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
Equities94.4 %
Other5.6 %
Data as of: 30 Jun 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
+ 31.3 %
-
+ 16.0 %
+ 21.0 %
+ 7.9 %
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
-
-
-
-
+ 2.1 %
+ 14.3 %
- 14.5 %
+ 14.3 %
+ 7.1 %
+ 5.8 %
Net Asset Value
£1.27
Asset Under Management
89 M £
Net Equity Exposure30/06/2026
94.4%
Data as of: 30 Jun 2026.
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.
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 Jul 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
Performance commentary
- Over the month of July, the fund delivered a slightly negative absolute return and outperformed its reference indicator.
- The main detractor over the month was our positioning in Healthcare. Despite encouraging company fundamentals, several holdings lagged a market increasingly focused on more cyclical and AI-related opportunities, resulting in both allocation and stock selection headwinds.
- Our lack of exposure to the Energy sector also weighed on relative performance, as rising oil prices during periods of heightened geopolitical tensions supported strong gains across European energy stocks.
- On the other hand, our strongest contributor was stock selection within Information Technology. SAP rebounded strongly following robust quarterly results and renewed optimism around enterprise AI spending, while Bechtle also performed well as investor confidence in IT services improved.
- Industrials also contributed positively through stock selection. RELX, IMCD and Experian were among the top contributors over the month, supported by resilient earnings, continued pricing power and improving investor sentiment towards high-quality compounders.
Outlook strategy
- We made very few changes over the month of July. Throughout the month we continued to trim a few names on strength and recent high momentum.
- We continued trimming Prysmian on strength as well as starting to trim ASML. We also started to trim food ingredients company Novonesis post recent strength.
- On the other hand, we added to names on relative weakness, such as Genmab, Argenx, EssilorLuxottica Astrazeneca and DSV.
- We remain constructive on the outlook for 2026. We believe high quality European equities are heavily oversold and now trade on appealing valuations, offering an attractive entry point for long term investors.
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.
Source: Carmignac at 07/08/2026
FP Carmignac European Leaders Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Jun 2026.| 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: 30 Jun 2026.Equity Investment Weight94.4%
Net Equity Exposure94.4%
Number of Equity Issuers43
Active Share80.0%
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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
Press release • 9 June 2026 • English
Carmignac strengthens investment team with top European equity manager
2 minute(s) read
Strategies insights • 8 May 2026 • English
Quality in Europe: Are we at a turning point?
9 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