Share Class
LU0807688931
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
Equities99.4 %
Other0.6 %
Data as of: 31 Mar 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
+ 102.3 %
+ 77.0 %
- 2.9 %
+ 2.5 %
+ 5.8 %
To 09/04/2026
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
+ 4.7 %
+ 9.9 %
- 10.0 %
+ 34.3 %
+ 14.0 %
+ 21.3 %
- 21.5 %
+ 12.2 %
+ 8.4 %
- 3.3 %
Net Asset Value
202.31 CHF
Asset Under Management
495 M €
Net Equity Exposure31/03/2026
99.4 %
SFDR - Fund Classification
Article
9
Data as of: 31 Mar 2026.
Data as of: 9 Apr 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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
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
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
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: 31 Mar 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Performance commentary
- During the month of March, the fund delivered a negative absolute performance and underperformed its reference indicator.
- Industrials weighed on performance. Schneider Electric declined amid growing concerns over the European economic outlook and a potential slowdown in activity.
- Experian and RELX were also pressured by the perception that they could be AI losers, a view we consider unfounded given the strategic value of their proprietary data assets.
- Healthcare was also a detractor. Several positions including Straumann, Alcon, Argenx, Sartorius and Genmab underperformed despite no material deterioration in fundamentals. We remain confident in these holdings, which we have maintained and selectively reinforced.
- Finally, the Energy sector delivered strong performance during the month, but our lack of exposure given it does not meet our investment criteria represented a relative drag on performance.
- On the other hand, our stock selection within Financials was a relative contributor versus the reference indicator.
- Deutsche Börse delivered positive returns, benefiting from its defensive, earnings‑resilient business model, while Nordnet performed well after reporting a strong operating profit beat and reiterating its medium‑term guidance.
- Another outlier during an otherwise difficult month was Galderma, which benefited from the complete exit of a consortium of financial sponsors, a move that was positively received by the market.
Outlook strategy
- In March, we made several portfolio adjustments as new opportunities emerged.
- We fully exited our position in Novo Nordisk following disappointing data from its next generation weight loss molecule, which we believe increases future competitive and generic risks.
- We redeployed the capital to significantly increase our position in EssilorLuxottica, after a sharp share price pullback as we believe the market reaction overlooks other important growth drivers.
- We also reduced exposure to Consumer Staples, amid concerns that rising logistics costs could pressure margins.
- In this context, we fully exited Beiersdorf and meaningfully trimmed Unilever and L’Oréal.
- Finally, within Industrials, we initiated a position in Belimo, a beneficiary of data centre infrastructure build out, following a share price pullback triggered by conservative guidance.
- European quality stocks are oversold and now trade at attractive multiples.
- The de rating of quality across sectors has occurred despite generally solid earnings delivery, suggesting the recent underperformance has gone beyond what fundamentals justify.
- This creates an attractive entry point, especially as markets refocus on fundamentals and earnings visibility becomes increasingly valuable.
Performance Overview
Data as of: 9 Apr 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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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 10/04/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 31 Mar 2026.| Europe | 100.0 % |
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: 31 Mar 2026.Equity Investment Weight99.4 %
Net Equity Exposure99.4 %
Number of Equity Issuers45
Active Share83.4 %
To Access the weekly view
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Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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.
Market environment