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
Key documents
Asset Allocation
Equities96.6 %
Other3.4 %
Data as of: 28 Nov 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
+ 90.8 %
-
+ 25.3 %
+ 28.8 %
+ 5.0 %
To 07/01/2026
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
-
-
-
+ 18.2 %
+ 27.1 %
+ 13.9 %
- 14.8 %
+ 13.9 %
+ 6.8 %
+ 5.8 %
Net Asset Value
1.91 £
Asset Under Management
104 M £
Net Equity Exposure28/11/2025
96.6 %
Data as of: 28 Nov 2025.
Data as of: 7 Jan 2026.
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: 31 Dec 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
- During the month of December, the fund had a positive absolute performance underperforming its reference indicator.
- Financials sector was the primary detractor in relative terms. Our underweight position, mainly due to a lower exposure to Banks, weighted on the performance relative to the index.
- Healthcare also weighed on performance. Essilor, Biontech and Argenx were one of the biggest detractors.
- On the other hand, our Industrial sector, a sector we reinforced considerably in 2025 and is now our biggest allocation performed well.
- DSV, continued to show strong performance, while Siemens continued to recover after overly harsh reaction to its solid Q3 earnings.
Outlook strategy
- In December, we made several portfolio adjustments. We fully exited our positions in Amadeus and Symrise to redeploy capital into stocks with stronger positioning.
- We reduced exposure to Novonesis, a consumer ingredient stock, as continued weak trading conditions in the sector into 2026 warrant a smaller allocation.
- Throughout the month, we also trimmed positions in less liquid names following strong rallies, including Sartorius, Bechtle, and Galderma.
- We also took profits in Prysmian and increased exposure to defensive growth names such as Genmab, EssilorLuxottica, SAP, and Alcon, which we believe are well positioned to perform in the year ahead.
- 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: 8 Jan 2026.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 09/01/2026
FP Carmignac European Leaders Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 28 Nov 2025.| 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: 28 Nov 2025.Equity Investment Weight96.6 %
Net Equity Exposure96.6 %
Number of Equity Issuers49
Active Share77.1 %
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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 favoring profits reinvestment over profits distribution to grow the business for the future.
Articles that may interest you
Our views • 9 December 2025 • English
Down but not out: Why quality growth is poised for a European comeback
6 minute(s) read
Strategies insights • 14 July 2025 • English
FP Carmignac European Leaders: Letter from the Fund Manager - Q2 2025
3 minute(s) read
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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.
Market environment