Main detractors to 2025 performance:
- Quality: The main headwind to performance was the global rotation away from ‘quality’ companies, which made 2025 the 4th weakest relative year for global quality in the past 25 years.
- Healthcare: The fund’s large exposure to pharma and life sciences was the main detractor, reflecting macro headwinds (weaker dollar, tariff, and US pricing concerns) and the rotation. Novo Nordisk added a stock-specific drag, though even with better timing the dominant factor remained an exceptional style rotation.
- Consumer: High-quality consumer staples such as Procter & Gamble and Colgate fell meaningfully despite stable fundamentals, while consumer discretionary names like Hermès, Home Depot and Adidas lagged on fears of weaker consumer spending.
Main contributors to 2025 performance:
- Industrials: European industrials performed strongly, driven by a cyclical rebound in Europe after the German plan, led by Prysmian, Assa Abloy, and DSV.
- Technology: Over 30% of the portfolio was invested in AI beneficiaries (Nvidia, Alphabet, Amazon, ASML). Some software names (ServiceNow, SAP, Microsoft) were temporarily seen as AI losers, leading us to reinforce key convictions and exit strong performers like Oracle or weaker names such as Adobe.
Outlook / Positioning
- We believe that valuations for high-quality businesses are very attractive, now trading at relative multi-year lows, and in some cases, at levels not seen since before the Global Financial Crisis.
- In the current environment, earnings visibility is likely to be increasingly rewarded. We therefore maintain a disciplined stance, limiting exposure to cyclical sectors in favour of quality.
- Our portfolio remains positioned to benefit from secular growth trends such as AI and digital transformation, while maintaining the flexibility and discipline needed to navigate an uncertain macro backdrop.
- We believe that the portfolio fundamentals are fully intact : Average ROE of 23% (vs. ~14% for the market), reinvestment rates above 75% across holdings, and a diversified long-term allocation across Technology, Healthcare, Consumer Staples, Industrials, and Financials.
Top picks
- Colgate Palmolive: Defensive consumer staples name with leading global market shares in oral care and hygiene, and strong exposure to emerging markets. Delivers resilient low-single-digit organic growth, high brand equity, and strong cash generation. Currently trading at attractive valuation.
- S&P Global: High-quality information services franchise with leading benchmark and index businesses across equities, commodities, and fixed income. Strong balance sheet and capital-light model support structurally high ROIC, with revenue growth of 7–8%.
Top sectors
- Technology: We believe AI is a major long-term opportunity, but we do not consider extreme concentration in a single theme to be responsible portfolio management. We keep around 30% to the theme, with a preference towards software names.
- Staples: Reinforced positions in Unilever, L’Oréal, P&G, Colgate at historically attractive valuations (lowest relative levels in 25 years).
FP Carmignac Global Equity Compounders A GBP ACC
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 5/7
- SFDR - Fund Classification
- Article -
*Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.
Main risks of the fund
Fees
- Maximum subscription fees paid to distributors
- 0.00%
- Redemption Fees
- 0.00%
- Conversion Fee
- -
- Ongoing Charges
- 0.90%
- Management Fees
- 0.82% MAX
- Performance Fees
- -
Footnote
Performance
| FP Carmignac Global Equity Compounders | 23.1 | 22.6 | -19.0 | 21.0 | 17.6 | 1.1 |
| Reference Indicator | 19.8 | 22.9 | -7.8 | 16.8 | 20.8 | 12.8 |
| FP Carmignac Global Equity Compounders | + 12.9 % | + 7.4 % | + 10.5 % |
| Reference Indicator | + 16.7 % | + 12.5 % | + 14.7 % |
Source: Carmignac at 31 Dec 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Reference Indicator: MSCI World NR index
Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions. This document is intended for professional clients.
This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.
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.
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.
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.
Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA.
The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital.
The Funds’ prospectus, KIDs, NAVs and annual reports are available at www.carmignac.com/en, or upon request to the Management Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The French investment funds (fonds communs de placement or FCP) are common funds in contractual form conforming to the UCITS or AIFM Directive under French law.
In the United Kingdom: the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.com/en-gb, or upon request to the Management Company, or for the French Funds, at the offices of the acilities Agent, Carmignac UK Ltd, 2 Carlton House Terrace, London, SW1Y 5AF. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the FCA with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY, UK; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.
In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.com/en-ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Route de Signy 35, 1260 Nyon.
The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English on the following links: UK ; Switzerland ; France ; Luxembourg ; Sweden.
For Carmignac Portfolio Long-Short European Equities: Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278.