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Carmignac Patrimoine celebrates 35 years

Published on
December 3, 2024
Read time
1 minute(s) read

Less than 1% of the 10,902 asset allocation funds in Europe have a track record of 35 years or more1. One of these enduring funds is Carmignac Patrimoine, our flagship diversified strategy, which turned 35 in November. This longevity reflects the resilience and its ability to navigate different market conditions and adapt over time. And this is what the Patrimoine concept is all about – providing an asset allocation solution for investors who want to grow their savings gradually over the long term without worrying about market timing or economic cycles.

Strenghtened commitment to provide an asset allocation solution, regardless of market timing

FLEXIBILITY IN OUR ACTIONS, NOT JUST OUR WORDS

We make full use of our investment limits: an equity exposure of 0% to 50% and a modified duration of –4 to 10. And we move fast to make changes as needed.

STRONGER FUND MANAGEMENT TEAM

We’ve appointed two pairs of experts – in fixed income and in cross-asset investments – and a highly experienced stock-picker, in order to best leverage our performance drivers.

9.7% RETURN BY THE NEW MANAGEMENT TEAM2

The new Fund management team took over in September 2023 with the goal of enhancing our capacity to meet the fund’s investment objectives.

Source: Carmignac, 30 September 2024.
1Source: Morningstar, © 2024. Morningstar. Inc - All rights reserved.
2Versus a 12.46% gain in its reference indicator, 40% MSCI AC WORLD (USD, Reinvested net dividends) + 40% ICE BofA Global Government Index (USD, Coupons reinvested) + 20% ESTER capitalised. Quarterly rebalanced. Past performance is not necessarily indicative of future performance. Returns are net of fees (except for any entry fees charged by fund distributors).

What makes Carmignac Patrimoine still relevant today?

The return of inflation after more than a decade of sluggish economic growth triggered sharp market movements and volatility in the equity/rates correlation. Inflation will likely be higher and more volatile in the coming years. That means Fund managers will need to swiftly and accurately predict inflection points in the economic cycle and adapt their portfolios accordingly across all asset classes: equities, bonds, and currencies. A global, flexible, turnkey investment solution might just be the right option for riding through different phases of the economic cycle.

At Carmignac, we draw on a global investment universe and invest across asset classes, sectors, and geographies. We’ve built up expertise in a broad range of financial instruments, enabling us to optimise our asset allocation based on market conditions and our macro outlook. We take full advantage of our permitted range of exposures and don’t hesitate to switch gears in short order when needed.

A balanced fund such as Carmignac Patrimoine has an inherent advantage: it’s designed to provide a dynamic, flexible investment solution capable of adapting to various market conditions.

In response to some challenging periods we’ve experienced over the years, and in order to continuously renew and enhance our Fund’s ability to meet its investment objectives, we’ve strengthened both our top-down and bottom-up capabilities.

We expanded our stock- and bond-picking capacity in order to boost alpha generation. Corporate bonds have been a very profitable asset class in recent years and are consequently a big conviction in our Fund, especially the high-yield and investment-grade segments. We’ve built up a strong team of credit experts to support our growing credit fund range – a big advantage for our diversified strategy. Our credit team’s efficient bond-picking, based on fundamental analyses and in-depth knowledge of each segment of the credit market, has been key for the Fund and is one of our key performance drivers.

We also shored up our equities expertise by hiring a new Fund manager, Kristofer Barrett, in April 2024. His impressive track record and extensive experience across markets constitute valuable additions to the Fund. Kristofer’s approach to global equities is unconstrained in terms of sectors, geographies, market cap, and investment style. He sees potential in companies that offer a secular growth profile driven by innovation, technology, and a unique selling proposition, while also prioritising profitability.

Macro overlay has always been key for Carmignac Patrimoine, which is why we hired cross-asset experts and strengthened our fixed income team. We have two cross-asset managers at the helm of the Fund – Jacques Hirsch and Christophe Moulin – who oversee global portfolio construction and risk management. They work alongside Kristofer in equities and our two fixed income experts – Guillaume Rigeade and Eliezer Ben Zimra – who manage bond picking and the portfolio’s modified duration and currency exposure.

Our firm has longstanding experience in investing across asset classes, sectors, and geographies, allowing us to identify secular growth trends worldwide. Maintaining a long-term vision is one of our core values, as we look beyond short-term market trends. We’ve always taken a holistic approach to Carmignac Patrimoine, carefully examining how all the different elements come together, without considering fixed income and equity as two separate components. We believe that the diversified, dynamic nature of Carmignac Patrimoine combined with the expanded Fund management team will enable us to meet the Fund’s objectives while remaining loyal to its inherent goal: generating significant long-term returns while attenuating the effects of steep market corrections.

Our strategy in a nutshell

Watch the video to learn more about Carmignac Patrimoine’s main features and benefits, in the words of the Fund managers

Investing through recurring deposits

Carmignac Patrimoine is ideally suited for making regular investments over the long term. For example, if you started investing €250 per month in 1989, by September 2024 you would have accumulated:

104 750€
in invested capital
193 673€
in capital gains
298 423€
in total capital

Stated returns are not a reliable indicator of the performance of your investments. Data at 30 September 2024. This example is for an investment of €250 per month in the Carmignac Patrimoine fund (A EUR Acc share class) for 35 years with no withdrawals or redemptions. These returns are intended only to illustrate the mechanisms of an investment in the fund over the given period. This example does not take inflation into account, which could lower the value of the assets in the portfolio. Your actual return may vary either positively or negatively from what is shown. Investing in Carmignac funds involves a risk of capital loss. The information provided here constitutes neither a contract nor investment advice.

Carmignac Patrimoine

A turnkey global solution to face various market conditions
Explore the Fund Page

Carmignac Patrimoine A EUR Acc

ISIN: FR0010135103
Recommended minimum investment horizon
3 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

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.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Credit: Credit risk is the risk that the issuer may default.
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.
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: FR0010135103
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
0,32 % 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: FR0010135103
Carmignac Patrimoine+8,2+12,1+7,1+2,2−9,4−0,9+12,4+10,5−11,3+0,1
Reference Indicator+8,2+1,1+11,4+7,7−10,3+13,3+5,2+18,2−0,1+1,5
Carmignac Patrimoine+11,1 %+3,1 %+3,0 %
Reference Indicator+8,8 %+3,8 %+5,6 %

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: 40% MSCI AC World NR index + 40% ICE BofA Global Government Index + 20% €STR Capitalized Index. Rebalancing Frequency: Quarterly

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.