Share Class
FR0011269596
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
- Combine long-term growth and resilience with a socially responsible approach
Key documents
Asset Allocation
Bonds44,9 %
Equities44,6 %
Other10,5 %
Data as of: Sep 30, 2026.
Risk Indicator
1
2
3
4
5
6
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
+ 33,1 %
+ 17,9 %
+ 5,7 %
+ 27,2 %
+ 6,9 %
To 22/10/2026
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
+ 3,1 %
- 0,5 %
- 11,8 %
+ 10,0 %
+ 12,0 %
- 1,2 %
- 9,8 %
- 0,1 %
+ 4,3 %
+ 9,8 %
Net Asset Value
133,07 CHF
Asset Under Management
7 008 M €
Net Equity Exposure30/09/2026
43,0 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Oct 22, 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym for a “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques HIRSCH
Fund Manager
Carmignac Patrimoine 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: Sep 30, 2026.Fund management team
Performance commentary
- The Fund ended the month slightly lower and underperformed its reference indicator.
- Equities were the main drag on performance, both through stock selection and tactical and top-down positions.
- Within stock selection, the strong performance of high-beta US names such as Micron, as well as selected hyperscalers such as Meta, which are not held in the portfolio, weighed on relative performance. At the same time, several of our diversifying positions outside the AI theme came under pressure. Within financials, S&P Global, Tradeweb and Mastercard were negatively affected by higher interest rates, while Cencora and Zoetis detracted within healthcare. More broadly, the market environment was unfavourable for quality companies.
- Top-down equity positions also detracted. Gold miners declined alongside gold, which was pressured by rising US real yields, a stronger dollar and profit-taking following its sharp rally in August. Our index protection options also made a negative contribution.
- By contrast, fixed-income positioning contributed strongly to performance. Our cautious duration stance helped limit the impact of the sharp rise in yields, while our spread positions, particularly in France, and our exposure to inflation-linked instruments generated positive absolute contributions.
- Within currencies, our underweight position in the US dollar was a modest relative drag, although this was partly offset by our exposure to the yen, which appreciated sharply at the beginning of the month.
Outlook strategy
- Higher yields are creating renewed opportunities in fixed income, although selectivity remains essential. We believe the widening in sovereign spreads, particularly in France, is more reflective of a repricing towards fundamentals than of a broader European crisis risk.
- We remain constructive on equities despite relatively cautious investor positioning. We maintain our convictions in AI, particularly semiconductors, while continuing to diversify into consumer, financial and healthcare names.
- We increased the portfolio’s modified duration, primarily in the 3–5-year segment in Europe, where current yield levels already price in a significant degree of inflation risk. We also reduced our short positions in US rates through options.
- We maintain positions designed to benefit from wider French spreads and have increased our exposure to Italian real rates at intermediate maturities, which have become more attractive after being affected by contagion from tensions in France.
- Inflation remains a key risk. We therefore maintain exposure to inflation-linked bonds in Europe and to US inflation breakevens.
- We remain structurally underweight the US dollar, despite the tactical support it is receiving from tensions in Europe. The yen and emerging-market currencies, particularly the Brazilian real, remain important sources of diversification.
Performance Overview
Data as of: Oct 22, 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.
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.
Until 31 December 2012, the reference indicators' equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund's reference indicator comprised 50% MSCI AC World NR (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 23/10/2026
Carmignac Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2026.| Bonds | 44,9 % |
| Equities | 44,6 % |
| Cash, Cash Equivalents and Derivatives Operations | 6,6 % |
| Money Market | 3,9 % |
| Credit Default Swap | -16,5 % |
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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: Sep 30, 2026.Equity Investment Weight44,6 %
Net Equity Exposure43,0 %
Active Share83,3 %
Modified Duration1,3
Yield to Maturity5,0 %
Average RatingBBB+
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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Articles that may interest you
Strategies insights • October 13, 2026 • English
Carmignac Patrimoine: The Drivers Behind Its Renewed Momentum
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Our views • September 29, 2026 • English
Carmignac Patrimoine: Three Years at the Helm, What’s Next?
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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