Share Class
LU1299305190
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
- Combine long-term growth and resilience with a socially responsible approach
Key documents
Asset Allocation
Equities48.9 %
Bonds43.4 %
Other7.7 %
Data as of: 29 May 2026.
Risk Indicator
1
2
3
4
5
6
7
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
+ 31.2 %
+ 29.1 %
+ 12.4 %
+ 30.4 %
+ 10.7 %
To 08/07/2026
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
+ 3.7 %
- 0.2 %
- 11.3 %
+ 10.5 %
+ 12.7 %
- 0.9 %
- 9.3 %
+ 2.0 %
+ 6.9 %
+ 11.8 %
Net Asset Value
€131.15
Asset Under Management
1 841 M €
Net Equity Exposure29/05/2026
49.4%
SFDR - Fund Classification
Article
8
Data as of: 29 May 2026.
Data as of: 8 Jul 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym for an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques HIRSCH
Fund Manager
Carmignac Portfolio Patrimoine 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 Jun 2026.Fund management team
Performance commentary
- The fund delivered a slightly negative performance over the month, underperforming its reference indicator.
- The main driver of relative underperformance was the fund’s underexposure to the dollar, which appreciated over the month, supported by the Fed’s more restrictive tone.
- In equities, our stock selection helped mitigate the decline in technology stocks.
- Our European holdings benefited from the rebound in eurozone equity markets following the de-escalation in the Middle East. ASML, Safran and UBS were therefore among the fund’s top four contributors over the month.
- Similarly, our defensive holdings, particularly in healthcare and financials, ended the month on a positive note and partly offset the decline in large technology stocks.
- Conversely, our exposures to gold and copper miners, although reduced, continued to weigh on performance during the month.
- In credit, our hedges slightly detracted from performance: while cash spreads widened modestly, the Xover tightened by 13 bps.
- Finally, in rates, our cautious positioning enabled us to benefit from the rise in US yields, although the flattening of the curve limited the contribution.
Outlook strategy
- The removal of forward guidance by the new Fed Chair could increase rates volatility and spill over into equity markets.
- We have therefore reduced the beta of the equity portfolio by increasing its diversification, notably through positions that are less directly exposed to the artificial intelligence theme.
- The equity portfolio nevertheless retains a significant exposure, at around 40%, with a bias towards technology and AI-related infrastructure, while also incorporating convex hedges and defensive diversifiers.
- We also maintain a significant level of CDS protection, which provides a hedge against credit risk and, indirectly, against periods of stress in equity markets.
- In rates, we retain a slightly positive duration exposure, mainly positioned at the short end of the curve, as markets tend to underestimate the impact of the inflation shock on growth.
- We remain cautious on long-dated bonds, given fiscal pressures, elevated deficit levels and still-limited demand for sovereign debt.
- We have started to build exposure to US real rates, whose levels we believe are attractive at a time when inflation remains underestimated by markets.
- In currencies, we slightly increased our exposure to the dollar following Kevin Warsh’s reassuring communication at the latest FOMC meeting.
- Our long-term conviction, however, remains that the US administration continues to erode the credibility of the United States, weighing on the dollar’s structural outlook. We are therefore maintaining a limited allocation to the greenback, while diversifying our exposure through selective positions.
Performance Overview
Data as of: 8 Jul 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.
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.
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.
Source: Carmignac at 09/07/2026
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 29 May 2026.| Equities | 48.9 % |
| Bonds | 43.4 % |
| Money Market | 5.2 % |
| Cash, Cash Equivalents and Derivatives Operations | 2.5 % |
| Credit Default Swap | -17.0 % |
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 equity and bond management and positioning.
Exposure Data
Data as of: 29 May 2026.Equity Investment Weight48.9%
Net Equity Exposure49.4%
Active Share83.0%
Modified Duration0.5
Yield to Maturity4.3%
Average RatingA-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
To Access the weekly view
Articles that may interest you
Webconference • 2 June 2026 • English
Carmignac Patrimoine: From market crosswinds to portfolio convictions
Strategies insights • 8 April 2026 • English
Carmignac Patrimoine: Letter from the Fund Managers - Q1 2026
3 minute(s) read
Did you enjoy the fund page?
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