On Thursday 2nd July Carmignac hosted their flagship UK Summer Insights Conference at the London offices.
The event theme Conviction in an Age of Dispersion saw Carmignac’s investment teams explore the geopolitical and macroeconomic landscape, reviewing dispersion across asset classes, sectors, and regions.
We are pleased to share the key investment insights from the conference:
Alternatives
- Why Long/Short Equity Works in Today’s Macro Environment: Elevated dispersion, uneven growth and periodic volatility create fertile conditions for both long and short opportunity sets - supporting a strategy designed with the objective to generate consistent, risk-adjusted returns across market cycles.
- Capturing Alpha Through Fundamental Longs and Forensic Analysis: A disciplined focus on high-quality compounders on the long side, combined with a forensic approach to identifying balance sheet weakness and earnings fragility, allows the strategy to exploit mispricing driven by fundamental deterioration.
- Downside Protection: The Role of Shorts in Tail Risk Events: A carefully constructed short book provides more than alpha generation - it can offer critical downside hedging in periods of market stress or unforeseen “black swan” events, enhancing portfolio resilience.
Emerging Markets
- Emerging Markets: The Start of a Multi-Year Cycle? Improving external balances, a weaker US dollar bias, easing monetary conditions and attractive relative valuations point to a potentially durable inflection point for EM equities.
- Asia Technology - Structural Growth Beyond the AI Narrative: From semiconductor leadership to supply chain reconfiguration and domestic innovation, Asia Tech remains central to global digitisation - with dispersion creating select entry points beyond the obvious winners.
- Latin America: Reform, Resources and Real Yields: Commodity leverage, improving fiscal discipline in key markets and structurally high real interest rates position LatAm as a differentiated opportunity set within a fragmented global landscape.
European Equities
- Europe - A Macro Backdrop Turning More Supportive: Easing inflation, the prospect of monetary normalisation, improving real incomes and selective fiscal support are stabilising the outlook - creating a more constructive environment for European equities after a prolonged period of underperformance.
- Why Quality Now? Fundamentals Over Cyclicality: In a fragmented and uneven growth environment, balance sheet strength, pricing power, and earnings visibility matter more than deep-value cyclicality. Dispersion is widening the gap between structurally advantaged companies and those exposed to margin pressure.
- Healthcare, Innovation & the Resilient Consumer: Europe remains home to global leaders in healthcare, industrial innovation, and premium consumer franchises - businesses with durable competitive advantages and global revenue streams that can compound through cycles.
Global Multi-Asset
A Dislocated Cycle: Volatility Rewarding Skill for the First Time Since 2018: Elevated dispersion, higher rates and structural macro uncertainty are once again differentiating fundamentals - creating conditions where disciplined, active investors can add meaningful value.
A Truly Global Approach to Active Allocation: Combining top-down asset allocation with bottom-up alpha selection across regions and asset classes enables portfolios to navigate (and exploit) widening dispersion in a fragmented market regime.
Using Derivatives to Manage Risk in Absolute Terms: Derivatives, when applied selectively and with discipline, can help manage volatility, and enhance convexity - supporting an absolute-return mindset rather than simply relative performance.
Tech Solutions
- A Multi-Decade Structural Growth Cycle: Digitalisation, cloud computing, AI, automation and electrification continue to reshape the global economy. Far from a short-term theme, technology remains a foundational driver of productivity and capital expenditure across industries.
- Beyond the “Mag 7”1: The Global Ecosystem and Asia’s Supply Chain: While the US mega-caps dominate headlines, value creation extends across the semiconductor ecosystem, hardware enablers and Asia’s critical manufacturing and design supply chains - where dispersion is creating differentiated opportunities.
- Not Just AI: Broad-Based Innovation Driving Returns: From cybersecurity and enterprise software to advanced manufacturing and next-generation connectivity, the opportunity set in global tech is far wider than AI alone - rewarding selectivity over concentration.
FP Carmignac European Leaders B GBP ACC
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 6/7
- 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
FP Carmignac Emerging Markets A GBP ACC
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 6/7
- 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
Carmignac Portfolio Patrimoine F GBP Acc Hdg
- Recommended minimum investment horizon
- 3 years
- Risk indicator*
- 4/7
- SFDR - Fund Classification**
- Article 8
*Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Main risks of the fund
Carmignac Portfolio Tech Solutions F GBP Acc
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 6/7
- SFDR - Fund Classification**
- Article 9
*Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Main risks of the fund
Carmignac Portfolio Long-Short European Equities F GBP Acc Hdg
- Recommended minimum investment horizon
- 3 years
- Risk indicator*
- 4/7
- SFDR - Fund Classification**
- Article 8
*Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
