Share Class
LU2427320655
An intergenerational Fund focused on quality, sustainable companies
- A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
- A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Asset Allocation
Equities95.3 %
Other4.7 %
Data as of: 30 Apr 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
+ 9.7 %
-
-
+ 20.2 %
- 1.4 %
To 12/05/2026
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
-
-
-
-
-
-
- 19.5 %
+ 20.7 %
+ 16.7 %
+ 0.6 %
Net Asset Value
109.66 £
Asset Under Management
279 M €
Net Equity Exposure31/03/2026
94.6 %
SFDR - Fund Classification
Article
9
Data as of: 30 Apr 2026.
Data as of: 12 May 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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Carmignac Portfolio Grandchildren 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: 30 Apr 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 April, the Fund posted a negative absolute return and underperformed its reference indicator.
- Healthcare was the largest detractor in absolute terms, while Technology weighed on relative performance.
- Regeneron and EssilorLuxottica each declined by around 10%, pressured by rising inflation expectations following higher oil prices.
- More broadly, Healthcare lagged during the market rebound in April, as investors rotated toward cyclicals and higher-growth beneficiaries.
- Within Technology, market leadership remained concentrated in semiconductors, where our exposure was insufficient to fully capture the rally.
- Meanwhile, software names such as ServiceNow and Salesforce continued to face pressure amid concerns that AI could disrupt traditional software workflows and business models.
- Conversely, stock selection within Industrials contributed positively relative to the reference indicator.
- European leaders such as Prysmian and Schneider Electric benefited from a rotation into cyclicals, supported by strong demand for electrification and AI-related infrastructure.
- Galderma continued to stand out within Healthcare, supported by strong Q1 results and resilient demand across its core segments.
Outlook strategy
- During this month, we made several portfolio adjustments.
- We continued to actively manage our Technology exposure amid increasing dispersion across the sector.
- We fully exited Salesforce and significantly reduced our positions in ServiceNow and SAP, as concerns around AI disruption increased uncertainty over traditional software business models.
- We added to Amazon early in the month, supported by AWS re-acceleration, improving retail operating leverage, and AI investment increasingly underpinned by visible demand and backlog.
- In the current environment, earnings visibility and balance sheet strength are likely to be increasingly rewarded. Our main convictions tend to be less sensitive to a potential negative impact of the crisis in the Middle East on growth.
- 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: 12 May 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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 13/05/2026
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: 31 Mar 2026.Equity Investment Weight94.6 %
Net Equity Exposure94.6 %
Number of Equity Issuers41
Active Share80.7 %
To Access the weekly view
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Apr 2026.| North America | 66.1 % |
| Europe | 33.9 % |
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
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
Mark DENHAM
Head of Equities, Fund Manager
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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.
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment