Share Class
GB00BMGLBK75
A global, high-conviction equity fund for long-term investors
- A fund focusing on high quality companies with sustainable profitability, “compounders” that reinvest their earnings for future growth
- A concentrated, low turnover portfolio of high-conviction names seeking to achieve steady capital growth over the long term
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach
Key documents
Asset Allocation
Equities97.7 %
Other2.3 %
Data as of: 30 Jan 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 71.1 %
-
+ 45.4 %
+ 30.1 %
- 0.8 %
To 05/03/2026
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
-
-
-
-
+ 23.1 %
+ 22.6 %
- 19.0 %
+ 21.0 %
+ 17.6 %
+ 1.1 %
Net Asset Value
1.71 €
Asset Under Management
91 M €
Net Equity Exposure30/01/2026
97.7 %
Data as of: 30 Jan 2026.
Data as of: 5 Mar 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.
FP Carmignac Global Equity Compounders 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: 27 Feb 2026.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
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe EJIKEME
Fund Manager, Analyst
Performance commentary
- In February, the Fund delivered a negative absolute performance and underperformed its reference indicator.
- The main detractor was the Financials sector, particularly financial infrastructure names such as S&P Global and ICE, which underperformed due to valuation driven derating and sector rotation, despite fundamentals remaining solid.
- The Technology sector also detracted, as investors reassessed the risk reward profile of AI driven growth. Rising capital expenditure plans, uncertainty around AI returns, and concerns over disruption to traditional software models led to profit taking, especially among mega cap and data heavy technology stocks.
- Nvidia declined post earnings, as strong results were no longer sufficient to sustain the highly optimistic AI narrative.
- The largest positive contributor during the month was Consumer Staples, which continued to post strong returns since the start of the year.
- Defensive holdings such as Procter & Gamble, Colgate, and Unilever were the main contributors, benefiting from the rotation toward stable, cash generative companies and away from growth stocks.
- Given ongoing macroeconomic uncertainty, we continue to maintain a meaningful allocation to Consumer Staples within the Fund.
Outlook strategy
- During this volatile month, we made several portfolio adjustments.
- We significantly reduced our position in Novo Nordisk following continued share price weakness after the failed drug trial, alongside increasing competitive pressure from Eli Lilly, which continues to gain market share.
- We continue to actively manage our Technology exposure, as we observe a high level of dispersion across the sector.
- In this context, we reassessed our positioning in areas potentially disrupted by AI. We reduced exposure to selected software names by exiting Capgemini and trimming SAP. Conversely, we added to Salesforce and RELX, as we believe AI will act as an enabler that enhances their business models and long term performance.
- During the month, we also added back to Microsoft and Nvidia following the recent correction, as both companies offer strong visibility on customer demand and supply chains.
- With manufacturing PMIs moving back into expansion, signalling improving industrial activity, we increased our position in Kingspan, which is well positioned to benefit from a recovery in construction.
- In the current environment, earnings visibility and balance sheet strength are likely to be increasingly rewarded.
- The portfolio remains positioned to benefit from long term secular growth trends such as AI and digital transformation, while retaining the flexibility and discipline required to navigate an uncertain macroeconomic backdrop.
Performance Overview
Data as of: 5 Mar 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.
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 06/03/2026
FP Carmignac Global Equity Compounders Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Jan 2026.| North America | 61.0 % |
| Europe | 39.0 % |
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 management and equity positioning.
Exposure Data
Data as of: 30 Jan 2026.Equity Investment Weight97.7 %
Net Equity Exposure97.7 %
Number of Equity Issuers41
Active Share80.1 %
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
Obe EJIKEME
Fund Manager, Analyst
FP Carmignac Global Equity Compounders is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
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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.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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 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