Alternative strategies
Carmignac Absolute Return Europe
French mutual fund (FCP)European marketArticle 8PEA ElegibleShare 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
+ 137.0 %
+ 49.8 %
+ 10.0 %
+ 4.7 %
+ 0.7 %
To 07/01/2026
Calendar 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 2024Calendar 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
428.22 €
Asset Under Management
158 M €
Net Equity Exposure28/11/2025
26.7 %
SFDR - Fund Classification
Article
8
Data as of: Jan 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 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 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: Dec 31, 2025.Fund management team
Johan FREDRIKSSON
Fund Manager
Dean SMITH
Fund Manager
Performance commentary
- The Fund produced a positive return in December.
- Financials were once again the largest contributor to performance, supported by strong returns from our bank holdings and a takeover bid for fund administrator Allfunds.
- Elsewhere, Technology delivered positive returns, with a significant contribution from companies benefiting from the rapid growth in AI.
- Industrials and Basic Resources also contributed positively, while the main detractors were Consumer Staples and Consumer Discretionary.
- Key stock selection winners included long positions in Samsung (accelerating demand for DRAM), DSV (upgraded synergy targets following the Schenker acquisition), and Societe Generale (amidst improving operating performance).
- Detractors included our longs in Ceres power (weakness in US peers triggered profit-taking) and Ottobock (profit taking following a strong market debut).
Outlook strategy
- December saw lower activity, reflecting a steadily trending market and seasonally lighter trading volumes.
- We modestly increased exposure to Financials, taking advantage of price weakness in Banca Monte dei Paschi early in the month, and added selectively to Industrials through new positions in Airbus and a US-focused construction equipment rental business with strong market positions.
- Given ongoing downgrade risks in the consumer space, we further reduced exposure to Consumer Discretionary and Consumer Staples.
- Gross exposure was maintained in the 120–130% range, while net exposure was increased from the low-20s to around 30%, reflecting an improving opportunity set and a selective increase in risk.
- As the market looks ahead to the FY25 earnings season, banks remain our largest concentrated long exposure.
- While fundamentals continue to support our conviction, we remain mindful of near-term guidance risks and stand ready to implement tactical hedges as appropriate.
Performance Overview
Data as of: Jan 8, 2026.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 09/01/2026
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Nov 28, 2025.| Europe EUR | 24.6 % |
| Europe ex-EUR | 15.2 % |
| North America | 5.5 % |
| Others | 4.9 % |
| Index Derivatives | -23.4 % |
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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: Nov 28, 2025.Net Equity Exposure26.7 %
Issuer equity derivative short43
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