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 18/08/2026

- 1,8 %

+ 0,2 %

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

€98.17

Asset Under Management

49 M €

Net Equity Exposure30/06/2026

21,3 %

SFDR - Fund Classification

Article 8

Data as of: Aug 18, 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: Jul 31, 2026.

The Investment team

Johan FREDRIKSSON

Fund Manager

Market Environment

European equities posted modest gains in July, with the STOXX Europe 600 advancing as investor sentiment was supported by a resilient second-quarter earnings season.
While headline index performance appeared relatively benign, underlying market dynamics were extremely volatile.
The month was characterised by an aggressive unwind of crowded momentum positions, triggering sharp style and factor rotations that drove unusually high dispersion across sectors and individual stocks.
As a result, stock-specific performance was often overwhelmed by rapid changes in market leadership rather than company fundamentals.
Sector leadership shifted throughout the month, with Energy, Financials and Consumer Discretionary outperforming, supported by escalating Middle East tensions and resilient bank earnings. Technology remained volatile as investors rotated away from some of the year's strongest performers despite continued support from AI-related investment.
Rapid market rotations created a challenging environment for active stock selection, with leadership changing frequently despite limited changes in underlying fundamentals. While actively managing short-term risks, we remain focused on preserving our long-term investment convictions.

Performance Commentary

The fund generated a negative return during the month.
Financials sector was the largest contributor to performance, driven by continued strength across Banks. Our largest negative detractors came from Industrials despite resilient earnings, Technology and Consumer names.
Key stock selection winners included long positions in Fresenius (as concerns for 2027 faded), ASR (benefiting from the semis unwinding) and Relx (supported by strong quarterly results).
The main detractors were Halma, hit by Tech sell-off and a short position in Arcadis who received a bid from a Canadian peer.

Outlook and Investment Strategy

Looking ahead, we expect market leadership to remain fluid as investors digest the remainder of the second-quarter earnings season and reassess positioning following July's sharp factor rotation.
While earnings have generally proved resilient, elevated valuations in parts of the market leave little room for disappointment, placing increased emphasis on management guidance and the sustainability of earnings expectations.
We expect this elevated dispersion across sectors, styles and individual stocks to persist, creating both risks and opportunities.
Although macroeconomic conditions remain broadly supportive, with inflation continuing to moderate and central banks expected to ease policy gradually, geopolitical developments and trade policy uncertainty are likely to keep market volatility elevated.
In this environment, we remain disciplined in our portfolio construction, focusing on companies with durable earnings growth, attractive valuations and identifiable catalysts.
We believe maintaining a balanced and selective approach is appropriate while markets continue to rotate rapidly between leadership themes.

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: Jun 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 %

9 090 €

−3,14 %

Moderate

What you might get back after costs

Average return each year

9 920 €

−0,83 %

10 500 €

+1,63 %

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 10/2021 and 10/2024.

The moderate scenario occurred for an investment between 01/2020 and 01/2023.

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

Source: Carmignac at Jun 30, 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.