Share Class
LU2420652807
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
Equities94.6 %
Other5.4 %
Data as of: 30 May 2025.
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
+ 1.3 %
-
-
+ 33.6 %
- 2.5 %
To 04/07/2025
Calendar Year Performance 2015Calendar 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 2024
-
-
-
-
-
-
-
- 20.6 %
+ 15.5 %
+ 12.0 %
Net Asset Value
101.27 €
Asset Under Management
702 M €
Net Equity Exposure30/05/2025
94.6 %
SFDR - Fund Classification
Article
9
Data as of: 30 May 2025.
Data as of: 4 Jul 2025.
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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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: 30 Jun 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
Performance commentary
- In June, the fund achieved negative returns in both absolute and relative terms.
The Materials sector was the main drag on performance, with Symrise emerging as the largest detractor for the month.
Zealand Pharma, the Danish biotech firm, also weighed on returns. The stock came under pressure following positive clinical trial results from competitors, which triggered a sector-wide re-rating—particularly impacting companies developing GLP-1-based therapies.
On the positive side, our Industrials holdings performed strongly .
Kion, a recent addition to the portfolio, was the top contributor. The company is well-positioned to benefit from increased infrastructure spending in Germany, which is expected to support demand in its forklift and material handling business.
Prysmian continued its strong momentum from May. The company is capitalizing on robust demand in electrification, digital infrastructure, and renewable energy, reinforcing its leadership in the power and telecom cable markets.
Outlook strategy
- During the month, we initiated a new position in SPIE, an Industrials company specializing in multi-technical services spanning energy, communications, and industrial infrastructure.
We lowered the weight of our Healthcare holdings by trimming several names including: Galderma and Novo Nordisk post recent strength, as well as Argenx who lack catalysts in the near term.
However, we modestly added to Merus a biotech who recently very strong data for lead cancer program and Alcon, following a reaffirmation of the stock’s potential by our healthcare analyst.
In the Financials sector, we continued to build our position in UBS, which we initiated last month, and added to Nordnet and FinecoBank.
The Fund continues to rely on bottom-up fundamental analysis with a medium-to-long-term horizon.
We remain committed to our philosophy and believe this is a great opportunity for our investors to gain access to some of Europe’s best companies at attractive entry valuations.
Performance Overview
Data as of: 4 Jul 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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 08/07/2025
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 May 2025.| Europe | 100.0 % |
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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 management and equity positioning.Exposure Data
Data as of: 30 May 2025.Equity Investment Weight94.6 %
Net Equity Exposure94.6 %
Number of Equity Issuers44
Active Share79.8 %
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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
European equities came under renewed pressure during the month, with the MSCI Europe Index declining 1.30%, weighed down by investor caution ahead of the July 9 U.S. tariff deadline.
The European Central Bank cut interest rates by 25 basis points to 2.25%, the lowest level since 2022. The move provided some relief to market sentiment, though broader uncertainty continued to dominate investor outlooks.