Diversified strategies
Carmignac Portfolio Patrimoine Europe
Luxembourg SICAV sub-fundEuropean marketArticle 8Share 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
Bonds35.9 %
Other34.7 %
Equities29.4 %
Data as of: 28 Nov 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
+ 8.5 %
-
-
-
+ 7.8 %
To 07/01/2026
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
-
-
-
-
-
-
-
-
-
+ 7.3 %
Net Asset Value
108.55 £
Asset Under Management
497 M €
Net Equity Exposure28/11/2025
45.7 %
SFDR - Fund Classification
Article
8
Data as of: 28 Nov 2025.
Data as of: 7 Jan 2026.
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.
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.
.png){kind=logo}
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 Dec 2025.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
Performance commentary
- The fund ended the year with a positive performance, but slightly underperformed its reference indicator, in line with its full-year performance.
- As seen throughout the year, cyclical stocks outperformed in Europe, supported by encouraging macroeconomic data during the month. Our positioning in quality stocks therefore underperformed, consistent with the broader trend observed in 2025.
- Adjustments made during the year nevertheless allowed us to capture part of the month cyclical upside, notably through futures on the IBEX, basic resources, and more broadly the Euro Stoxx 50.
- In rates, our cautious stance helped limit downside following the rise in 10-year German yields.
- Our non-equity diversification strategies were less effective, notably our positions in Latin American currencies, which underperformed the Euro over the period.
Outlook strategy
- Global growth should be supported by fiscal stimulus in the U.S., Europe and Japan, albeit at the cost of higher medium-term inflation risks, particularly in the U.S.
- In Europe, fiscal activism is the main growth anchor: NextGenerationEU funds continue to flow to the periphery, France has delayed fiscal consolidation, and Germany’s historic Merz plan is gaining traction.
- In this context, we maintain meaningful equity exposure and a low modified duration (around 2), while preserving selective defensive positions, notably via CDS futures to hedge risky asset exposure and commodities.
- Easing tariff and FX headwinds, combined with German stimulus, support European markets, which also offer diversification away from AI-heavy exposures and attractive valuations.
- European quality stocks trade near historical relative lows following the rotation into value and domestic names, while fundamentals, particularly in healthcare, technology and branded consumer goods, remain solid or have even improved.
- We favor selective credit positioning for defensive carry: while spreads are tight, elevated dispersion continues to offer alpha opportunities with robust risk-adjusted returns.
Performance Overview
Data as of: 8 Jan 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31/12/2021, 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 09/01/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 28 Nov 2025.| Bonds | 35.9 % |
| Equities | 29.4 % |
| Money Market | 29.4 % |
| Cash, Cash Equivalents and Derivatives Operations | 5.3 % |
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 equity and bond management and positioning.
Exposure Data
Data as of: 28 Nov 2025.Equity Investment Weight29.4 %
Net Equity Exposure45.7 %
Active Share90.5 %
Modified Duration1.6
Yield to Maturity3.0 %
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.
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
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
Articles that may interest you
Strategies insights • 28 July 2023 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
5 minute(s) read
![[Fund News] [Background image] [Green] Monthly dividends distribution](https://carmignac.imgix.net/uploads/NextImage/0001/08/%5BMain-Media%5D-%5BFund-News%5D-Monthly-dividends-distribution.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Strategies insights • 12 October 2022 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Manager
5 minute(s) read
Did you enjoy the fund page?
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