Share Class
LU1299311164
A Fund geared for a changing world
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
- Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
Key documents
Asset Allocation
Equities98.5 %
Other1.5 %
Data as of: Jul 31, 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 110.4 %
-
+ 60.2 %
+ 53.8 %
+ 17.1 %
To 05/09/2025
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
- 1.7 %
+ 2.1 %
+ 4.7 %
- 14.0 %
+ 25.1 %
+ 34.6 %
+ 4.5 %
- 17.9 %
+ 19.4 %
+ 25.5 %
Net Asset Value
210.43 €
Asset Under Management
248 M €
Net Equity Exposure31/07/2025
96.3 %
SFDR - Fund Classification
Article
8
Data as of: Jul 31, 2025.
Data as of: Sep 5, 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.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Portfolio Investissement 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
Performance commentary
- In August, our strategy posted a slightly negative performance, while its reference indicator recorded a moderate gain.- Our portfolio of technology holdings linked to artificial intelligence (TSMC, Nvidia, SK Hynix) weighed on the fund’s performance after an excellent start to the year.
- Alphabet emerged as the main positive contributor, supported by very strong Q2 2025 results, driven both by the accelerated integration of AI across its businesses and by the continued growth of its cloud segment.
- Conversely, our selection of financial stocks (Tradeweb, ICE) as well as our healthcare holdings (Vertex, Lantheus, McKesson) detracted from performance, despite the modest rebound of Novo Nordisk.
Outlook strategy
Risk backdrop remains supportive: loose financial conditions, strong buyback activity, fading tariff risks, and retail flows
AI capex outlook: hyperscaler investments are projected to rise by +49% in 2025 and +18% in 2026, providing a strong market tailwind.
Valuations: historically elevated levels raise concerns around market frothiness and increase vulnerability to higher (real) yields.
Our main investment themes are the following:
Artificial Intelligence: Demand is accelerating from hyperscalers and governments at the start of the innovation cycle, while supply remains constrained. Our exposure is diversified across electronics & semiconductors and AI applications in Asia and the US.
Industrials: We focus on companies benefiting from structural themes such as electrification, reindustrialisation, and aerospace, with a preference for European exposure supported by German fiscal stimulus.
Financials: We are increasing allocation to quality names (S&P Global, Mastercard, Tradeweb) while maintaining selective exposure to emerging market banks (Kotak Mahindra, Itaú Unibanco, Banorte).
Performance Overview
Data as of: Sep 5, 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.
Source: Carmignac at 08/09/2025
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jul 31, 2025.| North America | 60.8 % |
| Asia | 22.9 % |
| Europe | 12.3 % |
| Latin America | 2.7 % |
| Asia-Pacific | 1.1 % |
| Eastern Europe | 0.3 % |
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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 management and equity positioning.
Exposure Data
Data as of: Jul 31, 2025.Equity Investment Weight98.5 %
Net Equity Exposure96.3 %
Number of Equity Issuers85
Active Share77.0 %
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
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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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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
Markets have been climbing the wall of worry for most of the summer.
In August 2025, equity markets posted solid gains globally, with major indices such as the S&P 500 and Nasdaq reaching new record highs. These gains were primarily driven by a small group of mega-cap technology firms, including Nvidia, Microsoft, Apple, and Amazon.
At Jackson Hole, following the release of July’s US non-farm payrolls—which suggested a slowing labour market—Powell opened the door to potential mid-September rate cuts. This fueled expectations of an aggressive cutting cycle.
European markets underperformed in local currencies, with France lagging in particular due to political uncertainties.
Chinese onshore equities rose to decade highs, supported by optimism around anti-involution reforms, strength in the technology sector, and incremental government measures aimed at boosting the equity market.
The euro appreciated against the dollar over the period, creating a divergence between local currency and euro-denominated index performances.