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Carmignac Patrimoine: The Drivers Behind Its Renewed Momentum

Published on
13 October 2026
Read time
5 minute(s) read

Three years after the reshaping of its investment team, Carmignac Patrimoine has regained positive momentum, delivering a return of +33.7%. Rather than a revolution, this revival reflects a new way of harnessing what has always set the Fund apart: its ability to draw on multiple performance drivers, either simultaneously or at different stages of the market cycle.

Since its inception, Carmignac Patrimoine has been built around a strong conviction: performance should come from multiple sources rather than depend on a single market scenario. Equities, fixed income, currencies, tactical strategies and asset allocation can each contribute at different points in the cycle. This philosophy has been embedded in the Fund’s DNA for 37 years and has taken on a new dimension since the change in investment team in September 2023.

A new cockpit for a new market regime

The starting point for this renewed approach is somewhat paradoxical: the environment has become more favourable for diversified funds precisely because diversification itself has become more challenging. For years, the mechanics were relatively straightforward. Equities provided growth, bonds helped cushion periods of market stress, and the structural decline in interest rates supported most financial assets at the same time. The return of inflation has disrupted this relationship. Bond yields can now rise even as equities fall. Bonds no longer systematically act as a shock absorber: they have become a source of risk, but also a source of opportunity. It is precisely around this new reality that Carmignac Patrimoine’s investment approach has been reshaped.

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Four drivers of diversification

Over the past three years, different performance drivers have taken the lead as market conditions have evolved. Equities, bonds, currencies and macro strategies have all played their part: as the chart illustrates, performance has never depended on a single driver. This diversification has enabled us to identify sources of value across different asset classes, including during more turbulent periods. Let us look at each of these drivers through some of the moments when they have fully played their role.

Breakdown of performance drivers of Carmignac Patrimoine
(gross performance)
Past performance is not a reliable indicator of future performance. Performance is net of fees, excluding any entry fees charged by the distributor. *Reference indicator: 40% MSCI AC World +40% ICE BofA Global Government Index +20% capitalised EURSTR. Source: Carmignac, 30/09/2026.

The strength of our fixed-income approach lies first and foremost in its flexibility. With modified duration able to range from -4 to +10, the Fund does not simply have to endure rising bond yields: it can also seek to benefit from them.

Since 2022, this flexibility has become particularly important. Bonds, long regarded as the natural defensive component of a multi-assetportfolio, have once again become a source of volatility. But greater risk also creates greater opportunities for active management.

Example: 2026 — finding opportunities in a challenging bond market
Since the beginning of 2026, while several major bond indices have fallen by between 2% and 4%, Carmignac Patrimoine’s fixed-income allocation has contributed approximately 3% to the Fund’s performance1.

Three convictions in particular have driven this contribution. First, we believed markets were underestimating the persistence of inflation, making inflation-linked bonds an attractive way to gain exposure to a risk that was still insufficiently priced in. Second, long-term yields did not, in our view, adequately reflect the deterioration in public finances, allowing selected short positions at the long end of US and European yield curves to benefit from rising yields. Finally, not all sovereign debt offered the same risk-return profile: a short position in French government bonds combined with a long position in German government bonds enabled the Fund to seek returns from the widening spread between the two markets.

The strength of our equity approach lies in combining long-term convictions with valuation discipline. In an environment where the cost of capital is structurally higher, growth alone is no longer enough: the price paid for that growth matters.

The team therefore seeks to identify companies exposed to structural trends while analysing the entire value chain to determine where profits are being captured and where valuations remain attractive. This discipline also means adjusting exposures when the potential upside no longer sufficiently compensates for the risks.

Example: Artificial intelligence — looking beyond the major US platforms
Since 2024, investments linked to artificial intelligence have been a major driver of the equity portfolio, generating close to 8 percentage points of outperformance relative to the MSCI AC World2 on their own. Rather than concentrating exposure in the major US platforms, the team has sought to identify the critical links in the AI value chain.

Companies such as TSMC, Broadcom and SK Hynix3, which have been held in the portfolio since 2024, have benefited from accelerating investment in computing power, advanced semiconductors and memory. Following the strong performance of these stocks, the team sought to further diversify its AI exposure by expanding its research into other parts of the value chain and other geographies, including selected Japanese semiconductor suppliers. The objective is to continue capturing the structural growth associated with AI while broadening the sources of performance.

The strength of active currency management lies in the ability to separate a conviction on an asset from a conviction on its currency. Being positive on a foreign company or bond does not necessarily mean wanting exposure to the underlying currency.

This flexibility can help reduce specific currency risks while also allowing the Fund to take active positions when differences in growth, monetary policy or valuations create opportunities.

Example: 2025 — staying invested in the US without taking the same level of dollar risk
In 2025, the US dollar lost around 12% against the euro. The Fund nevertheless maintained strong convictions in a number of US companies while significantly reducing its exposure to their currency. This underweight position in the dollar partly reflected the team’s concerns about the currency’s traditional safe-haven role in an environment where some of the uncertainty was originating from the US itself. It helped limit the negative impact of dollar weakness on US holdings.

At the same time, positions in several emerging-market currencies, particularly in South America, provided an additional source of return. Active currency management therefore served both to hedge risk and to express genuinely diversifying investment views.

The strength of our equity macro management lies in its ability to separate long-term convictions from the level and type of risk we want to take in the short term. Through futures, options and volatility strategies, the team can rapidly adjust net equity exposure within a range of 0% to 50%. But its role is not limited to reducing risk. Equity macro management can also be used to rapidly reintroduce market beta, express a tactical view on a market, sector or factor, or temporarily complement exposures that are underrepresented in the underlying stock portfolio.

It is therefore an asset-allocation tool in its own right, enabling the team to adapt the equity portfolio rapidly as the market regime evolves.

Example: April 2025 and the tariff shock
US tariff announcements triggered a correction of close to 20%, followed by a rebound of almost 15% within a month. Ahead of the shock, the portfolio held index puts and VIX options, which enabled the team to rapidly reduce net equity exposure to as low as 17% and limit the maximum drawdown to -5.4%.

When the VIX subsequently approached 60, the team considered the risk-reward profile to have become extremely favourable. Some of the protection was monetised and equity exposure was gradually rebuilt. Macro management therefore enabled the portfolio to respond to two very different market phases without having to reconsider the fundamental convictions held.

Three years later: +33.7%

From September 2023 to the end of September 2026, Carmignac Patrimoine gained 33.7%, compared with 25.2% for its reference indicator. This equates to approximately 10% per year, with volatility of around 6% and a maximum drawdown of -5.4%, compared with -9.4% for the reference indicator.

These results are about more than a succession of successful investment decisions. They highlight an investment approach capable of maintaining its convictions while adapting the way they are expressed: investing in US companies without taking the full associated dollar exposure, seeking returns in fixed income despite rising sovereign yields, or navigating an equity market shock without abandoning long-term investments. Carmignac Patrimoine’s revival therefore stems less from new performance drivers than from a new way of making them work together.

1As at 30/09/2026, gross performance data.
2From 01/01/2024 to 30/09/2026. Equity component of the reference indicator.
3References to certain securities and financial instruments are provided for illustrative purposes only, to highlight securities that are or have been held in the portfolios of Carmignac funds.
Source: Carmignac, as at 30 September 2026. Carmignac Patrimoine, A EUR Acc share class, ISIN FR0010135103. Reference indicator: 40% MSCI AC World + 40% ICE BofA Global Government Index + 20% capitalised €STR. Fund performance is net of fees, excluding any entry fees that may be charged by the distributor. Past performance is not necessarily indicative of future performance. The investment team may change over the life of the Fund. The composition of the portfolio may also change over time. The Fund is subject to a risk of capital loss. Diversification and hedging strategies do not guarantee protection against losses.

Carmignac Patrimoine

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Carmignac Patrimoine A EUR Acc

ISIN: FR0010135103
Recommended minimum investment horizon
3 years
Risk indicator*
3/7
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

Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Credit: Credit risk is the risk that the issuer may default.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR0010135103
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
0.32% 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

ISIN: FR0010135103
Carmignac Patrimoine+7.4+12.1+7.1+2.2−9.4−0.9+12.4+10.5−11.3+0.1
Reference Indicator+6.7+1.1+11.4+7.7−10.3+13.3+5.2+18.2−0.1+1.5
Carmignac Patrimoine+10.2%+3.2%+2.9%
Reference Indicator+7.8%+4.0%+5.5%

Source: Carmignac at 30 Sep 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: 40% MSCI AC World NR index + 40% ICE BofA Global Government Index + 20% €STR Capitalized Index. Rebalancing Frequency: Quarterly

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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.

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 UCIS or the manager.

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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.

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  • 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.