Share Class
LU1966631001
An intergenerational Fund focused on quality, sustainable companies
- A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
- A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Asset Allocation
Equities91.8 %
Other8.2 %
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
+ 91.7 %
-
+ 19.5 %
+ 21.4 %
- 1.4 %
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
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
+ 21.9 %
- 5.1 %
Net Asset Value
€191.69
Asset Under Management
261 M €
Net Equity Exposure30/06/2026
91,8 %
SFDR - Fund Classification
Article
9
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.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark DENHAM
Head of Equities, Fund Manager
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe EJIKEME
Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
Mark DENHAM
Head of Equities, Fund Manager
Carmignac Portfolio Grandchildren 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
Mark DENHAM
Head of Equities, Fund Manager
Obe EJIKEME
Fund Manager, Analyst
Performance commentary
- In June, the Fund posted a slightly positive absolute performance but underperformed its reference indicator.
- Technology weighted on Fund’s performance mainly driven by stocks-specific weakness across several holdings like Broadcom and Microsoft.
- Broadcom reported strong results and AI revenue growth, but investors were expecting even more, while Microsoft continues to suffer on the back of concerns about the AI infrastructure spending and the impact on free cash flow.
- On the other hand, ASML performed well as growing AI-related capex by hyperscalers continued to support demand for advanced lithography equipment.
- Financials was the largest relative detractor. Exchange and fintech names such as ICE and Adyen lagged as investors remained concerned about AI disruption, while banks, where we have limited exposure performed strongly over the month.
- Stock selection within our consumer names contributed positively relative to the reference indicator. Home Depot gained on resilient home improvement demand, while InterContinental Hotels Group benefited from strong travel trends and continued share buybacks.
- Our healthcare holdings delivered strong performance after a period of muted returns, with Vertex Pharma, Galderma and Cencora demonstrating notable resilience during a volatile month.
Outlook strategy
- During this month, we made several portfolio adjustments.
- We took profits in technology holdings such as Arista and ASML after their strong performance, while adding to healthcare positions including EssilorLuxottica, AstraZeneca and Regeneron.
- We continued to actively manage our Technology exposure amid increasing dispersion across the sector.
- We reduced our hyperscalers exposure across Microsoft, Alphabet and Amazon, and added to Broadcom and Relx on relative weakness.
- Our technology exposure is more defensive, avoiding high-beta names that can become euphoric. Instead, we focus on a barbell approach, combining long-term semiconductor winners such as Nvidia, Broadcom and ASML with selected software companies.
- We believe many defensive growth names remain oversold, and we are selectively looking to add exposure where valuations have become more compelling, and fundamentals remain strong as investors start to revisit companies with strong brands, pricing power and visible long-term compounding characteristics.
- In the current environment, earnings visibility and balance sheet strength are likely to be increasingly rewarded.
- The portfolio remains positioned to benefit from long term secular growth trends such as AI and digital transformation, while retaining the flexibility and discipline required to navigate an uncertain macroeconomic backdrop.
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.
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
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Jun 2026.| North America | 64.7% |
| Europe | 35.3% |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.
Exposure Data
Data as of: 30 Jun 2026.Equity Investment Weight91.8%
Net Equity Exposure91.8%
Number of Equity Issuers40
Active Share80.2%
To Access the weekly view
Articles that may interest you
Strategies insights • 15 April 2026 • English
Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q1 2026
4 minute(s) read
Strategies insights • 20 January 2026 • English
Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q4 2025
3 minute(s) read
Strategies insights • 16 October 2025 • English
Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q3 2025
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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.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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 Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment