Share Class
LU0992627611
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
Bonds44.8 %
Equities43.4 %
Other11.8 %
Data as of: Sep 30, 2025.
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
+ 48.9 %
+ 33.3 %
+ 19.7 %
+ 29.8 %
+ 12.6 %
To 27/10/2025
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
+ 1.3 %
+ 4.4 %
+ 0.5 %
- 10.8 %
+ 11.2 %
+ 13.4 %
- 0.3 %
- 8.8 %
+ 2.7 %
+ 7.6 %
Net Asset Value
148.89 €
Asset Under Management
1 651 M €
Net Equity Exposure30/09/2025
37.8 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2025.
Data as of: Oct 27, 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.
Carmignac Portfolio 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, 2025.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)
Performance commentary
- The fund delivered a positive performance over the month, slightly ahead of its reference indicator.
- Stock selection continued to drive returns, supported by the rally in growth names, particularly in emerging markets but also in the United States. Key contributors included TSMC, Alphabet, SK Hynix, and Nvidia.
- Our exposure to gold-related equities also benefited from the rise in the precious metal, adding further support to performance.
- Similarly, our moderate exposure to the U.S. dollar and preference for the euro once again proved beneficial.
- On the other hand, the hedges we introduced during the month on equities and credit weighed slightly on performance. However, they remain attractive protections against a potential market downturn before year-end — a cost we are willing to bear in order to safeguard the portfolio.
- Finally, in fixed income, market moves were not favorable to our positioning. While absolute performance remained neutral, we lagged behind the broader market.
Outlook strategy
- Our market outlook remains constructive, supported by fiscal stimulus, central bank backing, prospects of a recovery in growth and earnings, and ongoing share buybacks.
- While equity valuations are historically elevated, they are not, in isolation, sufficient to trigger a downturn.
- We continue to closely monitor two key factors: the trajectory of real interest rates and the rapid growth of investments in artificial intelligence. At present, neither presents an imminent threat to market stability.
- That said, we expect longer-term rates to rise, driven by over-optimistic Fed cut expectations, widening fiscal deficits, and underestimated inflation risks. This adjustment should primarily impact nominal rates rather than real rates, limiting pressure on equity and credit valuations.
- Within fixed income, our strongest conviction remains in inflation, prompting us to maintain significant exposure to US inflation-linked products.
- On the equity side, AI remains a central theme, with investment momentum supported by expanding applications and intensifying competition among hyperscalers. Given the uneven return profile, our approach is deliberately diversified across the full value chain.
- Beyond AI, we sustain exposure to financials and industrials, while positioning to take advantage of market pullbacks to capture structural growth opportunities at attractive valuations.
Performance Overview
Data as of: Oct 27, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.
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.
Source: Carmignac at 28/10/2025
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2025.| Bonds | 44.8 % |
| Equities | 43.4 % |
| Money Market | 8.2 % |
| Cash, Cash Equivalents and Derivatives Operations | 3.6 % |
| Not Integrated | 0 % |
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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, 2025.Equity Investment Weight43.4 %
Net Equity Exposure37.8 %
Active Share83.0 %
Modified Duration-1.0
Yield to Maturity4.5 %
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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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “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
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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.
Market environment