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Alternative strategies

Carmignac Portfolio Long-Short European Equities

European marketArticle 8
Share Class

LU1317704051

A high-conviction long/short approach to European equities
  • A bottom-up fundamental approach to maximise long and short alpha generation.
  • Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
  • Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 85.2 %
+ 87.1 %
+ 35.3 %
+ 25.2 %
+ 6.4 %
From 19/11/2015
To 04/12/2025
Calendar Year Performance 2024
- 0.2 %
+ 9.1 %
+ 16.1 %
+ 3.4 %
- 0.3 %
+ 6.9 %
+ 13.0 %
- 6.3 %
+ 0.1 %
+ 17.4 %
Net Asset Value
185.17 €
Asset Under Management
710 M €
Net Equity Exposure31/10/2025
39.2 %
SFDR - Fund Classification

Article

8
Data as of:  Dec 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.
Alternative strategiesCarmignac Portfolio Long-Short European Equities
Alternative strategiesCarmignac Portfolio Long-Short European Equities
Share Class

LU1317704051

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Long-Short European Equities 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:  Nov 28, 2025.

Market environment

  • The S&P 500 closed November flat and the Stoxx 600 was up 0.8%, while the Nasdaq was down 1.64%, after a choppy period spurred by fears of an artificial intelligence bubble.
  • While the final monthly performance of the Nasdaq looks benign, the intra-month action between the lines was anything but that, as the index pulled back around 8%.
  • Technology was the worst performing sector during the month, exerting significant pressure on growth stocks and the quality factor. The Value factor has outperformed the Growth factor by 19% this year.
  • Since the beginning of the year, the MSCI Europe Quality Index underperformed the MSCI Europe by 9% - its worst performance in 20 years. However, we did not experience a selloff of quality stocks but rather a sharp rebound of lower quality stocks.
  • Quality stock’s fundamentals are primarily based on backward-looking factors such as balance sheet strength, margin stability and steady earnings growth.
  • In Europe, the stocks that stand out in these screenings are often those that have managed to overcome sluggish growth in Europe over the past 10-15 years by finding growth drivers in the US and China. The revenues are therefore more exposed to the US than to Europe.

Performance commentary

  • In November, the fund posted a negative performance, driven by the Long book. Our Short book had a strong absolute performance and alpha.
  • Our Long book was impacted by the weakness of the Tech sector and the continued sharp rebound of lower quality stocks.
  • The excellent quarterly results of Nvidia failed to allay concerns around the high valuations and fears of overly optimistic profit expectations surrounding the AI ecosystem. Our semiconductor positions in ASM International and ASML were particularly impacted.
  • We have been very active across the semiconductor supply chain over the past two years, with the memory segment being our largest contributor.
  • Siemens Healthineers, which has been one of our top convictions this year, was our largest detractor. The stock experienced some choppiness due to headlines around the upcoming spinoff from Siemens. We took advantage of the weakness to increase our position.
  • On the short side, our top contributor was 3i, which released its interim results with a soft like for like sales growth and warning they could miss their LFL guidance for the year.
  • We also benefited from Valeo which pointed to softer growth ambitions and margin goals at its latest Capital Markets Day.

Outlook strategy

  • The net exposure of the strategy stayed quite high throughout the month in the 20-40% range, as we keep strong convictions on the Long side in European companies excelling globally and benefiting from local monopolies.
  • These include industries such as luxury goods, specialty engineering, ERP software, specialty chemicals, medical technology, aerospace and defense, and classifieds.
  • We believe Europe presents for the first time in a long time a very attractive entry point, with a risk/reward skewed to the upside thanks to several factors we discuss in our latest quarterly letter.
  • Germany has removed the fiscal drag which has weighted on Europe for more than a decade and the upcoming defense and infrastructure historic investment plan will have a profound impact on the overall region.
  • On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.

Performance Overview

Data as of:  Dec 4, 2025.
View Performance in detail
​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.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 05/12/2025

Carmignac Portfolio Long-Short European Equities Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Oct 31, 2025.
Europe EUR41.1 %
Others14.7 %
North America7.3 %
Europe ex-EUR-0.8 %
Equity Basket Derivatives-8.3 %
Index Derivatives-14.7 %
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Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  Oct 31, 2025.
Net Equity Exposure39.2 %
Beta+0.1 %
Sortino Ratio+1.2
Number of Holdings23
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The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
[Management Team] [Author] Heininger Malte

Malte HEININGER

Delegated Fund Manager, White Creek Capital LLP
View Fund's characteristics

Articles that may interest you

Strategies insights • November 14, 2024 • English

Carmignac Portfolio Long Short European Equities: Letter from the Fund Manager

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Strategies insights • May 14, 2024 • English

Carmignac Portfolio Long-Short European Equities: Letter from the Fund Manager

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All analysis
View characteristics and risks
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.
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.
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.