Share Class
LU1299311164
Global equities - broad in perspective, selective by conviction
- 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
Asset Allocation
Equities98.8 %
Other1.2 %
Data as of: 30 Sep 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
+ 177.1 %
+ 178.5 %
+ 61.9 %
+ 95.2 %
+ 23.0 %
To 21/10/2026
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
+ 2.1 %
+ 4.7 %
- 14.0 %
+ 25.1 %
+ 34.6 %
+ 4.5 %
- 17.9 %
+ 19.4 %
+ 25.5 %
+ 17.6 %
Net Asset Value
€277.07
Asset Under Management
511 M €
Net Equity Exposure30/09/2026
85.8%
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2026.
Data as of: 21 Oct 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
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.
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: 30 Sep 2026.Fund management team
Performance commentary
- The Fund delivered a negative performance in both absolute and relative terms in September.
- The month was characterised by pronounced style dispersion, with AI-linked growth and momentum remaining strong, while quality and more defensive exposures came under pressure.
- Technology remained the main positive contributor, supported by our exposure to the AI infrastructure value chain. Nvidia, TSMC, SK Hynix and SK Square all contributed positively, as continued hyperscaler investment sustained demand for compute capacity and high-bandwidth memory. Celestica also benefited from robust demand for networking and data-centre infrastructure. Nevertheless, we were penalized in relative terms by our lack of exposure to stocks such as Meta, Apple and AMD.
- Financial infrastructure holdings were the main source of weakness, notably S&P Global, Adyen, Equifax and Tradeweb. Equifax was particularly affected by changes to the US mortgage credit-scoring framework, which increased competition from alternative scoring models.
- Healthcare exposure also detracted, notably through Cencora and several smaller positions. Cencora remained under pressure following the previously announced loss of certain Walgreens volumes, despite resilient underlying fundamentals and a recent increase in its full-year earnings guidance.
Outlook strategy
- We remain constructive on global equities, but increasingly selective. While US equity indices remain close to record highs, market leadership is still concentrated in a relatively narrow group of AI-related companies, masking a much more heterogeneous picture beneath the surface. Market volatility increasingly lies below the index level, with frequent sector, thematic and style rotations creating significant dispersion between individual stocks and sub-segments. In this environment, stock selection and valuation discipline are becoming increasingly important.
- Within technology, we continue to favour bottlenecks in the AI value chain over hyperscalers. Data centres providers are maintaining exceptionally high capital-expenditure plans, but questions around the return on these investments are becoming increasingly relevant. We have therefore continued to reduce hyperscaler exposure, recently exiting Microsoft, while retaining significant exposure to semiconductors, memory and equipment manufacturers, where AI spending translates more directly into revenues and cash flows. We notably reinforced our South Korean exposure through SK Hynix, SK Square and Samsung Electronics, which continue to trade at attractive valuations relative to the strength of the memory cycle.
- Within software, this dispersion is also creating selective opportunities. We favour companies with mission-critical workflows, proprietary data, high switching costs and strong distribution. Some of these businesses have de-rated materially on AI disruption fears despite resilient fundamentals, leading us to initiate positions in Autodesk and Synopsys.
- Beyond technology, we are progressively building small baskets of differentiated exposures to diversify the portfolio’s performances drivers. These include drug distributors and selected biotech companies within healthcare, emerging-market banks, financial-market infrastructure providers and high-quality industrial companies. We seek businesses with strong competitive positions, attractive cash generation and idiosyncratic earnings drivers, helping reduce dependence on the AI cycle while retaining upside from company-specific catalysts.
Performance Overview
Data as of: 21 Oct 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 23/10/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2026.| North America | 52.7% |
| Asia | 26.6% |
| Europe | 14.5% |
| Asia-Pacific | 3.7% |
| Latin America | 1.9% |
| Eastern Europe | 0.4% |
| Middle East | 0.2% |
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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: 30 Sep 2026.Equity Investment Weight98.8%
Net Equity Exposure85.8%
Number of Equity Issuers98
Active Share81.0%
To Access the weekly view
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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.
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.
UAE DIFC and ADGM: for professional clients only. This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638. This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (DFSA). It must not be relied upon by, or distributed to, Retail Clients or any other person. The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s). Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (SFDR) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance. The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
Market environment