LU1299305786
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
- Combine long-term growth and resilience with a socially responsible approach
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To 01/09/2026
Article
The strategy in a nutshell
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
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Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym for an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques HIRSCH
Carmignac Portfolio Patrimoine fund performance
Our monthly comments
Data as of: Jul 31, 2026.Performance commentary
- In July, the Fund outperformed its reference indicator, which ended the month in negative territory, while the Fund delivered a return of around +2%.
- The market environment was supportive of our key convictions across all asset classes. As a result, every asset class posted a positive contribution and outperformed the reference indicator.
- On equities, our more cautious positioning proved rewarding during the month. Ahead of the correction, we had reduced our exposure to high-beta technology stocks while increasing our allocation to high-quality companies, particularly in healthcare and financials.
- As a result, the Fund was well positioned to navigate the sharp sell-off in technology stocks. Despite the SOX Index declining by around 20%, our limited exposure to the sector helped protect performance, while our high-quality holdings, including McKesson, ICE, Cencora and Mastercard, rebounded strongly and ranked among the Fund’s top contributors during the month
- On rates, the rise in government bond yields played in our favour. In particular, our negative duration exposure in the US was a key contributor, while our inflation positioning and yield curve steepener strategies also generated positive returns.
- In credit, our hedging strategies helped offset the widening in credit spreads, limiting the impact on portfolio performance.
- Finally, in FX, our underweight exposure to the US dollar, combined with our positions in Asian currencies, particularly the Korean won and the Japanese yen, also made a positive contribution to performance.
Outlook strategy
- Our macro view remains broadly constructive. Global growth continues to prove resilient, supported by strong corporate earnings and the ongoing AI investment cycle. At the same time, we believe inflation will remain structurally higher, driven by fiscal spending, deglobalisation and infrastructure investment, limiting the scope for lower long-term yields.
- We maintain a meaningful equity exposure while gradually reducing portfolio beta. We remain constructive on AI, but with a more selective approach, favouring high-quality names across technology, financials and healthcare.
- We used the recent semiconductor volatility to rebuild high-conviction positions at more attractive valuations, particularly in Asia, with SK Hynix re-entering our top ten holdings.
- In fixed income, we continue to run a low-duration stance, combining negative US duration with modestly positive European duration and a curve-steepening bias. We remain cautious on credit.
- As yields moved higher during the month, we took profits on some duration shorts, increasing overall portfolio duration to around 1.
- In FX, we took profits on Asian currencies, particularly the KRW, while maintaining an underweight US dollar exposure. We also increased our exposure to gold mining equities, which we believe continue to offer an attractive risk-reward profile at current valuation levels.
Performance Overview
Data as of: Sep 1, 2026.Carmignac Portfolio Patrimoine Portfolio overview
Asset Allocation
Data as of: Jul 31, 2026.| Equities | 45.1 % |
| Bonds | 42.9 % |
| Cash, Cash Equivalents and Derivatives Operations | 7.1 % |
| Money Market | 5.0 % |
| Credit Default Swap | -17.6 % |
Key figures
Exposure Data
Data as of: Jul 31, 2026.Articles that may interest you
Carmignac Portfolio Patrimoine: Letter from the Fund Managers - Q2 2026
FOR PROFESSIONAL CLIENTS ONLY
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.
Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. Prospective investors should read the fund's prospectus/KID and consult their own advisers before making any investment decision. Investors may lose some or all their capital, as the capital in the funds is not guaranteed.
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.
Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (“SFDR”) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance.
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.
The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights at section 5 entitled "summary of investor rights" at the following link: https://www.carmignac.com/en-ae/regulatory-information
Market environment