Share Class
LU2206982626
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities95.2 %
Other4.8 %
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
+ 26.7 %
-
+ 20.3 %
+ 11.4 %
- 6.4 %
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
-
-
-
-
+ 9.7 %
+ 14.9 %
- 16.1 %
+ 12.6 %
+ 6.6 %
+ 5.2 %
Net Asset Value
126.66 €
Asset Under Management
509 M €
Net Equity Exposure30/01/2026
95.2 %
SFDR - Fund Classification
Article
9
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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Carmignac Portfolio Grande 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: 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
Performance commentary
- During the month of February, the fund delivered a negative absolute performance and underperformed its reference indicator.
- The healthcare sector was the main detractor in relative terms, driven primarily by weakness in Novo Nordisk and EssilorLuxottica.
- Novo Nordisk was the largest individual laggard, as the share price continued to decline following the failed drug trial and amid intensifying competitive pressure from Eli Lilly, which is increasingly gaining market share.
- The Technology sector also detracted, as investors reassessed the risk reward profile of AI driven growth.
- Capgemini weakened following its results amid cautious guidance interpretation, while Dassault Systèmes significantly underperformed after reporting weaker than expected Q4 results.
- On the other hand, the Industrials allocation, a sector we reinforced considerably in 2025, was the largest contributor to performance.
- Schneider Electric and Kingspan benefited from strong results and a positive outlook, which reassured investors on earnings visibility and cash flow momentum.
- Consumer Staples holdings performed strongly in absolute terms, with L’Oréal and Unilever benefiting from macroeconomic uncertainty, which drove investors toward low beta, resilient, cash flow generative companies.
Outlook strategy
- In February, we made several portfolio adjustments as new opportunities emerged.
- We significantly reduced our position in Novo Nordisk following disappointing results.
- We also trimmed exposure to banks, while materially increasing our position in FinecoBank ahead of its Capital Markets Day, where we see a favourable risk reward.
- In addition, we reassessed our positioning in areas potentially disrupted by AI. We notably reduced exposure to selected software names, including SAP and Capgemini.
- Conversely, we added to information services companies often viewed as “AI losers”, such as RELX and Experian, as we believe AI will act as an enabler that enhances their data, analytics, and pricing power rather than disrupt their business models.
- Finally, we added to DSV and Novonesis following recent share price weakness, where we continue to see strong long term fundamentals.
- After the euphoric rise in domestic European sectors, we believe that the market is likely to come to terms with the reality that the implementation of recently announced fiscal spending plans and their tangible economic impact will take longer than initially anticipated.
- As Central Banks in Europe are cutting rates, this is consistent with a weaker profits outlook that is not yet reflected in consensus forecasts. As we adjust to this environment stable growers and more defensive companies are likely to be the biggest beneficiaries.
- This creates an attractive entry point for long-term investors, especially as markets refocus on fundamentals and earnings visibility becomes increasingly valuable.
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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 06/03/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Jan 2026.| Europe | 100.0 % |
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 Weight95.2 %
Net Equity Exposure95.2 %
Number of Equity Issuers49
Active Share80.2 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Mark DENHAM
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark DENHAM
Head of Equities, Fund Manager
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Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR 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