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Equity strategies

Carmignac Portfolio Investissement

Global marketArticle 8
Share Class

LU1299311164

A Fund geared for a changing world
  • An unconstrained approach in terms of sectors, regions, or investment style.
  • Stock selection based on companies that excel, are undervalued, and display a long-term potential.
  • Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities98 %
Other2 %
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
+ 117.4 %
-
+ 68.0 %
+ 68.3 %
+ 18.9 %
From 19/11/2015
To 25/09/2025
Calendar Year Performance 2024
- 1.7 %
+ 2.1 %
+ 4.7 %
- 14.0 %
+ 25.1 %
+ 34.6 %
+ 4.5 %
- 17.9 %
+ 19.4 %
+ 25.5 %
Net Asset Value
217.40 €
Asset Under Management
253 M €
Net Equity Exposure29/08/2025
97.1 %
SFDR - Fund Classification

Article

8
Data as of:  25 Sep 2025.
Equity strategiesCarmignac Portfolio Investissement
Equity strategiesCarmignac Portfolio Investissement
Share Class

LU1299311164

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Investissement 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

Kristofer Barrett

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer Barrett is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 August 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

  • Markets have been climbing the wall of worry for most of the summer.
  • In August 2025, equity markets posted solid gains globally, with major indices such as the S&P 500 and Nasdaq reaching new record highs. These gains were primarily driven by a small group of mega-cap technology firms, including Nvidia, Microsoft, Apple, and Amazon.
  • At Jackson Hole, following the release of July’s US non-farm payrolls—which suggested a slowing labour market—Powell opened the door to potential mid-September rate cuts. This fueled expectations of an aggressive cutting cycle.
  • European markets underperformed in local currencies, with France lagging in particular due to political uncertainties.
  • Chinese onshore equities rose to decade highs, supported by optimism around anti-involution reforms, strength in the technology sector, and incremental government measures aimed at boosting the equity market.
  • The euro appreciated against the dollar over the period, creating a divergence between local currency and euro-denominated index performances.

Performance commentary

  • In August, our strategy posted a slightly negative performance, while its reference indicator recorded a moderate gain.
  • Our portfolio of technology holdings linked to artificial intelligence (TSMC, Nvidia, SK Hynix) weighed on the fund’s performance after an excellent start to the year.
  • Alphabet emerged as the main positive contributor, supported by very strong Q2 2025 results, driven both by the accelerated integration of AI across its businesses and by the continued growth of its cloud segment.
  • Conversely, our selection of financial stocks (Tradeweb, ICE) as well as our healthcare holdings (Vertex, Lantheus, McKesson) detracted from performance, despite the modest rebound of Novo Nordisk.

Outlook strategy

  • Risk backdrop remains supportive: loose financial conditions, strong buyback activity, fading tariff risks, and retail flows
  • AI capex outlook: hyperscaler investments are projected to rise by +49% in 2025 and +18% in 2026, providing a strong market tailwind.
  • Valuations: historically elevated levels raise concerns around market frothiness and increase vulnerability to higher (real) yields.
  • Our main investment themes are the following:
    Artificial Intelligence: Demand is accelerating from hyperscalers and governments at the start of the innovation cycle, while supply remains constrained. Our exposure is diversified across electronics & semiconductors and AI applications in Asia and the US.
    Industrials: We focus on companies benefiting from structural themes such as electrification, reindustrialisation, and aerospace, with a preference for European exposure supported by German fiscal stimulus.
    Financials: We are increasing allocation to quality names (S&P Global, Mastercard, Tradeweb) while maintaining selective exposure to emerging market banks (Kotak Mahindra, Itaú Unibanco, Banorte).

Performance Overview

Data as of:  25 Sep 2025.
View Performance in detail
Source: Carmignac at 28/09/2025

Carmignac Portfolio Investissement Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Aug 2025.
North America59.8 %
Asia23.1 %
Europe13.2 %
Latin America2.7 %
Asia-Pacific0.9 %
Eastern Europe0.3 %
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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 Weight98.0 %
Net Equity Exposure97.1 %
Number of Equity Issuers83
Active Share77.6 %
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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

Kristofer Barrett

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer Barrett is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 August 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
View Fund's characteristics

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