Share Class
FR0010147603
Capturing long-term global equity trends with strong downside risk management
- A core equity portfolio invested in the most promising current market trends and dynamics.
- A Feeder Fund of international equity Fund Carmignac Investissement.
- A flexible and actively managed equity exposure (0% to 100%).
Key documents
Asset Allocation
Equities96.8 %
Other3.2 %
Data as of: 30 Jun 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 332.5 %
+ 71.9 %
+ 38.3 %
+ 46.8 %
+ 13.6 %
To 08/07/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
+ 10.2 %
+ 16.9 %
Net Asset Value
€432.49
Asset Under Management
317 M €
Net Equity Exposure30/06/2026
70,9 %
SFDR - Fund Classification
Article
8
Data as of: 30 Jun 2026.
Data as of: 8 Jul 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.
Carmignac Investissement Latitude fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.
Our monthly comments
Data as of: 30 Jun 2026.Fund management team
Performance commentary
- Against this backdrop, the fund delivered negative absolute and relative performance during the month.
- Our South Korean exposure remained the portfolio's primary performance driver. Despite a more volatile market environment, SK Hynix and SK Square continued to benefit from robust investment in AI infrastructure.
- From a sector perspective, defensive names stood out, particularly in healthcare (Lantheus, Cencora, McKesson) and industrials (Safran, Parker Hannifin).
- By contrast, the continued increase in capital expenditure by the Magnificent 7 led investors to question the pace at which these investments will translate into earnings, weighing on Amazon, Alphabet and Microsoft.
- Our differentiated holdings in software (ServiceNow, Atlassian) and financial infrastructure (Intercontinental Exchange, S&P Global) also underperformed during the period.
- Finally, our equity hedges, particularly those on emerging markets, detracted from performance during the month. Our US dollar hedges also had a negative impact on returns.
Outlook strategy
- Markets remain highly momentum-driven, but the momentum is narrow. 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 spilled over into smaller and lower-quality semi names, some of which have doubled or tripled in recent months. In several cases, valuations now appear to price in years of aggressive growth despite limited visibility on underlying fundamentals.
- Beneath this headline strength, however, much of the market has gone nowhere, with many segments remaining weak in recent months, particularly quality stocks outside technology.
- Over the past few weeks, the portfolio has become more defensive. Within technology and semiconductors, the focus has been on shifting away from the highest-flying names, while exposure to more defensive holdings, such as financials and healthcare-related companies, has continued to be reinforced.
- The AI debate is likely to enter a new phase. There is growing concern that hardware companies may be capturing too much of the value created by AI. Semiconductor and hardware suppliers are benefiting from bottlenecks and pricing power, but rising costs could eventually lead to demand destruction. Efficiency is also becoming a key theme, with increasing focus on whether cheaper models, open-source alternatives, or more efficient routing of AI tasks can reduce unnecessary token usage and infrastructure costs.
- These debates have led us to reduce our exposure to hyperscalers.
- To diversify the portfolio away from tech, we are adding selectively to financials, particularly defensive financials such as exchanges, data providers, and payment infrastructure companies, including Tradeweb, Intercontinental Exchange, Mastercard, S&P Global, Equifax, and Adyen.
- In this context, we continue to actively manage the fund equity exposure (0-100%).
Performance Overview
Data as of: 8 Jul 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.
Morningstar Rating™ : © YYYY 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.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/07/2026
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: 30 Jun 2026.Net Equity Exposure70.9%
Global investment rate98.8%
Master Fund Allocation98.0%
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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.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) under French law.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment