Carmignac Portfolio Absolute Return Europe

Share Class

LU2923680206

Risk Indicator

2 / 7

Recommended Minimum Investment Horizon

3 years

Cumulative Performance since launch Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months

From 29/11/2024 To 09/07/2026

- 0,1 %

+ 0,7 %

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

+ 0,3 %

- 0,8 %

Net Asset Value

99,87 €

Asset Under Management

50 M €

Net Equity Exposure30/06/2026

21,3 %

SFDR - Fund Classification

Article 8

Data as of: Jul 9, 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 Portfolio Absolute Return Europe

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Absolute Return Europe Monthly comments

Data as of: Jun 30, 2026.

The Investment team

Johan FREDRIKSSON

Fund Manager

Market Environment

European equities gained more than 2% in June, although performance was volatile.
The STOXX Europe 600 declined during the first half of the month as geopolitical tensions in the Middle East and higher oil prices weighed on sentiment, before rebounding sharply following the Israel-Iran ceasefire, which eased energy supply concerns and supported a recovery in risk appetite.
Leadership remained concentrated in structural growth themes.
Technology outperformed, supported by continued AI-related investment and semiconductor demand, while utilities benefited from rising electricity demand and grid investment.
Healthcare and consumer sectors lagged initially but recovered towards month-end as lower oil prices improved the consumer outlook.
Market performance continues to be driven more by sharp sector rotations than by overall index direction, creating a challenging environment for stock selection.
Looking ahead, the focus will shift to the second quarter earnings season, where company guidance will be key in determining whether current valuations and market leadership can be sustained.

Performance Commentary

The fund generated a positive return during the month.
Underlying equity positions performed well, though gains were partly offset by index hedges in a supportive market environment.
Financials were the strongest contributor, driven by bank holdings, while Industrials also performed well, supported by resilient earnings and continued investor focus on electrification and power infrastructure themes.
Key stock selection winners included long positions in ASML (Benefited from renewed optimism towards semiconductor capital equipment), Mediobanca (post renewed M&A interest) and Fresenius (supported by improving investor sentiment in healthcare).
The main detractors were Halma, following a more cautious outlook, and Zegona, which suffered from broader weakness in the telecom sector.

Outlook and Investment Strategy

Markets entered June on a constructive footing, supported by resilient economic growth, easing inflation and continued enthusiasm around AI.
While US equities remained the main driver of returns, market leadership broadened beyond mega-cap technology, benefiting a wider range of sectors and regions, including Europe.
Investor focus is now shifting toward the upcoming Q2 earnings season, which will be key to validating current market expectations.
With valuations still elevated in parts of the market, earnings and company guidance are likely to drive increased sector rotation and performance dispersion.
Despite this, the medium-term outlook remains supportive, underpinned by resilient economic activity and healthy corporate fundamentals.

Performance scenarios

The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future. This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10 000 €.

Performance scenarios

Data as of: May 2026.

Scenarios

If you exit after 1 year

If you exit after 3 years

Stress

What you might get back after costs

Average return each year

5 870 €

−41,28 %

6 500 €

−13,37 %

Unfavourable

What you might get back after costs

Average return each year

8 650 €

−13,46 %

9 030 €

−3,34 %

Moderate

What you might get back after costs

Average return each year

9 930 €

−0,70 %

10 530 €

+1,75 %

Favourable

What you might get back after costs

Average return each year

11 710 €

+17,11 %

12 270 €

+7,06 %

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The unfavourable scenario occurred for an investment between 01/2025 and 05/2026.

The moderate scenario occurred for an investment between 03/2018 and 03/2021.

The favourable scenario occurred for an investment between 05/2016 and 05/2019.

Source: Carmignac at May 31, 2026.

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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.

Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.

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.