Share Class
GB00BNDQ7P95
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
Equities94.7 %
Other5.3 %
Data as of: 30 Sep 2026.
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
+ 37.3 %
-
+ 15.0 %
+ 31.1 %
+ 7.9 %
To 05/11/2026
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
-
-
-
-
+ 2.1 %
+ 14.3 %
- 14.5 %
+ 14.3 %
+ 7.1 %
+ 5.8 %
Net Asset Value
£1.32
Asset Under Management
70 M £
Net Equity Exposure30/09/2026
94.7%
Data as of: 30 Sep 2026.
Data as of: 5 Nov 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.
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 Oct 2026.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
Frédéric JEANMAIRE
Fund Manager
Performance commentary
- The fund ended the month in positive territory, significantly outperforming its reference indicator. Stock selection was the main driver of performance, supported by strong quarterly results and company-specific news across several of our key convictions.
- Genmab was the largest contributor, with the shares rising an impressive 62% over the month. The biotech company benefited from a series of positive clinical results in ovarian and head & neck cancers. Our decision to increase the position in September and early October paid off, with Genmab ending the month as the fund’s largest holding.
- Two other major convictions also performed strongly. DSV (+20%) reported solid Q3 results, confirming that the integration of Schenker is progressing well and that the group remains on track to deliver the expected cost savings. EssilorLuxottica (+27%) also beat expectations, supported by strong demand for its core eyewear business and rapid growth in smart glasses and myopia-control products.
- Our software names seen as AI losers also rebounded strongly, with RELX (+20%) and Experian (+21%) supported by continued solid growth and strong demand for their data, analytics and AI-powered solutions. We took advantage of RELX’s strong performance to reduce our position and take some profits.
- On the negative side, AI-related names were among the main detractors, including ASML and Schneider Electric. However, the fund remains underexposed to this theme relative to the market, limiting the overall impact.
- Adyen also fell sharply towards the end of the month, as strong Q3 growth was overshadowed by a lower profitability target and plans to increase investment, which disappointed investors.
Outlook strategy
- European growth has been more resilient than expected, notably supported by Germany, where solid domestic demand and higher spending on defence, infrastructure and energy should provide further support.
- The backdrop remains attractive for European equities. Europe’s lower exposure to the AI theme is increasingly a diversification advantage, particularly as investors look beyond crowded US technology names and market performance broadens.
- We continue to actively reshape the portfolio following the arrival of Frédéric Jeanmaire. During the month, we fully exited several positions, including FlatexDEGIRO, where increasing competition from new entrants such as Revolut could put pressure on pricing power, as well as Prysmian.
- We continued to increase our exposure to selected healthcare names, where we see improving fundamentals and a potentially more supportive environment in the coming months, particularly as US policy uncertainty around the mid-term elections clears.
- We also reinforced some of our key industrial convictions, including Epiroc, where we continue to see attractive long-term growth prospects.
- Finally, we initiated positions in Glanbia, the Irish nutrition and ingredients group, and Beiersdorf, the skincare specialist, where recent weakness provided more attractive entry points into businesses with strong underlying franchises.
Performance Overview
Data as of: 5 Nov 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.
Source: Carmignac at 07/11/2026
FP Carmignac European Leaders Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2026.| 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 Sep 2026.Equity Investment Weight94.7%
Net Equity Exposure94.7%
Number of Equity Issuers44
Active Share81.9%
To Access the weekly view
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
Frédéric JEANMAIRE
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.
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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