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35 years in the global equity arena, many more ahead

Published on
October 28, 2024
Read time
1 minute(s) read

Our flagship global equity solution, Carmignac Investissement, celebrates its 35 years anniversary. The Fund has stood the test of time and demonstrated its relevance, decade after decade, providing a dynamic solution to investors with a long-term investment horizon and a healthy risk appetite. Carmignac Investissement has evolved over time to keep its mandate intact while preserving its inherent nature: unconstrained and visionary, poised to capitalize on thriving companies and promising market trends.

An established Fund that remains an appealing investment solution today

9.6% OF ANNUALISED RETURNS SINCE LAUNCH

With average performance above peers1 over 1, 3 and 5 years. The Fund generated a cumulative performance of 2574% vs 695% for its reference indicator2 since launch in 1989.

**A NEW TALENTED FUND MANAGER **

Kristofer Barrett took over the management of the Fund in April 2024. His impressive track record and extensive experience across markets provides a valuable addition to the strategy.

A UNIQUE INVESTMENT APPROACH

The Fund looks for companies across the globe that offer a secular growth profile driven by innovation, technology, and a unique selling proposition, all the while prioritizing profitability.

1Morningstar category: Global Large-Cap Growth Equity.
2Reference Indicator: MSCI ACWI (USD) (Reinvested net dividends). Fund launch: 26/01/1989. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

What are the unique attributes of Carmignac Investissement?

Carmignac Investissement fully exploits its unconstrained nature in terms of sectors, regions, and investment style. Even though its top 10 positions include some of the best growth stories of recent years, almost half of the stocks held in the portfolio are hardly (or not at all) covered by market indices such as MSCI World.

This ‘off-the-beaten-track’ attribute is also reflected in our exposure to small and mid-cap companies, providing access to innovative companies with particularly solid fundamentals and generally more attractive valuations than those of large caps. The exposure to small and mid-caps also provides an excellent opportunity to diversify the portfolio.
And finally, we have a substantial allocation to emerging markets, especially to Taiwan and Korea, with a strong semi-conductor industry, diverging considerably from our reference indicator, MSCI ACWI.

In our global search for companies with a secular growth profile, we meticulously analyze the entire value chain to identify those companies that maximize value at every stage. We assess each company's position within the value chain, if they have a competitive advantage, their use of technology, and their business models. We have a preference for innovative firms with strong management teams that provide essential products.

Where do we see the most potential? Technology remains our top sector allocation, with numerous companies across the value chain emerging as major beneficiaries of digitalization. We also maintain a significant weighting in the healthcare sector, covering both ends of the spectrum: high-growth, innovation-driven companies and lower-growth, high-visibility business models that play essential roles in a complex value chain.

We have longstanding experience in investing across sectors and geographies, allowing us to identify long-term growth trends worldwide. Indeed, having a long-term vision is a part of the Fund’s DNA, as we aim to go beyond short-term market trends. We have been invested in the emerging markets since inception in 1989, a very rare investment feature for a global equity fund at the time. We were also able to anticipate the supercycles of commodities and technology, to name a few. The strategy remained loyal to its philosophy since launch while always looking for ways to reinforce its capacity to meet objectives. The investment team has been reinforced over time to create a skilled but tight-knit team of experts across sectors and regions to have a comprehensive view of global equity markets and their potential.

The strategy in a Nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager, Kristofer Barrett

Investing via scheduled payments

Carmignac Investissement is a suitable fund for long-term scheduled payments.
If you had invested 250€ per month in the Fund since 1989, how much capital would you have today?

107250€
of total capital invested since 1989
641625€
of total capital gain since 1989
748875€
of total capital raised since 1989

Past performance is not a reliable indicator performance of future returns on your investments.
Data as at 30/09/2024. This example is a simulation for an investment of 250 euros per month for 35 years in the Carmignac Investissement fund, share A EUR Acc, with no withdrawals or redemptions during the period in question. The results shown are only intended to illustrate the mechanisms of your investment over the investment period. It does not consider the effect of inflation. This may lead to a reduction in the value of the assets in the portfolio. The evolution of the value of your investment may deviate from what is shown, either upwards or downwards. Investing in Carmignac Funds involves a risk of capital loss. This information constitutes neither a contract nor investment advice.

Carmignac Investissement A EUR Acc

ISIN: FR0010148981
Recommended minimum investment horizon
5 years
Risk indicator*
4/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR0010148981
Entry costs
4,00 % of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1,80 % of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20,00 % max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
Transaction Cost
0,35 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: FR0010148981
Carmignac Investissement+19,9+17,4+25,0+18,9−18,3+4,0+33,7+24,7−14,2+4,8
Reference Indicator+17,0+7,9+25,3+18,1−13,0+27,5+6,7+28,9−4,8+8,9
Carmignac Investissement+24,5 %+9,8 %+10,6 %
Reference Indicator+20,1 %+10,9 %+12,2 %

Source: Carmignac at Oct 30, 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.

Reference Indicator: MSCI AC World NR index

Share

Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions. This document is intended for professional clients.

This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.

Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

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.

Morningstar Rating™ : © 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.

Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA.
The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital.

The Funds’ prospectus, KIDs, NAVs and annual reports are available at www.carmignac.com/en, or upon request to the Management Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The French investment funds (fonds communs de placement or FCP) are common funds in contractual form conforming to the UCITS or AIFM Directive under French law.

  • In the United Kingdom: the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.com/en-gb, or upon request to the Management Company, or for the French Funds, at the offices of the acilities Agent, Carmignac UK Ltd, 2 Carlton House Terrace, London, SW1Y 5AF. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the FCA with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY, UK; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.

  • In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.com/en-ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Route de Signy 35, 1260 Nyon.

  • In Belgium: This document is intended for professional clients. This content has not been validated by FSMA. The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. This communication is published by Carmignac Gestion S.A., a portfolio management company approved by the Autorité des Marchés Financiers (AMF) in France, and its Luxembourg subsidiary Carmignac Gestion Luxembourg, S.A., an investment fund management company approved by the Commission de Surveillance du Secteur Financier (CSSF). “Carmignac” is a registered trademark. “Investing in your Interest” is a slogan associated with the Carmignac trademark. This document does not constitute advice on any investment or arbitrage of transferable securities or any other asset management or investment product or service. The information and opinions contained in this document do not take into account investors’ specific individual circumstances and must never be interpreted as legal, tax or investment advice. The information contained in this document may be partial and could be changed without notice. This document may not be reproduced in whole or in part without prior authorisation. The risks and fees are described in the KID (Key Information Document). The prospectus, KID, the net asset-values and the latest (semi-) annual management report may be obtained, free of charge, in French or in Dutch, from the management company (tel. +352 46 70 60 1) or by consulting its website or www.fundinfo.com. These materials may also be obtained from Caceis Belgium S.A., the financial service provider in Belgium, at the following address: avenue du port, 86c b320, B-1000 Brussels. The Fund (fonds commun de placement or FCP) is a common fund in contractual form conforming to the UCITS Directive under French law. Access to the Fund may be subject to restrictions regarding certain persons or countries. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. In case of subscription to a fund subject to Article 19bis of the Belgian Income Tax Code (CIR92), the investor will have to pay, upon redemption of his or her shares, a withholding tax of 30% on the income (in the form of interest, or capital gains or losses) derived from the return on assets invested in debt claims. Distributions are subject to withholding tax of 30% without income distinction. In case of subscription in a French investment fund (fonds commun de placement or FCP), you must declare on tax form, each year, the share of the dividends (and interest, if applicable) received by the Fund. Any complaint may be referred to complaints@carmignac.com or CARMIGNAC GESTION - Compliance and Internal Controls - 24 place Vendôme Paris France or on the website www.ombudsfin.be.

The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights at section 5 entitled "summary of investor rights" on the following links: UK ; Switzerland ; France ; Luxembourg ; Sweden. Belgium (French) ; Belgium (Dutch)

For Carmignac Portfolio Long-Short European Equities: Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.

Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278.