Share Class
LU2970252958
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Other40.2 %
Bonds30.3 %
Equities29.5 %
Data as of: 27 Feb 2026.
Risk Indicator
1
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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
+ 8.7 %
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+ 8.7 %
To 08/04/2026
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
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+ 7.3 %
Net Asset Value
108.75 £
Asset Under Management
483 M €
Net Equity Exposure27/02/2026
31.9 %
SFDR - Fund Classification
Article
8
Data as of: 27 Feb 2026.
Data as of: 8 Apr 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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised 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 Managers.
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
Jacques HIRSCH
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques HIRSCH
Fund Manager
Carmignac Portfolio Patrimoine 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: 31 Mar 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Jacques HIRSCH
Fund Manager
Performance commentary
- The fund ended the month in negative territory but outperformed its benchmark.
- Unsurprisingly, the decline in European equities was the main detractor from performance, affecting both our quality stock selection and our diversification assets.
- The broad-based and indiscriminate sell-off in European markets weighed more heavily on the portfolio as we have limited exposure to energy stocks and a higher allocation to industrial names, which underperformed in a more challenging growth environment.
- That said, the sale of our gold exposure proved beneficial, as it was executed ahead of the sharp decline in the metal.
- On rates, our short positions on short-term yields, particularly through options, generated gains at a time when bond markets were also under pressure.
- Similarly, our credit protection strategies (CDS) helped mitigate the widening in credit spreads and offset part of the decline in broader risk assets.
Outlook strategy
- Markets remain highly unreadable, as they are largely driven by geopolitical decisions that can shift rapidly.
- In our view, short-term inflation risks now appear mostly priced in, but markets may be underestimating the risk of a growth slowdown in certain countries and sectors.
- That said, European equity markets seem to have corrected more sharply than their peers. In this context, we maintain a net equity exposure of 30–40%, with the flexibility to increase it quickly through options.
- We also took advantage of the recent sell-off and heightened volatility to increase exposure to sectors that appear overly penalized and could rebound in the event of a de-escalation, such as Euro Stoxx banks.
- On rates, we took profits on short-duration positions during the month and initiated long exposure to European short-term rates, bringing our modified duration to around 3.
- On credit, we continue to maintain significant protection on high yield, as current spread levels appear too complacent given the risks associated with higher commodity prices, growth concerns, and tensions in private credit.
- Finally, we reintroduced a smaller tactical position in gold at the end of the month, after having reduced exposure to zero earlier in March.
Performance Overview
Data as of: 8 Apr 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.
Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Source: Carmignac at 09/04/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 27 Feb 2026.| Money Market | 37.9 % |
| Bonds | 30.3 % |
| Equities | 29.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 2.3 % |
| Credit Default Swap | -27.1 % |
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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: 27 Feb 2026.Equity Investment Weight29.5 %
Net Equity Exposure31.9 %
Active Share96.9 %
Modified Duration1.1
Yield to Maturity2.9 %
Average RatingA+
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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Articles that may interest you
Strategies insights • 28 July 2023 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
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Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised 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