Carmignac Investissement: Letter from the Fund Manager - Q2 2026
During the second quarter of 2026, Carmignac Investissement delivered a performance of +18.15%, outperforming its reference indicator, which posted a gain of +15.82%3.
Performance since the beginning of year stands at +13.54% compared with +14.28% for its reference indicator.
Market environment
After a volatile first quarter, global equity markets rallied sharply in the second quarter of 2026. The rebound was driven primarily by the de-escalation of the conflict in the Middle East, which triggered a significant decline in oil prices, and by a very strong first-quarter earnings season, particularly among companies exposed to artificial intelligence. Together, these developments encouraged markets to look beyond persistent inflation and monetary-policy concerns.
For much of the quarter, however, market leadership remained highly concentrated within the AI supply chain, particularly in semiconductors. Beneath the surface, the rally became increasingly erratic. While companies such as Micron, Intel, Arm and Marvell rose by several hundred percent, Nvidia performed broadly in line with the major indices. This divergence illustrated both the strength and the fragility of the market environment: enthusiasm around AI remained powerful, but leadership rotated rapidly and valuations became increasingly stretched in certain parts of the sector.
Towards the end of the quarter, early signs of a reversal began to emerge, as market participation broadened beyond the most crowded technology stocks.
From a geographic perspective, emerging markets were the strongest performers, led by exceptional gains in Korea and Taiwan on the back of their semiconductor exposure. US, European and Japanese equities also delivered robust returns, supported by resilient corporate earnings, improving economic confidence and easing geopolitical risks.
Another major event was the SpaceX IPO, the largest in history, followed shortly afterwards by the launch of a $25 billion bond offering. These transactions provided a further illustration of the substantial financing and investment requirements associated with the development of AI infrastructure.
Central banks maintained a hawkish stance during the quarter. The European Central Bank resumed its tightening cycle with a rate increase, while the Bank of Japan continued its gradual policy normalisation. June also marked Kevin Warsh’s first meeting as Federal Reserve Chair. His more hawkish-than-expected tone surprised equity markets. Looking ahead, reduced forward guidance from the Fed could contribute to greater interest-rate volatility, with potential spillover effects across equity markets.
How did we fare in this context?
The Fund outperformed its reference indicator in the second quarter of 2026, with technology providing the largest contribution to both absolute and relative performance. SK Hynix and TSMC were the two main contributors. Following its very strong performance, we took profits in a significant portion of our exposure to the leading memory-chip manufacturer, as its high-beta profile led us to adopt a more cautious stance.
Stock selection in the industrial sector also contributed positively, with Prysmian and Safran among the strongest performers.
Healthcare and financials detracted overall, although several individual holdings delivered strong returns. Lantheus, a diagnostic-imaging specialist focused on radiopharmaceuticals, particularly for prostate cancer detection, performed well, as did digital-payments company Block.
On the negative side, recently initiated position Wise and electronic-trading platform Tradeweb were the largest detractors.
Outlook
Markets remain highly momentum-driven, with narrow leadership and signs of excess in parts of the AI trade. In both the U.S. and Asia, equity indices have been carried by one dominant theme: semiconductors. What began as enthusiasm for the leading AI beneficiaries has increasingly spread to smaller and lower-quality semiconductor names, some of which have doubled or tripled in recent months. In several cases, valuations now appear to discount years of aggressive growth, despite limited visibility on fundamentals. At the same time, many high-quality companies outside technology remain deeply out of favour, despite strong fundamentals and healthy earnings.
In the coming months, we expect the AI debate to enter a new phase. Investors are increasingly questioning whether hardware companies are capturing too much of the value created by AI. Semiconductor and hardware suppliers are benefiting from bottlenecks and pricing power, but rising infrastructure costs could eventually weigh on demand. Efficiency is also becoming a more important theme, with growing focus on cheaper models, open-source alternatives, and better routing of AI workloads to reduce token usage and infrastructure costs.
Against this backdrop, we have tactically reduced our exposure to hyperscalers and moved away from the most speculative semiconductor names. Within the sector, we are increasingly favouring higher-quality market leaders where valuations remain more attractive and earnings visibility is stronger, such as Nvidia.
More broadly, we took profits in technology and reallocated capital towards lagging quality companies in other sectors. Within financials, we used recent weakness to reinforce exposure across a broad range of business models, from emerging-market banks in Latin America, such as Itaú Unibanco, which offer diversification away from the AI trade and indirect exposure to commodities, to payment companies such as Mastercard and financial-market infrastructure providers including S&P Global and Tradeweb. Berkshire Hathaway also entered the portfolio’s top ten holdings, supported by its depressed valuation and defensive characteristics.
In healthcare, we reinforced defensive positions in drug distributors such as Cencora and McKesson, while initiating positions in companies including Zoetis and AstraZeneca.
Our objective is to build a more balanced portfolio. On one side, we retain exposure to the structural growth of AI, with a focus on semiconductor companies. On the other, we are investing in high-quality businesses trading at depressed valuations that should prove resilient and benefit from any broadening or rotation in market leadership.
1A EUR Acc share class.
2Global Large-Cap Growth Equity.
3MSCI AC World NR index.
Carmignac Investissement
Carmignac Investissement A EUR Acc
- 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% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. 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
- 0.35% 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 Investissement | +13.5 | +17.4 | +25.0 | +18.9 | −18.3 | +4.0 | +33.7 | +24.7 | −14.2 | +4.8 |
| Reference Indicator | +14.3 | +7.9 | +25.3 | +18.1 | −13.0 | +27.5 | +6.7 | +28.9 | −4.8 | +8.9 |
| Carmignac Investissement | +21.4% | +8.7% | +10.2% |
| Reference Indicator | +17.8% | +11.8% | +12.5% |
Source: Carmignac at 30 Jun 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.
Reference Indicator: MSCI AC World NR index
Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions. This document is intended for professional clients.
This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. 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.
Past performance is not necessarily indicative of future performance. 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.
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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. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital.
The Funds’ prospectus, KIDs, NAVs and annual reports are available at www.carmignac.com/en, or upon request to the Management Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The French investment funds (fonds communs de placement or FCP) are common funds in contractual form conforming to the UCITS or AIFM Directive under French law.
In the United Kingdom: the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.com/en-gb, or upon request to the Management Company, or for the French Funds, at the offices of the acilities Agent, Carmignac UK Ltd, 2 Carlton House Terrace, London, SW1Y 5AF. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the FCA with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY, UK; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.
In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.com/en-ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Route de Signy 35, 1260 Nyon.
In Belgium: This document is intended for professional clients. This content has not been validated by FSMA. The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. This communication is published by Carmignac Gestion S.A., a portfolio management company approved by the Autorité des Marchés Financiers (AMF) in France, and its Luxembourg subsidiary Carmignac Gestion Luxembourg, S.A., an investment fund management company approved by the Commission de Surveillance du Secteur Financier (CSSF). “Carmignac” is a registered trademark. “Investing in your Interest” is a slogan associated with the Carmignac trademark. This document does not constitute advice on any investment or arbitrage of transferable securities or any other asset management or investment product or service. The information and opinions contained in this document do not take into account investors’ specific individual circumstances and must never be interpreted as legal, tax or investment advice. The information contained in this document may be partial and could be changed without notice. This document may not be reproduced in whole or in part without prior authorisation. The risks and fees are described in the KID (Key Information Document). The prospectus, KID, the net asset-values and the latest (semi-) annual management report may be obtained, free of charge, in French or in Dutch, from the management company (tel. +352 46 70 60 1) or by consulting its website or www.fundinfo.com. These materials may also be obtained from Caceis Belgium S.A., the financial service provider in Belgium, at the following address: avenue du port, 86c b320, B-1000 Brussels. The Fund (fonds commun de placement or FCP) is a common fund in contractual form conforming to the UCITS Directive under French law. Access to the Fund may be subject to restrictions regarding certain persons or countries. 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. In case of subscription to a fund subject to Article 19bis of the Belgian Income Tax Code (CIR92), the investor will have to pay, upon redemption of his or her shares, a withholding tax of 30% on the income (in the form of interest, or capital gains or losses) derived from the return on assets invested in debt claims. Distributions are subject to withholding tax of 30% without income distinction. In case of subscription in a French investment fund (fonds commun de placement or FCP), you must declare on tax form, each year, the share of the dividends (and interest, if applicable) received by the Fund. Any complaint may be referred to complaints@carmignac.com or CARMIGNAC GESTION - Compliance and Internal Controls - 24 place Vendôme Paris France or on the website www.ombudsfin.be.
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For Carmignac Portfolio Long-Short European Equities: Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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.