GB00BJHPHZ49
- 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
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To 04/07/2025
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.![[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
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.FP Carmignac European Leaders Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 May 2025.| Europe | 100.0 % |
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.The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Mark Denham
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.
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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.