Alternative strategies
Carmignac Portfolio Long-Short European Equities
Luxembourg SICAV sub-fundEuropean marketArticle 8Share Class
LU0992627298
A high-conviction long/short approach to European equities
- A bottom-up fundamental approach to maximise long and short alpha generation.
- Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 98.5 %
+ 97.6 %
+ 24.3 %
+ 34.6 %
+ 4.7 %
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
+ 10.0 %
+ 16.7 %
+ 5.1 %
+ 0.3 %
+ 7.4 %
+ 13.6 %
- 5.7 %
+ 0.7 %
+ 18.0 %
+ 8.3 %
Net Asset Value
€198.52
Asset Under Management
854 M €
Net Equity Exposure30/09/2026
10.5%
SFDR - Fund Classification
Article
8
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.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
![[Management Team] [Author] Heininger Malte](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte HEININGER
Delegated Fund Manager, White Creek Capital LLP
Carmignac Portfolio Long-Short European Equities 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.Performance commentary
- In September, the fund delivered a positive performance in a declining market, driven by both the Long and Short books.
- On the Long side, Meta Platforms was our largest contributor. The stock had its best month since 2013, following the launch of Meta Muse, its consumer AI agent, which shifted the market narrative from concerns over the scale of AI investment towards a clearer path to monetization.
- Our life sciences positions, Thermo Fisher and Sartorius Stedim Biotech, also contributed positively, from growing investor recognition of its role in AI-enabled drug discovery and development.
- On the short side, gains were broad-based, as our positions recovered from the July short squeeze. Allwyn was our largest short contributor, while EQT and Sopra Steria also contributed positively.
- On the negative side, some of our Greek long positions, including Public Power Corporation and GEK Terna, had a negative contribution, as rising bond yields weighed on capital-intensive utilities and infrastructure names.
Outlook strategy
- The net exposure of the strategy was brought down to 10-15% throughout the month, as we continued to scale up our shorts.
- We remain constructive on the Long side in industries such as specialty engineering, specialty chemicals, utilities, medical technology, aerospace and defense, and semiconductors.
- We remain constructive on Europe in 2026, as the fiscal stimulus and low rates provide an attractive tailwind.
- Germany has removed the fiscal drag which has weighted on Europe for more than a decade and the upcoming defense and infrastructure historic investment plan will have a profound impact on the overall region.
- Our portfolio remains focused on stock specific and idiosyncratic drivers, rather than macro plays.
- On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
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.
Source: Carmignac at 23/10/2026
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2026.| Europe EUR | 25.1% |
| North America | 9.6% |
| Others | 2.3% |
| Europe ex-EUR | -3.7% |
| Equity Basket Derivatives | -9.8% |
| Index Derivatives | -12.9% |
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Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: 30 Sep 2026.Net Equity Exposure10.5%
Beta+0.4
Sortino Ratio+0.8
Number of Holdings20
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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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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