensions in the Middle East, investors may reasonably question how a global growth equity strategy such as Carmignac Portfolio Investissement would behave during sharp sector rotations that can be unfavourable to traditional growth funds.
Carmignac Portfolio Investissement takes a deliberately differentiated approach to global growth investing. Our pursuit of profitable growth is guided by four core disciplines: valuation awareness, flexibility across the growth spectrum, genuine diversification through meaningful exposure to emerging markets, and a willingness to look beyond the index in order to limit momentum bias.
Applied primarily through stock selection, these principles are designed to mitigate the impact of abrupt shifts in market leadership, as illustrated in 2022, when markets rotated sharply away from high-multiple growth stocks, underscoring the value of a disciplined and flexible investment approach.
Kristofer Barrett, Fund Manager: Navigating the 2022 Rotation
During his tenure managing Swedbank Robur Globalfond, Kristofer’s fund ranked in the first quartile of his Morningstar category in 20221, the year of the “great rotation”.
Despite a structural growth bias, he successfully mitigated the impact of the sharp sector rotation, supported by several factors:
- Resilient stock selection, including underweight positions in Amazon and Meta, while top holdings such as Centene2 and Berkshire Hathaway delivered strong performance.
- Portfolio valuations broadly in line with the index, combined with an overall higher-quality bias.
Importantly, as is often the case during periods of drawdown, Kristofer used the market correction to reinforce key convictions at attractive valuations, positioning the portfolio for strong performance in 2023.
Valuation consciousness
Valuation is not an afterthought in Carmignac Portfolio Investissement; it sits at the core of how we assess opportunities.
At the stock level, we focus primarily on EV/FCF (Enterprise Value to Free Cash Flow), which provides a more comprehensive perspective than simple earnings multiples by incorporating balance-sheet structure, financing costs and capital intensity. This reflects our broader philosophy: combining a traditional value discipline with a quality-growth mindset.
At the portfolio level, this discipline translates into balance. We combine businesses with highly visible but more moderate growth trading at attractive valuations, with companies offering stronger growth profiles where higher multiples are justified by innovation and accelerating cash-flow generation. The company IMCD illustrates the first category: a specialty chemicals distributor with resilient, albeit low single-digit growth and an attractive free-cash-flow yield of around 10% next year. Nvidia usually represents the second: one of the fastest-growing companies globally, where the scale of future cash generation. However, today’s valuation with a forward P/E of 19.3x, (compared to 19.0x for S&P 500) is at a 8-year low2.
Beyond valuation discipline, we are also willing to adopt a genuinely contrarian stance when market expectations implied by valuations diverge from our assessment of intrinsic value. Being “on the other side” is not a permanent posture, but a state-dependent response to sentiment-driven mispricings—a useful portfolio construction tool, particularly in environments like today where market regimes are heavily influenced by momentum.
Stock spotlight
Salesforce3 (1.9% of the fund as of 31/03/2026) has been caught in the broader software de-rating, yet its strategic position remains materially stronger than that of many peers with which it has been indiscriminately grouped. In an AI-first enterprise software stack, defensibility increasingly lies with platforms that are deeply embedded, mission-critical and economically relevant to customers. Salesforce remains rare in checking all three boxes. Its dominant CRM footprint represents roughly 40% in core sales and service applications, providing a privileged position from which to monetise the shift toward AI agents, notably through Agentforce. Against that backdrop, its free-cash-flow generation, double-digit growth on a roughly USD 40 billion revenue base and cash generation may suggest that the current valuation is more depressed than warranted.
A structural growth bias with strong flexibility
Carmignac Portfolio Investissement has a structural growth bias, but our universe extends beyond traditional growth stocks. This flexibility allows us to combine valuation metrics close to the Morningstar Global Equities Blend category with a stronger growth profile than both the Growth and Blend global equity categories as well as the MSCI ACWI.
Stock spotlight
We began building the position in Berkshire Hathaway3 (1.9% of the fund as of 31/03/2026) in January 2026, when markets were still exuberant, as a defensive holding with lower correlation to our tech-heavy portfolio and more attractive prospective returns than cash. Berkshire is not a conventional growth stock, but it is exactly the kind of holding that broadens the opportunity set without diluting the portfolio’s quality bias. It remains a distinctive compounding vehicle, supported by disciplined capital allocation and a diversified base of high-quality businesses. In addition, the improving risk/reward in its insurance and railroad businesses reinforces the case, while the transition from Warren Buffett to Greg Abel now appears far less of an overhang than before.
Benefiting from an emerging markets exposure
Another defining feature of Carmignac Portfolio Investissement is its emerging markets exposure, which stood at 28% at end of March 2026. In our view, this broadens the opportunity set, reduces concentration in crowded developed-market leaders and provides access to growth drivers shaped by different macro and micro dynamics.
Within emerging markets, our exposure is diversified. Part of it is linked to the AI value chain, often portrayed as a Silicon Valley story but in reality deeply rooted in North Asia’s technological ecosystem.
Stock spotlight
Lotes3 (1.7% of the fund as of 31/03/2026) designs and manufactures high-precision connectors and sockets used in servers and other electronic devices. The key thesis is that it is a quality compounder, driven by product expansion and improving content per device. It is especially well positioned in AMD server CPU sockets, benefiting from AMD’s market share gains versus Intel. Its main edge is its fully in-house equipment design and production, which supports customization, precision, and gross margins above 50%. With a stable c.50% dividend payout, Lotes combines growth, profitability, and disciplined shareholder returns.
Off-benchmark opportunities
Lastly, Carmignac Portfolio Investissement is a high-conviction portfolio with a strong active share. A meaningful portion of holdings sits outside the mainstream global indices: 25% of the stocks in the portfolio are not in the MSCI AC World.4 This reflects our willingness to search beyond the most crowded parts of the market for differentiated return drivers.
In a market increasingly dominated by mega-caps, less researched and less crowded small and mid caps can offer fertile ground for active management. By focusing on companies with durable competitive advantages and disciplined capital allocation, we aim to build a portfolio that remains both agile and diversified.
Stock spotlight
Sprouts Farmers Market3 (1.0% of the fund as of 31/03/2026) is a differentiated healthy-food retailer with a niche, scalable store growth, rising own-brand economics, and solid cash generation. The key differentiator is its produce-led, curated, attribute-based model rather than broad supermarket scale.
Stock spotlight
Lantheus3 (1.9% of the fund as of 31/03/2026) is a SMID-cap healthcare company with an attractive niche in diagnostics. It has a differentiated and profitable business model, with strong growth driven in particular by Pylarify, its imaging agent for improved detection of prostate cancer. The company is profitable and now holds a net cash position. Lantheus also benefits from a competitive advantage through its radiopharmacy network, delivery capabilities, and fluorine-18 expertise, which strengthen its market position and provide a platform for future portfolio expansion.
Carmignac Portfolio Investissement’s approach is designed to withstand abrupt shifts in market leadership while maintaining disciplined positioning. We also actively manage portfolio beta through the use of put options, providing an element of downside protection.
Most importantly, performance is often recovered during market rebounds. By leaning against the crowd and maintaining discipline when others sell, we position the portfolio to capture the upside as sentiment and leadership reverse.
2Reference 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.
3Source: Carmignac, Bloomberg, 31/03/2026.
4The fund is actively managed with no restrictions on how far it can deviate from the reference index.
Carmignac Portfolio Investissement
Carmignac Portfolio Investissement A USD Acc Hdg
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 4/7
- SFDR - Fund Classification**
- Article 8
*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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
- 1.80% 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
- 0.39% 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 Investissement | +1.4 | +17.9 | +26.8 | +21.6 | −15.8 | +5.1 | +36.3 | +28.0 | −11.8 | +6.5 |
| Reference Indicator | +3.7 | +7.9 | +25.3 | +18.1 | −13.0 | +27.5 | +6.7 | +28.9 | −4.8 | +8.9 |
| Carmignac Portfolio Investissement | +20.9% | +9.6% | +11.5% |
| Reference Indicator | +16.5% | +12.3% | +12.0% |
Source: Carmignac at Feb 27, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Reference Indicator: MSCI AC World NR index
This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638.
This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (“DFSA”). It must not be relied upon by, or distributed to, Retail Clients or any other person.
The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278. Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s).
This document is provided for information purposes only. It does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any financial instrument or fund interest. Any investment decision should be made solely on the basis of the applicable legal offering documents, including the prospectus and, where applicable, the key information document, and after obtaining independent professional advice as appropriate. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.
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Investment in the fund(s) involves risk, including possible loss of capital. The value of investments and income may go down as well as up, and investors may not recover the amount originally invested. Past performance is not a reliable indicator of future results. 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. Any target, forecast, projection or forward-looking statement is based on assumptions and is not a guarantee of future performance or return.
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.
The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Morningstar Rating™: © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
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