Diversified strategies
Carmignac Portfolio Patrimoine Europe
Luxembourg SICAV sub-fundEuropean marketArticle 8Share Class
LU1744628287
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities40.5 %
Other32.9 %
Bonds26.6 %
Data as of: 30 Sep 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
+ 45.2 %
-
+ 4.1 %
+ 20.8 %
+ 3.0 %
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
-
-
- 4.8 %
+ 18.7 %
+ 13.9 %
+ 9.5 %
- 12.7 %
+ 2.1 %
+ 7.3 %
+ 4.9 %
Net Asset Value
€145.16
Asset Under Management
478 M €
Net Equity Exposure30/09/2026
41.4%
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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised 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 Managers.
Fund Management Team
Jacques HIRSCH
Fund Manager
Frédéric JEANMAIRE
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques HIRSCH
Fund Manager
Carmignac Portfolio Patrimoine 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: 30 Sep 2026.Fund management team
Jacques HIRSCH
Fund Manager
Frédéric JEANMAIRE
Fund Manager
Performance commentary
- The Fund ended the month in negative territory, underperforming its reference indicator.
- The equity book detracted, as weakness across financials and industrials more than offset positive contributions from healthcare and ASML, which continued to benefit from strong AI-related demand.
- Basic resources and gold-related exposures also weighed on performance. Gold miners came under pressure as rising US real yields, a stronger dollar and profit-taking following their strong August rally drove a correction in the sector.
- Fixed income proved more resilient despite the sharp rise in yields. The portfolio’s relatively low duration helped limit the impact of the bond sell-off, while CDS protection partially offset the widening in credit spreads.
Outlook strategy
- Higher yields are creating renewed opportunities in fixed income, although selectivity remains essential. We believe the widening in sovereign spreads, particularly in France, is more reflective of a repricing towards fundamentals than of a broader European crisis risk.
- We also remain constructive on European equities. Political uncertainty in France and Spain has kept investor positioning cautious, but we believe a significant part of these risks is now reflected in valuations. This leaves room for a more favourable asymmetry should political visibility improve or earnings remain resilient.
- Following Frédéric Jeanmaire’s arrival, we have also made several adjustments to the equity book, while retaining a firmly bottom-up approach centred on profitable growth. We look for companies with durable competitive advantages, improving cash-flow generation and the potential to become tomorrow’s European leaders.
- In a market characterised by elevated macro uncertainty and dispersion, stock selection remains central. Many of our largest positions are driven by company-specific catalysts rather than broad directional exposure to the European economy. Bayer is a good example: portfolio simplification and the potential separation of activities could unlock value through catalysts that are largely independent of the broader market cycle.
- We increased the portfolio’s modified duration, selectively adding exposure where the rise in yields has restored attractive carry. At current levels, we believe the risk/reward has become more favourable for adding duration.
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.
Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Source: Carmignac at 23/10/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 30 Sep 2026.| Equities | 40.5 % |
| Money Market | 30.6 % |
| Bonds | 26.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 2.3 % |
| Credit Default Swap | -24.2 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: 30 Sep 2026.Equity Investment Weight40.5%
Net Equity Exposure41.4%
Active Share91.3%
Modified Duration2.0
Yield to Maturity3.7%
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.
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Articles that may interest you
Press release • 9 June 2026 • English
Carmignac strengthens investment team with top European equity manager
2 minute(s) read
Strategies insights • 4 February 2025 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
Strategies insights • 15 October 2024 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
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Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised 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