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Carmignac Investissement Latitude: An alternative way to access Carmignac Investissement
While the long-term value creation potential of equities is widely acknowledged, recent shocks, most notably the conflict in the Middle East, have once again highlighted that volatility is an inherent part of equity market performance. For investors with shorter investment horizons, this variability represents a key challenge and brings a crucial question back to the forefront: market entry timing.
It is with this in mind that Carmignac Investissement Latitude was designed: a strategy that provides access to Carmignac Investissement’s equity expertise while seeking to control volatility. How? Through active management of equity exposure, ranging from 0% to 100% depending on market conditions, and overseen by Frédéric Leroux.
Carmignac Investissement, the foundation of long-term performance
Launched in 1989, Carmignac Investissement stands out for its high degree of investment freedom, with no sector, geographic or style constraints, allowing it to capture opportunities across global markets. Managed by Kristofer Barrett for the past two years, the strategy is based on rigorous stock selection. The objective is to focus on businesses driven by innovation, technological advances or sustainable competitive advantages, while maintaining strict attention to profitability.
This approach is built on several key principles: continuous valuation discipline, a flexible investment style not limited to a single growth approach in order to mitigate sector rotation risks, genuine diversification with a significant allocation to emerging markets, and independence from benchmark indices.
Today, the philosophy of Carmignac Investissement is reflected in the active management of its key performance drivers. Exposure to technology remains a core pillar of the portfolio, but is managed with discipline. While we have become more selective on hyperscalers1 in the context of increasing investment competition in artificial intelligence and rising dispersion, we maintain positions in high-quality companies within semiconductors (including Nvidia and several Asian players)2 as well as in software.
Beyond technology, we also seek to take advantage of market corrections to initiate new positions or strengthen existing convictions. Finally, we maintain significant exposure to the financial sector, supported by several favorable trends, including a recovery in M&A activity, volatility in bond and equity markets, and opportunities in companies still unjustly perceived as losers from the rise of AI.
Carmignac Investissement Latitude, adding a layer of flexibility
The strategy invests directly in Carmignac Investissement, fully leveraging its long-term stock selection expertise. This is complemented by tactical management of equity exposure (ranging from 0% to 100%), aimed at reducing volatility and improving performance consistency over time. This approach allows investors to gain exposure to equities at any time, without relying on the “perfect” entry point.
The objective is clear: to participate in equity market upside while limiting the extent of drawdowns.
To achieve this, the level of equity exposure is actively adjusted. It is primarily managed through derivative strategies on equity indices, covering both developed and emerging markets, as well as through thematic and sector-based exposures. The determination of exposure levels relies on Frédéric Leroux’s expertise in translating macroeconomic convictions into investment strategies. This framework is complemented by a tactical analysis of markets based on technical and sentiment indicators, enabling, when necessary, the implementation of hedging strategies through derivatives.
In more challenging market environments, this approach has proven its relevance. Over the past three years, the strategy has not experienced drawdowns exceeding 9% (compared to -20% for the MSCI AC World) and has demonstrated strong reactivity, recovering its pre-correction levels in just 13 days. Carmignac Investissement Latitude ranks in the first quartile of its Morningstar3 category based on its Sharpe ratio over 1 and 3 years.
Flexibility in action
The “Liberation Day” episode in April 2025 provides a clear illustration of Carmignac Investissement Latitude’s management approach in a stressed market environment.
On April 2, 2025, the announcement of new US tariffs triggered a sharp market correction, accompanied by a sudden increase in risk aversion. In this context, the fund’s ability to adapt proved essential.
Ahead of and during the initial phases of market stress, the strategy adopted a defensive positioning, notably through hedges on US and European markets, as well as tactical currency management, including a reduction in US dollar exposure. These hedging strategies significantly reduced the portfolio’s net exposure to equity markets, thereby limiting the impact of the correction.
As visibility improved, particularly following the suspension of tariff measures and the resumption of trade negotiations in mid-April, the fund rapidly increased its equity exposure in order to benefit from the rebound.
This sequence fully illustrates the philosophy of Carmignac Investissement Latitude: reducing exposure during periods of stress, and repositioning swiftly as conditions improve.
With the escalation of the conflict in Iran, the strategy is once again facing a challenging market environment. In this context, the strength of the stock selection, combined with an average exposure of around 33%4, has so far helped contain downside, once again illustrating the strategy’s ability to mitigate correction phases.
Carmignac Investissement Latitude therefore represents a relevant solution for investors seeking to maintain exposure to equity markets through a genuinely flexible approach and a more controlled risk profile.
Past performance is not indicative of future results. Returns are net of fees (excluding any entry fees charged by the distributor). The Fund carries a risk of capital loss. Source: Carmignac, Bloomberg, 24/03/2026.
1Hyperscalers are large technology companies that provide computing infrastructure at massive scale, particularly in cloud computing, through significant storage, processing and networking capabilities.
2The reference to certain stocks or financial instruments is given by way of illustration to highlight certain stocks that are present or have been present in the portfolios of the Funds in the Carmignac range. It is not intended to promote direct investment in these instruments and does not constitute investment advice. The Management Company is not prohibited from trading in these instruments prior to the publication of this communication. The portfolios of the Carmignac Funds are subject to change at any time.
3Morningstar Category: EUR Flexible Allocation – Global. Morningstar RatingTM: © Morningstar, Inc. All rights reserved. The information contained herein: (i) is the property of Morningstar and/or its content providers; (ii) may not be copied or distributed; and (iii) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from the use of this information.
4Observation period between 31/12/2025 and 23/03/2026.
Carmignac Investissement Latitude
Carmignac Investissement Latitude A EUR Acc
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 3/7
- 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
Performance
| Carmignac Investissement Latitude | 0.3 | -16.1 | 9.1 | 27.0 | -6.2 | 2.1 | 13.2 | 10.2 | 16.9 | 0.0 |
| Reference Indicator | 8.9 | -4.8 | 28.9 | 1.8 | 12.9 | -6.6 | 10.5 | 14.2 | 5.1 | 2.0 |
| Carmignac Investissement Latitude | + 13.5 % | + 6.0 % | + 5.5 % |
| Reference Indicator | + 9.7 % | + 7.1 % | + 8.7 % |
Source: Carmignac at Feb 27, 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.
Reference Indicator: 50% MSCI AC World NR index + 50% €STR Capitalized index
Carmignac Investissement A EUR Acc
- 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
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.