Share Class
FR0011269182
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
Equities97.5 %
Other2.5 %
Data as of: Apr 30, 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
+ 138.8 %
+ 63.6 %
+ 60.0 %
+ 36.7 %
+ 2.1 %
To 06/05/2025
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
+ 1.2 %
+ 2.1 %
+ 4.8 %
- 14.2 %
+ 24.8 %
+ 33.7 %
+ 4.0 %
- 18.4 %
+ 18.9 %
+ 25.0 %
Net Asset Value
225.35 €
Asset Under Management
3 578 M €
Net Equity Exposure30/04/2025
91.5 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2025.
Data as of: May 6, 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 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: Mar 31, 2025.Fund management team
Kristofer Barrett
Head of Global Equities, Fund Manager
Performance commentary
- In this context, our portfolio posted a negative performance, underperforming its reference indicator.
- This was mainly due to our positions in US and Taiwanese technology companies (TSMC, Nvidia, Broadcom, Synopsys), which were affected by the downward pressure on the sector as a whole.
- Novo Nordisk continued to disappoint, penalized by competition from Eli Lilly, and remains exposed to potential tariffs that could affect its growth in the United States.
- Our selection of more defensive healthcare stocks held up well during this period of uncertainty (Cencora, McKesson, Elevance Health, Centene).
- Our equity hedges (options, index and equity futures) contributed positively to performance, especially towards the end of the period.
Outlook strategy
- With global growth in the hands of unpredictable politicians in the United States, China and Europe, our strategy is based on the analysis of company fundamentals.
- In this context, we favor assets such as growth stocks that are less dependent on the economic cycle in the United States, Europe and emerging markets, as well as stocks whose valuations already reflect a high degree of uncertainty.
- Despite the high volatility in the technology sector, we are keeping our investments broadly unchanged. While the sector is facing negative noise, we see little change in the fundamentals for the time being.
- The Fund's equity exposure has been reduced through the effect of short index and short equity options as the market downturn has accelerated.
- We are gradually building exposure to two investment themes: aerospace and defence and electrical equipment.
Performance Overview
Data as of: May 6, 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.From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/05/2025
Carmignac Investissement Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: Apr 30, 2025.| North America | 64.7 % |
| Asia | 19.9 % |
| Europe | 11.0 % |
| Latin America | 3.2 % |
| Asia-Pacific | 1.4 % |
To Access the weekly view
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: Apr 30, 2025.Equity Investment Weight97.5 %
Net Equity Exposure91.5 %
Number of Equity Issuers80
Active Share80.0 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Kristofer Barrett
Head of Global Equities, Fund Manager
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 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