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
+ 26.4 %
-
+ 15.0 %
+ 20.2 %
+ 0.8 %
To 08/07/2026
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
£1.22
Asset Under Management
89 M £
Net Equity Exposure30/06/2026
94.4%
Data as of: 30 Jun 2026.
Data as of: 8 Jul 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 Jun 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 June, the fund delivered a positive absolute return but slightly underperformed its reference indicator.
- Our stock selection in Materials and no exposure to Energy was the largest contributor to performance. Novonesis, the global BioSolutions company was among our top performers over the month as investors gained confidence in its ability to deliver earnings growth and reaffirmed guidance.
- In the tech space, our performance was supported by ASML, our largest contributor over the month, benefitting from regained confidence in the AI theme. Unfortunately, the overall performance was subdued by our software names, SAP and Nemetschek, underperforming versus hardware AI stocks.
- We also saw good stock selection in healthcare throughout the month. Argenx demonstrated continued confidence in Vyvgart's commercial momentum and pipeline expansion, Straumann upgraded 2026 margin guidance on stronger execution and lower tariffs, and Galderma demonstrated sustained momentum across its dermatology and aesthetics portfolio.
- Our overweight to Industrials also did not support outperformance over the month. IMCD, DSV and RELX underperformed as investors rotated away from defensive quality names, while concerns over industrial demand, a subdued freight market and valuation weighed on sentiment.
Outlook strategy
- We made few changes over the month of June. Throughout the month we trimmed a few names on strength and recent high momentum. We continued trimming Prysmian on strength as well as starting to trim Schneider Electric. Both name looking somewhat extended notwithstanding strong fundamentals as well as being highly correlated to AI sentiment.
- Among financials, we continued to trim UBS into recent strength, and added to BBVA, Erste and added a new position in National Bank Greece.
- In Industrials we also sold out of Belimo completely post significant rally and at target price and reduced Kion, preferring to add to Interpump in the sector.
- On the other hand, we added to names on relative weakness, such as DSV, EssilorLuxottica and Grenergy Renovables.
- 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: 9 Jul 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 10/07/2026
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% |
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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 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