Carmignac Portfolio Absolute Return Europe

Share Class

LU2923680206

Risk Indicator

2 / 7

Recommended Minimum Investment Horizon

3 years

Cumulative Performance since launch Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months

From 29/11/2024 To 08/09/2026

- 0,5 %

+ 2,4 %

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

+ 0,3 %

- 0,8 %

Net Asset Value

€99.49

Asset Under Management

50 M €

Net Equity Exposure31/08/2026

19,3 %

SFDR - Fund Classification

Article 8

Data as of: Sep 8, 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.

Alternative strategiesCarmignac Portfolio Absolute Return Europe

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Absolute Return Europe Monthly comments

Data as of: Aug 31, 2026.

The Investment team

Johan FREDRIKSSON

Fund Manager

Market Environment

European equities posted modest gains in August, with the STOXX Europe 600 advancing for a fifth consecutive month, supported by resilient second-quarter earnings and broadly robust economic activity.
However, rising energy prices and bond yields weighed on expectations for further monetary policy to ease as the month progressed.
Following July’s aggressive unwind of crowded momentum positions, market dynamics stabilised somewhat, although dispersion remained elevated.
Technology and AI-related names recovered as strong earnings and continued investment reinforced the structural growth outlook, while broader market participation also improved. Basic Resources and Financials were among the stronger sectors, supported by higher commodity prices and resilient bank earnings, while more defensive areas generally lagged.
Geopolitical tensions and higher energy prices contributed to renewed inflation concerns and upward pressure on European yields. Despite this, equities remained resilient, underpinned by a solid earnings season.

Performance Commentary

The fund generated a positive return during the month.
In terms of portfolio contribution, four sectors stood out in August; Utilities, Technology, Industrials and Financials.
The negative detracting sector was Materials, with Chemical shorts position contributed negatively as shares rallied with move up in oil.
Key stock selection winners included long positions in Vests (delivered strong Q2 results), Nvidia (benefiting from strong AI demand) and PPC (further to brokers upgrades).
The main detractors were Societe Generale, impacted due to French Budget and election fears and Zalando after reporting a more cautious full-year outlook.

Outlook and Investment Strategy

Looking into September, we remain constructive on European equities, supported by resilient earnings and a gradually improving macro backdrop.
In Germany, business confidence and manufacturing indicators continue to recover, with both the IFO survey and recent PMIs exceeding expectations. That said, higher energy prices and rising bond yields, particularly ahead of the Fed meeting, remain key risks.
We expect volatility and dispersion to remain elevated. Higher yields could challenge more highly valued areas, while structural themes including AI, electrification, defence and infrastructure continue to benefit from strong underlying investment.
Recent rotations have also created opportunities where valuations have become disconnected from fundamentals.
We therefore enter September with a balanced but constructive outlook. While the combination of higher yields, energy prices and geopolitical uncertainty warrants disciplined short-term risk management, the fundamental outlook for many of our holdings remains robust.
We continue to favour companies with strong competitive positions, visible earnings growth and attractive long-term returns. Periods of market volatility provide opportunities to add selectively where share-price weakness reflects positioning or macro concerns.

Performance scenarios

The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future. This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10 000 €.

Performance scenarios

Data as of: Jul 2026.

Scenarios

If you exit after 1 year

If you exit after 3 years

Stress

What you might get back after costs

Average return each year

5 870 €

−41,29 %

6 500 €

−13,37 %

Unfavourable

What you might get back after costs

Average return each year

8 650 €

−13,46 %

8 950 €

−3,64 %

Moderate

What you might get back after costs

Average return each year

9 890 €

−1,07 %

10 480 €

+1,59 %

Favourable

What you might get back after costs

Average return each year

11 710 €

+17,11 %

11 900 €

+5,98 %

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The unfavourable scenario occurred for an investment between 01/2025 and 07/2026.

The moderate scenario occurred for an investment between 05/2020 and 05/2023.

The favourable scenario occurred for an investment between 09/2019 and 09/2022.

Source: Carmignac at Jul 31, 2026.

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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.

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.