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
Bonds35.7 %
Other34.2 %
Equities30.1 %
Data as of: Aug 29, 2025.
Risk Indicator
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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
+ 38.2 %
-
+ 15.2 %
+ 12.7 %
+ 2.6 %
To 25/09/2025
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
-
-
-
- 4.8 %
+ 18.7 %
+ 13.9 %
+ 9.5 %
- 12.7 %
+ 2.1 %
+ 7.3 %
Net Asset Value
138.24 €
Asset Under Management
486 M €
Net Equity Exposure29/08/2025
42.0 %
SFDR - Fund Classification
Article
8
Data as of: Aug 29, 2025.
Data as of: Sep 25, 2025.
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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: Aug 29, 2025.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
- The fund delivered a positive performance over the month but remained below its reference indicator.
- Stock selection continued to weigh on relative performance, particularly due to the underperformance of Alcon, Argenx, and Schneider Electric.
- Year-to-date underperformance is mainly explained by the relative weakness of our long-term convictions, affected by the decline of the quality style in Europe.
- On the fixed income side, we offset the rise in European yields thanks to reduced bond sensitivity, our inflation-linked positions, and our credit exposure.
- Our diversification tools also contributed, particularly through our exposure to gold, silver, and currencies.
Outlook strategy
- European growth is expected to remain weak in the near term, with a cyclical rebound likely only in late 2025 / 2026, supported by easing policy uncertainty, improving credit flows, and German fiscal stimulus.
- Disinflation should continue into year-end as base effects fade and wage pressures ease.
- Market expectations are no longer dovish; the yield curve is already pricing in hikes by late 2026. The asymmetry lies in the ECB’s stance: it will cut rates if necessary. Preference remains cautious on the long end.
- Inflation-linked strategies look attractive, with real rates at decade highs.
- We remain constructive on equities, with high exposure supported by the current environment.
- Quality names offer attractive valuations, with opportunities in companies tied to long-term themes such as electrification and reindustrialisation. Allocation to banks has been reinforced, underpinned by strong fundamentals.
- Credit spreads appear expensive and also provide a good hedge against equities, but carry remains appealing and dispersion offers alpha potential.
Performance Overview
Data as of: Sep 25, 2025.Source: Carmignac at 28/09/2025
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Aug 29, 2025.| Bonds | 35.7 % |
| Equities | 30.1 % |
| Money Market | 29.3 % |
| Cash, Cash Equivalents and Derivatives Operations | 5.4 % |
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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: Aug 29, 2025.Equity Investment Weight30.1 %
Net Equity Exposure42.0 %
Active Share90.9 %
Modified Duration1.7
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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Market environment