Carmignac Portfolio Absolute Return Europe

Share Class

LU2923680388

Risk Indicator

3 / 7

Recommended Minimum Investment Horizon

3 years

Cumulative Performance since launch Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months

From 29/11/2024 To 06/03/2026

+ 0.6 %

+ 1.2 %

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

+ 0.3 %

- 0.3 %

Net Asset Value

100.64 €

Asset Under Management

50 M €

Net Equity Exposure30/01/2026

24.4 %

SFDR - Fund Classification

Article 8

Data as of: 6 Mar 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.

Alternative strategiesCarmignac Portfolio Absolute Return Europe

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Absolute Return Europe Monthly comments

Data as of: 27 Feb 2026.

The Investment team

Johan FREDRIKSSON

Fund Manager

Dean SMITH

Fund Manager

Market Environment

European equities continued their advance, with the Stoxx 600 recording an unprecedented 14 consecutive weeks of gains.
However, the steady performance at index level once again masked pronounced rotation beneath the surface, resulting in significant single-stock dispersion.
Companies perceived as “AI losers” experienced sharp derating, with this basket now down approximately 20% year-to-date.
Software names have been particularly affected. As the month progressed, market anxiety appeared to broaden indiscriminately, extending to sectors such as logistics, freight, insurance and wealth management, in many cases without a clear fundamental basis.
At a sector level, Telecoms, Energy (supported by rising oil prices amid geopolitical tensions), Basic Resources, and defensive consumer segments were the strongest performers.
Technology, particularly Software, lagged meaningfully, alongside Media and certain year-to-date outperformers within Financial Services.

Performance Commentary

Following a strong start to the year, the Fund produced a negative return in February.
Performance was weighed down by profit‑taking in year‑to‑date winners and by a rotation away from some AI‑exposed names, despite continued strong operating performance.
Positive contributions came from Industrials, Technology and Materials. These were offset by weaknesses in Financials (following strong January performance), as well as in Consumer Discretionary, Consumer Staples and Healthcare.
Key stock selection winners included long positions in Fresenius (thanks to operational improvements continued to gain traction), Nordex (post significant earnings beat), and Siemens Energy (after they reported earnings beat).
Detractors included our long in FlatexDegiro (because concerns over potential AI disintermediation), Novo Nordisk (after lowered earnings forecast) and Zalando (affected by broader AI disruption concerns).

Outlook and Investment Strategy

With the FY25 reporting season ending, investor focus is shifting increasingly toward macroeconomic and geopolitical developments.
The escalation of conflict in the Middle East, and its immediate effect on oil and gas prices, has introduced renewed volatility into markets.
In such periods of heightened uncertainty, positioning and risk reduction often dominate over fundamentals.
As long as the duration and resolution path of the conflict remain unclear, we expect continued sector rotation and elevated single-stock volatility.
These phases frequently culminate in forced selling or the reduction of high-conviction positions.
Accordingly, over the coming weeks, our priority will be disciplined risk management and capital preservation, while remaining attentive to opportunities created by dislocation.

Performance scenarios

The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future. This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10 000 €.

Performance scenarios

Data as of: Dec 2025.

Scenarios

If you exit after 1 year

If you exit after 3 years

Stress

What you might get back after costs

Average return each year

6040 €

-39.56 %

6760 €

-12.25 %

Unfavourable

What you might get back after costs

Average return each year

9080 €

-9.22 %

9670 €

-1.12 %

Moderate

What you might get back after costs

Average return each year

10570 €

+5.72 %

11290 €

+4.11 %

Favourable

What you might get back after costs

Average return each year

12280 €

+22.84 %

13450 €

+10.38 %

Download as a CSV file

The unfavourable scenario occurred for an investment between 10/2021 and 10/2024.

The moderate scenario occurred for an investment between 03/2020 and 03/2023.

The favourable scenario occurred for an investment between 02/2016 and 02/2019.

Source: Carmignac at 31 Dec 2025.

Articles that may interest you

Strategies insights • 20 January 2026 • English

Carmignac Absolute Return Europe: Letter from the Fund Managers - Q4 2025

3 minute(s) read

Strategies insights • 14 April 2025 • English

Carmignac Absolute Return Europe: Letter from the Fund Managers

3 minute(s) read

Strategies insights • 17 January 2025 • English

Carmignac Absolute Return Europe: Letter from the Fund Managers

4 minute(s) read

All analysis

Did you enjoy the fund page?

View characteristics and risks View portfolio

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.

Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.

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.