Equity strategies

FP Carmignac European Leaders

OEICEuropean market
Share Class

GB00BJHPHZ49

A high-conviction, bottom-up European Ex-UK Equity strategy
  • An investment process seeking profitable companies with attractive long-term prospects, built on robust fundamentals and strong business models
  • A high-conviction, low turnover, concentrated portfolio designed to maximise long-term alpha generation
  • A socially responsible approach which includes negative screening, ESG criteria integration, and a low carbon emission approach
Asset Allocation
Equities94.3 %
Other5.7 %
Data as of:  30 May 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 81.0 %
-
+ 35.2 %
+ 34.0 %
- 1.8 %
From 15/05/2019
To 04/07/2025
Calendar Year Performance 2024
-
-
-
-
+ 18.2 %
+ 27.1 %
+ 13.9 %
- 14.8 %
+ 13.9 %
+ 6.8 %
Net Asset Value
1.81 £
Asset Under Management
110 M £
Net Equity Exposure30/05/2025
94.3 %
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.

FP Carmignac European Leaders 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

Mark Denham

Head of Equities, Fund Manager

Market environment

  • June marked the close of a turbulent second quarter, as global markets contended with heightened volatility driven by escalating tariff tensions and ongoing conflict in the Middle East.
  • 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.

Performance commentary

  • In June, the fund delivered a positive absolute return though below its comparator benchmark.
  • 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.
Source: Carmignac at 08/07/2025

FP Carmignac European Leaders Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 May 2025.
Europe100.0 %
View details

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 Weight94.3 %
Net Equity Exposure94.3 %
Number of Equity Issuers44
Active Share76.3 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Denham Mark

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 favoring profits reinvestment over profits distribution to grow the business for the future.
View Fund's characteristics

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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.