Share Class
LU1966631266
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.
Asset Allocation
Equities95.3 %
Other4.7 %
Data as of: 30 Apr 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
+ 96.1 %
-
+ 28.2 %
+ 19.9 %
- 2.1 %
To 04/06/2026
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
-
-
-
+ 15.9 %
+ 21.4 %
+ 29.2 %
- 23.7 %
+ 23.5 %
+ 22.4 %
- 4.7 %
Net Asset Value
€196.1
Asset Under Management
265 M €
Net Equity Exposure30/04/2026
95,3 %
SFDR - Fund Classification
Article
9
Data as of: 30 Apr 2026.
Data as of: 4 Jun 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: 29 May 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Obe EJIKEME
Fund Manager, Analyst
Performance commentary
- In May, the Fund posted a positive absolute performance but underperformed its reference indicator.
- Healthcare continued to weight on Fund’s performance mainly driven by stocks-specific weakness across several holdings.
- Alcon came under pressure after a revenue miss and renewed concerns around margins, while Regeneron was impacted by disappointment around Phase 3 melanoma data for one of their drugs, adding to existing concerns.
- Technology was a strong contributor in absolute terms. However, the Fund underperformed the index within the sector, largely due to our absence from more high beta semis names such as Micron, which rose 88%, and AMD, up 42% during the month.
- After several months of investor concerns around software spending and AI disruption, leading software names rebounded strongly during the month, with ServiceNow surging and SAP also contributing positively to portfolio performance.
- Stock selection within Industrials contributed positively relative to the reference indicator. Prysmian was a strong contributor in May, supported by robust Q1 results, organic growth and further margin expansion.
- In particular, the market increasingly recognised Prysmian as a beneficiary of both electrification and AI-related data-centre investment, with potential long-term agreements from hyperscalers adding further support to the investment case.
- Consumer Staples contributed positively in May, supported by a recovery in high-quality defensive growth names.
- Colgate performed well after a strong Q1 update, while L’Oréal also contributed positively, supported by resilient beauty demand, a recovery in China and continued strength in Europe.
Outlook strategy
- During this month, we made several portfolio adjustments. We crystalized some gains in Nvidia, Broadcom and Prysmian after strong performance and continued building our position in Astra Zeneca.
- We continued to actively manage our Technology exposure amid increasing dispersion across the sector.
- 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.
- Our exposure to software remains selective and relatively limited, following the significant reduction of several positions earlier in the year.
- 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. Our main convictions tend to be less sensitive to a potential negative impact of the crisis in the Middle East on growth.
- 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: 4 Jun 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 06/06/2026
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Apr 2026.| North America | 66.1% |
| Europe | 33.9% |
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 Apr 2026.Equity Investment Weight95.3%
Net Equity Exposure95.3%
Number of Equity Issuers40
Active Share78.5%
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
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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