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Alternative strategies

Carmignac Absolute Return Europe

French mutual fund (FCP)European marketArticle 8PEA Elegible
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
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 131,8 %
+ 37,4 %
- 2,5 %
+ 5,3 %
+ 2,1 %
From 02/01/2003
To 07/09/2026
Calendar Year Performance 2025
+ 8,9 %
+ 14,6 %
+ 4,4 %
- 1,3 %
+ 5,2 %
+ 12,6 %
- 6,4 %
0,0 %
+ 3,6 %
- 0,6 %
Net Asset Value
418,86 €
Asset Under Management
131 M €
Net Equity Exposure31/08/2026
18,4 %
SFDR - Fund Classification

Article

8
Data as of:  Sep 7, 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Alternative strategiesCarmignac Absolute Return Europe
Alternative strategiesCarmignac Absolute Return Europe
Share Class

FR0010149179

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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
Our objective is to provide long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.

Johan FREDRIKSSON

Fund Manager
View Fund's characteristics

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 31, 2026.
Fund management team

Johan FREDRIKSSON

Fund Manager

Market environment

  • European equities posted modest gains in August, with the STOXX Europe 600 advancing for a fifth consecutive month, supported by resilient second-quarter earnings and broadly robust economic activity.
  • However, rising energy prices and bond yields weighed on expectations for further monetary policy to ease as the month progressed.
  • Following July’s aggressive unwind of crowded momentum positions, market dynamics stabilised somewhat, although dispersion remained elevated.
  • Technology and AI-related names recovered as strong earnings and continued investment reinforced the structural growth outlook, while broader market participation also improved. Basic Resources and Financials were among the stronger sectors, supported by higher commodity prices and resilient bank earnings, while more defensive areas generally lagged.
  • Geopolitical tensions and higher energy prices contributed to renewed inflation concerns and upward pressure on European yields. Despite this, equities remained resilient, underpinned by a solid earnings season.

Performance commentary

  • The fund generated a positive return during the month.
  • In terms of portfolio contribution, four sectors stood out in August; Utilities, Technology, Industrials and Financials.
  • The negative detracting sector was Materials, with Chemical shorts position contributed negatively as shares rallied with move up in oil.
  • Key stock selection winners included long positions in Vests (delivered strong Q2 results), Nvidia (benefiting from strong AI demand) and PPC (further to brokers upgrades).
  • The main detractors were Societe Generale, impacted due to French Budget and election fears and Zalando after reporting a more cautious full-year outlook.

Outlook strategy

  • Looking into September, we remain constructive on European equities, supported by resilient earnings and a gradually improving macro backdrop.
  • In Germany, business confidence and manufacturing indicators continue to recover, with both the IFO survey and recent PMIs exceeding expectations. That said, higher energy prices and rising bond yields, particularly ahead of the Fed meeting, remain key risks.
  • We expect volatility and dispersion to remain elevated. Higher yields could challenge more highly valued areas, while structural themes including AI, electrification, defence and infrastructure continue to benefit from strong underlying investment.
  • Recent rotations have also created opportunities where valuations have become disconnected from fundamentals.
  • We therefore enter September with a balanced but constructive outlook. While the combination of higher yields, energy prices and geopolitical uncertainty warrants disciplined short-term risk management, the fundamental outlook for many of our holdings remains robust.
  • We continue to favour companies with strong competitive positions, visible earnings growth and attractive long-term returns. Periods of market volatility provide opportunities to add selectively where share-price weakness reflects positioning or macro concerns.

Performance Overview

Data as of:  Sep 7, 2026.
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). 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.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 08/09/2026

Carmignac Absolute Return Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Aug 31, 2026.
Europe EUR19,4 %
Europe ex-EUR6,9 %
North America5,3 %
Others3,2 %
Index Derivatives-16,4 %
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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:  Aug 31, 2026.
Net Equity Exposure18,4 %
Issuer equity derivative short41
Issuer equity derivative long50
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[Main Media] [Funds Focus] Bridge
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Carmignac Absolute Return Europe: Letter from the Fund Manager - Q2 2026

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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.
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.