Share Class
LU2809794220
A Fund unleashing the potential of tech companies across the world
- Investing in companies that are driving innovation that represent a solution to a changing world.
- An opportunistic approach capturing attractive trends worldwide across the value chain.
- A strategy that goes beyond investing in the tech sector by capturing technology in a wider spectrum.
Key documents
Asset Allocation
Equities94.9 %
Other5.1 %
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
+ 90.5 %
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-
-
+ 42.5 %
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
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-
-
-
-
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-
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+ 6.1 %
+ 28.8 %
Net Asset Value
€190.51
Asset Under Management
770 M €
Net Equity Exposure30/09/2026
84.1%
SFDR - Fund Classification
Article
9
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
Now that technology is accelerating at a faster pace, we aim to capitalise on the significant impact it is having on global equity markets.
Carmignac Portfolio Tech Solutions 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 positive performance in September, underperforming nevertheless its reference indicator.
- Celestica was the largest contributor, supported by continued strong demand from hyperscalers for AI computing and high-speed networking equipment. Nvidia and TSMC also contributed positively, alongside several Taiwanese AI supply-chain companies.
- Asian semiconductor exposure was another key driver, notably through SK Square and SK Hynix. Memory stocks benefited from continued strength in HBM, where supply remains tight as hyperscalers continue to scale their AI infrastructure. Samsung Electronics also contributed positively.
- On the downside, Broadcom was the main detractor. Despite strong quarterly results and AI semiconductor revenues rising 221% year-on-year, the shares declined after fourth-quarter revenue guidance fell short of elevated market expectations. Atlassian also weighed on performance, amid continued volatility across software names as investors reassessed the impact of AI on traditional SaaS business models.
- Relative performance lagged the reference indicator, mainly due to stocks not held in the portfolio, including AMD, Apple and Intel. AMD and Intel rallied on stronger expectations for AI-related server CPU demand, while Apple benefited around the launch of its new iPhone 18 range.
Outlook strategy
- We remain constructive on technology, while actively moderating portfolio risk after the strong performance of AI-related stocks. We have reduced some of our highest-beta and largest positions, including Broadcom, to limit concentration and preserve flexibility as dispersion within the sector increases. We remain more cautious on parts of the technology universe, particularly hyperscalers, where valuations remain demanding and the path from massive AI investment to sustainable returns is less certain.
- Within semiconductors and compute, we increasingly favour Nvidia over Broadcom. Following recent earnings and considering the competitive landscape, Nvidia’s positioning remains particularly compelling. Broadcom continues to benefit from custom accelerators and potential XPU projects, but competition from Google’s TPUs and other in-house solutions makes the outlook more complex. By contrast, Nvidia retains a highly integrated hardware and software ecosystem and offers a more attractive valuation relative to its growth profile.
- We continue to favour hardware across the AI value chain. Beyond memory, where we have increased exposure to South Korea through SK Hynix, SK Square and Samsung Electronics, we retain significant exposure to Taiwanese hardware suppliers and Japanese semiconductor-equipment companies. These businesses remain positioned at key bottlenecks and should benefit more directly from hyperscaler capex and rising demand for computing capacity.
- Within software, 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, Bentley and Systems.
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.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
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 Tech Solutions Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2026.| North America | 41.8% |
| Asia | 41.2% |
| Asia-Pacific | 10.4% |
| Europe | 6.0% |
| Middle East | 0.6% |
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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 Weight94.9%
Net Equity Exposure84.1%
Number of Equity Issuers52
Active Share63.5%
To Access the weekly view
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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.
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.
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