Share Class
LU0992628858
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities97,3 %
Other2,7 %
Data as of: Sep 30, 2026.
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
+ 144,8 %
+ 116,2 %
+ 12,4 %
+ 32,7 %
+ 6,0 %
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
+ 5,1 %
+ 11,0 %
- 9,6 %
+ 35,5 %
+ 14,4 %
+ 22,5 %
- 20,6 %
+ 15,5 %
+ 12,0 %
- 0,2 %
Net Asset Value
244,82 €
Asset Under Management
374 M €
Net Equity Exposure30/09/2026
97,3 %
SFDR - Fund Classification
Article
9
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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark DENHAM
Head of Equities, Fund Manager
Frédéric JEANMAIRE
Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark DENHAM
Head of Equities, Fund Manager
Carmignac Portfolio Grande 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: Sep 30, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Frédéric JEANMAIRE
Fund Manager
Performance commentary
- Over the month of September, the fund delivered a negative absolute and relative return.
- European growth equities were particularly challenged during the month, as higher interest rates and rising bond yields weighed on longer-duration valuations.
- After several month of strong performance our Industrials names have been a detractor in September.
- Experian lagged amid continued market concerns around the potential disruptive impact of AI on information-services companies, while DSV was weighed down by near-term uncertainty around growth and execution in logistics.
- Financials and payment companies also came under pressure in the higher-rate environment, compounded by company-specific factors. At Adyen, these included the CFO transition and concerns around the potential commercial impact of a competing Stripe product.
- The strongest relative contributor over the month was our stock selection in Healthcare.
- Holdings such as Sartorius and Genmab continued to deliver strong gains following encouraging clinical developments and improving investor sentiment towards innovative healthcare companies. This more than offset weakness in Essilorluxxotica and Alcon.
- ASML, our biggest position, performed strongly as continued investment in AI infrastructure supported demand for advanced semiconductor manufacturing equipment, reinforcing its position as a key beneficiary of the AI investment cycle.
Outlook strategy
- We made very few changes over the month of September. We also took some profits in Schneider Electric and ASML after strong performance.
- We completely exited our position in UBS as the risk/reward became less compelling, with uncertainty around higher Swiss capital requirements potentially weighing on capital efficiency and future returns.
- On the other hand, we initiated new position in Kerry Group, a global leader in taste and nutrition, combining structurally above-market growth with innovation-led customer relationships and a meaningful margin-expansion opportunity.
- We also bought into Puig Brands, a high-quality premium beauty platform with differentiated brands, attractive category exposure and significant international runway
- We remain constructive on the outlook for the last quarter of 2026. We believe high quality European equities are heavily oversold and now trade on appealing valuations, offering an attractive entry point for long term investors.
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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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 23/10/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2026.| Europe | 100,0 % |
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: Sep 30, 2026.Equity Investment Weight97,3 %
Net Equity Exposure97,3 %
Number of Equity Issuers45
Active Share83,7 %
To Access the weekly view
Articles that may interest you
Strategies insights • October 21, 2026 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Managers - Q3 2026
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Strategies insights • July 15, 2026 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q2 2026
4 minute(s) read
Press release • June 9, 2026 • English
Carmignac strengthens investment team with top European equity manager
2 minute(s) read
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Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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.
Market environment