Alternative strategies
Carmignac Portfolio Long-Short European Equities
Luxembourg SICAV sub-fundEuropean marketArticle 8Share Class
LU0992627298
A high-conviction long/short approach to European equities
- A bottom-up fundamental approach to maximise long and short alpha generation.
- Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
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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
+ 99.6 %
+ 102.4 %
+ 33.5 %
+ 38.3 %
+ 10.0 %
To 06/08/2026
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
+ 10.0 %
+ 16.7 %
+ 5.1 %
+ 0.3 %
+ 7.4 %
+ 13.6 %
- 5.7 %
+ 0.7 %
+ 18.0 %
+ 8.3 %
Net Asset Value
€199.64
Asset Under Management
777 M €
Net Equity Exposure30/06/2026
24.9%
SFDR - Fund Classification
Article
8
Data as of: 6 Aug 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.
Carmignac Portfolio Long-Short European Equities 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 Jul 2026.Performance commentary
- In July, the fund delivered a negative performance, driven mostly by the short book.
- On the Long side, our tech positions led the underperformance. We had taken profit on most of our positions in the semiconductor complex back in June but some of the exposure left penalized our portfolio like Siltronic, Samsung or Infineon Technologies.
- Siltronic reported strong results and raised FY revenue guidance. The wafer producers are going into a multiyear upcycle that has not even started yet, so they are at a very different point of the cycle vs e.g. the memory names, but short term the shares still trade with the AI complex.
- Fresenius, one of our longest standing Long positions, was our top contributor as the company continues to deliver operationally while the shares remain at a very depressed multiple.
- On the short side, we suffered from some short squeezes on our aggressive accounting names and positions in the IT services sector.
Outlook strategy
- The net exposure of the strategy stayed in the 30s throughout the month.
- We remain constructive on the Long side in industries such as specialty engineering, specialty chemicals, utilities, medical technology, aerospace and defense, and semiconductors.
- We remain constructive on Europe in 2026, as the fiscal stimulus and low rates provide an attractive tailwind.
- Germany has removed the fiscal drag which has weighted on Europe for more than a decade, and the upcoming defense and infrastructure historic investment plan will have a profound impact on the overall region.
- Our portfolio remains focused on stock specific and idiosyncratic drivers, rather than macro plays.
- On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: 6 Aug 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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/08/2026
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Jun 2026.| Europe EUR | 25.9% |
| Others | 8.0% |
| North America | 7.7% |
| Index Derivatives | -0.5% |
| Equity Basket Derivatives | -7.0% |
| Europe ex-EUR | -9.2% |
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Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: 30 Jun 2026.Net Equity Exposure24.9%
Beta+0.3
Sortino Ratio+1.0
Number of Holdings26
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
![[Management Team] [Author] Heininger Malte](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte HEININGER
Delegated Fund Manager, White Creek Capital LLP
Articles that may interest you
Strategies insights • 14 November 2024 • English
Carmignac Portfolio Long Short European Equities: Letter from the Fund Manager
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Strategies insights • 22 August 2024 • English
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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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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.
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