Share Class
FR0010149179
An opportunistic and style agnostic long/short approach to European equities
- A diversified portfolio, based on a top-down and bottom-up approach, to take advantage of market inefficiencies.
- Active management of the net equity exposure (-20% to +50%).
- Strong discipline of portfolio risk management to contain the downside.
Key documents
Risk Indicator
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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
+ 127.2 %
+ 35.7 %
+ 6.8 %
- 3.5 %
- 2.6 %
To 04/09/2025
Calendar Year Performance 2015Calendar 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 2024
- 8.0 %
+ 8.9 %
+ 14.6 %
+ 4.4 %
- 1.3 %
+ 5.2 %
+ 12.6 %
- 6.4 %
0.0 %
+ 3.6 %
Net Asset Value
410.48 €
Asset Under Management
161 M €
Net Equity Exposure31/07/2025
19.0 %
SFDR - Fund Classification
Article
8
Data as of: Sep 4, 2025.
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.
Carmignac Absolute Return 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: Aug 29, 2025.Fund management team
Johan Fredriksson
Fund Manager
Dean Smith
Fund Manager
Performance commentary
• The sharp rotation out of year-to-date winners into laggards despite limited earnings improvement posed challenges for our fundamentally driven portfolio, resulting in a negative return.• At the sector level, positive contributions came from stock selection in Healthcare, Materials, and Communications, while Technology, Industrials, and Consumer Discretionary detracted.
• Within Technology, profit-taking in semiconductors reflected concerns about the sustainability of second-half growth.
• Financials, which had been strong contributors earlier in the year, were relatively muted in terms of alpha generation during August.
• Key stock selection winners included long positions in Fresenius (strong Q2 results), Prosus (supported by Tencent), and Prysmian (benefiting from demand for high-voltage cables).
• Detractors included SAP, which declined on concerns about AI’s impact on software models, and Relx, which fell due to fears of AI disrupting data-driven businesses.
• Within Technology, profit-taking in semiconductors reflected concerns about the sustainability of second-half growth.
• Financials, which had been strong contributors earlier in the year, were relatively muted in terms of alpha generation during August.
• Key stock selection winners included long positions in Fresenius (strong Q2 results), Prosus (supported by Tencent), and Prysmian (benefiting from demand for high-voltage cables).
• Detractors included SAP, which declined on concerns about AI’s impact on software models, and Relx, which fell due to fears of AI disrupting data-driven businesses.
Outlook strategy
• Market activity in August was largely driven by Q2 earnings releases, with lower liquidity amplifying share price moves. • Looking ahead, September is expected to be shaped by central bank decisions, particularly the Fed’s rate call with macro factors likely to remain dominant.
• In Europe, attention will center on the fallout from the French political situation and its impact on long-term yields.
• In the UK, markets will be watching government proposals ahead of the Autumn budget.
• Given this backdrop, we plan to remain cautious on risk, using hedging tools such as futures and options to help manage potential volatility.
• In Europe, attention will center on the fallout from the French political situation and its impact on long-term yields.
• In the UK, markets will be watching government proposals ahead of the Autumn budget.
• Given this backdrop, we plan to remain cautious on risk, using hedging tools such as futures and options to help manage potential volatility.
Performance Overview
Data as of: Sep 4, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 07/09/2025
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jul 31, 2025.| Europe EUR | 27.0 % |
| Europe ex-EUR | 12.6 % |
| North America | 7.1 % |
| Others | 7.0 % |
| Index Derivatives | -34.6 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Jul 31, 2025.Net Equity Exposure19.0 %
Issuer equity derivative short38
Issuer equity derivative long73
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Johan Fredriksson
Fund Manager
Dean Smith
Fund Manager
Our objective is to provide a long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.
Dean Smith
Fund Manager
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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.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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
• Fed Chair Powell’s dovish remarks boosted expectations for September rate cuts, helping equity markets recover. European equities ended the month up +0.74%.
• Sector rotation was a key theme, with investors taking profits from year-to-date winners and shifting into laggards, despite limited fundamental improvement.
• In Europe, top-performing sectors included Auto Manufacturers & Component Suppliers, Basic Resources, Food & Beverage, and Healthcare. Technology, Media, Construction, Utilities, and Real Estate underperformed.