Alternative strategies
Carmignac Portfolio Absolute Return Europe
Share Class
LU2923680206
Risk Indicator
3 / 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 08/01/2026
+ 1.1 %
-
-
-
+ 0.2 %
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
101.10 €
Asset Under Management
50 M €
Net Equity Exposure28/11/2025
22.3 %
SFDR - Fund Classification
Article 8
Comments from the Investment Team
Read the Investment team's analysis below.
Carmignac Portfolio Absolute Return Europe Monthly comments
Data as of: Dec 31, 2025.The Investment 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 and Investment 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 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 5 years, under different scenarios, assuming that you invest 10 000 €.
Performance scenarios
Data as of: Oct 2025.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
5860 €
-41.40 %
7190 €
-10.41 %
Unfavourable
What you might get back after costs
Average return each year
8650 €
-13.50 %
9080 €
-3.17 %
Moderate
What you might get back after costs
Average return each year
10100 €
+1.00 %
10650 €
+2.12 %
Favourable
What you might get back after costs
Average return each year
11700 €
+17.00 %
12630 €
+8.09 %
The unfavourable scenario occurred for an investment between 10/2021 and 10/2024.
The moderate scenario occurred for an investment between 06/2018 and 06/2021.
The favourable scenario occurred for an investment between 02/2016 and 02/2019.
Source: Carmignac at Oct 31, 2025.
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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.
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