Share Class
LU0099161993
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities95.2 %
Other4.8 %
Data as of: 29 Aug 2025.
Risk Indicator
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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
+ 223.1 %
+ 88.6 %
+ 29.9 %
+ 33.4 %
- 6.9 %
To 25/09/2025
Calendar Year Performance 2015Calendar 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 2024
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
+ 11.3 %
Net Asset Value
323.06 €
Asset Under Management
605 M €
Net Equity Exposure29/08/2025
95.2 %
SFDR - Fund Classification
Article
9
Data as of: 29 Aug 2025.
Data as of: 25 Sep 2025.
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Carmignac Portfolio Grande Europe 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 Aug 2025.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
Performance commentary
- In August, the fund posted negative returns in both absolute and relative terms.
- Technology was the primary detractor, as several major firms reported earnings that either fell short of expectations or included cautious forward guidance, weighing on sector performance.
- The Healthcare sector also underperformed relative to our reference indicator with Alcon being the main detractor. The company faced pressure from disappointing revenue figures, revised guidance, and concerns around tariffs.
- In contrast, Novo Nordisk and Zealand Pharma were standout performers, rebounding strongly after prior weakness. Both companies, which specialize in treatments for weight-related conditions, delivered impressive returns of +15% and +27% respectively in August.
- The Industrials sector which we reinforced in the recent months was the biggest relative contributor.
- Prysmian which has been a contributor to the Fund for the past few months continued its strong momentum, capitalizing on robust demand in electrification and digital infrastructure.
Outlook strategy
- In August, we initiated a new position in Novonesis, a leading producer of food ingredients and enzymes, capitalizing on a meaningful market pullback that presented an attractive entry point.
- We also trimmed exposure to momentum-driven names, realizing gains in UBS, BBVA, Nordnet, and Prysmian following a period of strong performance.
- Conversely, we increased our allocation to SPIE, which experienced a sell-off amid political tensions in France. We believe the downside risk is limited, given the company’s primary revenue exposure is in Germany.
- As investor focus shifts back to the fragility of the global economy and the looming threat of tariffs, sentiment may turn more cautious.
- In this environment, high-quality companies stand out, supported by robust financials, resilient earnings, and compelling long-term growth prospects.
- This backdrop creates an attractive entry point for long-term investors, particularly as markets refocus on fundamentals and earnings visibility becomes increasingly valuable.
Performance Overview
Data as of: 25 Sep 2025.Source: Carmignac at 28/09/2025
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 29 Aug 2025.| Europe | 100.0 % |
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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: 29 Aug 2025.Equity Investment Weight95.2 %
Net Equity Exposure95.2 %
Number of Equity Issuers47
Active Share80.6 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Mark Denham
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark Denham
Head of Equities, Fund Manager
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Market environment