Obe Ejikeme, fund manager of Carmignac Portfolio Human Xperience, explains the differentiated factors of the fund and his outlook on the current environment.
Now is the opportunity
Carmignac Portfolio Human Xperience presents investors with a compelling opportunity to access a diversified portfolio of high-quality companies at attractive valuations. While market conditions have been challenging, history shows that quality franchises purchased at discounted levels tend to deliver superior returns over the long term. Today, several converging factors make this an opportune moment to invest.
The fund is anchored in businesses with robust balance sheets, strong governance, and resilient models. These companies are typically the first to re-rate after periods of stress, as fundamentals reassert themselves. We believe that their current valuations understate the long-term earnings power of these companies, offering investors an appealing entry point.
With nearly two-thirds of global GDP driven by consumption, the fund is well positioned to benefit from the expected central bank rate cuts across major economies. Lower interest rates will reinforce household spending power, directly boosting demand for the fund’s consumer-focused holdings across staples, discretionary goods, and consumer technology.
Carmignac Portfolio Human Xperience emphasises resilient growth industries such as consumer staples, discretionary, healthcare, and consumer technology, while avoiding heavily regulated and cyclical sectors like energy, materials, and utilities. This focus ensures exposure to companies with sustainable demand and stronger governance standards.
The fund’s low-beta, defensive profile provides protection if volatility returns. By targeting companies with engaged employees and loyal customers, the fund tilts towards businesses with “sticky” demand and lower churn — structural advantages that support stability through economic cycles.
In addition to these market conditions, the strategy gives exposure to underpriced intangibles. Markets are increasingly recognising the importance of human capital and customer satisfaction as drivers of long-term value. Yet this dimension of environmental, social and governance (ESG) remains underexplored and underpriced in our view. By integrating customer and employee experience into its investment process, Carmignac Portfolio Human Xperience provides investors with differentiated exposure to an overlooked source of alpha, leveraging proprietary social data to identify firms excelling in customer and employee experience — a process that goes beyond traditional ESG metrics. This allows the fund to capture future winners more effectively than peers who rely on incomplete or backward-looking datasets.
Human Experience 101
Carmignac Portfolio Human Xperience is a global equity fund built on a simple premise: companies that treat customers and employees well tend to outperform. Backed by robust data and research, the strategy targets firms where human experience drives long-term value.
The fund rests on two pillars:
- Customer Experience: We assess how companies meet consumer expectations across product safety, satisfaction, privacy, and welfare.
- Employee Experience: We analyse health and safety standards, engagement levels, corporate culture, and diversity and inclusion.
By focusing on these factors, we aim to identify businesses with strong fundamentals and governance—those best positioned to deliver sustainable returns over the long term.
Built for the future
While environmental issues dominate ESG investing, the social dimension remains critically underexplored in our view. In a consumption-driven economy like the US, where two-thirds of GDP stems from consumer activity, the rise of digital platforms has handed unprecedented power to the customer. Today, the consumer truly is king.
On the employee front, with the average person spending 90,000 hours at work during their career, talent retention has become a strategic imperative. Companies are waking up to the cost of disengagement and the value of a motivated workforce.
This theme resonates because it hits two fundamentals: customer satisfaction drives sales and loyalty, while employee engagement signals strong governance and reduces churn. We believe the market underprices firms excelling in these areas—making this a compelling investment thesis.
What sets us apart
Beyond our core thesis—investing in companies with strong customer and employee satisfaction—this strategy is shaped by distinct stylistic and structural features.
At its heart, it leans into the Quality style. Unlike typical quality-growth pairings, we uncover value in underpriced names, such as auto firms that show resilience and governance strength without heavy cyclical exposure.
Our data-led process naturally tilts towards large caps in developed markets, where social metrics are more robust and reliable. While social data is often elusive, we've invested in sources that allow us to measure impact with confidence.
The strategy avoids heavily regulated sectors like Energy, Materials, and Utilities, instead favouring consumer-facing industries. Current allocations reflect this: 19% in staples, 19% in discretionary, 29% in consumer tech, and 8% in healthcare4.
Conclusion
Carmignac Portfolio Human Xperience offers a timely and differentiated opportunity to invest in resilient, consumer-driven businesses with strong governance and underappreciated social capital. As monetary easing supports consumption and quality franchises begin to re-rate, the fund is well positioned to capture long-term value. By integrating proprietary human experience data, it identifies future winners overlooked by traditional ESG approaches, making it a forward thinking strategy built for sustainable outperformance.
Carmignac Portfolio Human Xperience
Carmignac Portfolio Human Xperience F EUR Acc
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 4/7
- SFDR - Fund Classification**
- Article 9
*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Main risks of the fund
Fees
- Entry costs
- We do not charge an entry fee.
- Exit costs
- We do not charge an exit fee for this product.
- Management fees and other administrative or operating costs
- 1.15% 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
- 0.35% 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 Portfolio Human Xperience | 19.8 | -21.3 | 23.4 | 18.4 | -2.8 |
| Reference Indicator | 17.2 | -13.0 | 18.1 | 25.3 | 4.4 |
| Carmignac Portfolio Human Xperience | + 2.6 % | + 12.6 % | + 6.7 % |
| Reference Indicator | + 11.4 % | + 15.9 % | + 10.6 % |
Source: Carmignac at 30 Sep 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Reference Indicator: MSCI AC World NR index
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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.
The decision to invest in the promoted fund should consider 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.
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CARMIGNAC GESTION, 24, place Vendôme - 75001 Paris. Investment management company approved by the AMF. Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676.
CARMIGNAC GESTION Luxembourg, City Link - 7, rue de la Chapelle - L-1325 Luxembourg. Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549.