Share Class
LU1744628287
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Other39.6 %
Bonds34.3 %
Equities26.1 %
Data as of: Jan 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 42.6 %
-
+ 8.0 %
+ 14.8 %
+ 2.1 %
To 05/03/2026
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
-
-
- 4.8 %
+ 18.7 %
+ 13.9 %
+ 9.5 %
- 12.7 %
+ 2.1 %
+ 7.3 %
+ 4.9 %
Net Asset Value
142.55 €
Asset Under Management
500 M €
Net Equity Exposure30/01/2026
39.4 %
SFDR - Fund Classification
Article
8
Data as of: Jan 30, 2026.
Data as of: Mar 5, 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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
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Carmignac Portfolio Patrimoine Europe fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.
Our monthly comments
Data as of: Feb 27, 2026.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark DENHAM
Head of Equities, Fund Manager
Jacques HIRSCH
Fund Manager
Performance commentary
- February proved to be a challenging month for the Fund. The portfolio did not fully capture the market’s upside and closed the period with only a slightly positive absolute return.
- The environment was unfavourable to both our quality-driven stock selection and our cautious stance on interest rates.
- Although European equity markets performed strongly, our quality bias continued to underperform amid concerns about AI-driven disruption, particularly within some of our financial holdings. In addition, specific negative developments, such as the continued decline in Novo Nordisk, further weighed on performance.
- At the same time, our cautious view on rates detracted from returns. Bond yields moved lower as investors grew increasingly concerned about the broader economic implications of AI, notably for labor markets.
- Conversely, certain defensive and diversifying positions provided support. Our exposure to gold benefited from renewed safe-haven demand, while our credit hedging strategies and allocation to utilities contributed positively.
Outlook strategy
- Despite the underperformance in February, we have not altered our positioning and maintain our core convictions across both equities and rates.
- Recent events in Iran at the end of the month are likely to generate additional volatility, as the range of potential outcomes remains wide. It may impact the European growth via higher energy prices.
- The Fund entered this phase with diversification and downside protection already embedded in its construction, limiting the need for tactical repositioning.
- We kept a prudent equity net exposure, a cautious view on duration, exposure to gold and also hedges on credit via CDS.
- All eyes are now on developments in Iran. A prolonged conflict, particularly if it were to involve regional escalation or disruption in the Strait of Hormuz, would likely reinforce risk-off dynamics. In such a scenario, our existing protections and defensive allocations should help mitigate downside risk. We remain vigilant and ready to adapt as visibility improves.
Performance Overview
Data as of: Mar 5, 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.
Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The performances are presented using the chaining method.
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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Source: Carmignac at 06/03/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jan 30, 2026.| Bonds | 34.3 % |
| Money Market | 31.1 % |
| Equities | 26.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 8.4 % |
| Credit Default Swap | -23.8 % |
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Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.
Exposure Data
Data as of: Jan 30, 2026.Equity Investment Weight26.1 %
Net Equity Exposure39.4 %
Active Share91.5 %
Modified Duration1.0
Yield to Maturity3.1 %
Average RatingA
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Mark DENHAM
Head of Equities, Fund Manager
Jacques HIRSCH
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques HIRSCH
Fund Manager
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Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
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.
Market environment