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
Asset Allocation
Equities95.9 %
Other4.1 %
Data as of: 30 Apr 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
+ 25.9 %
-
+ 20.7 %
+ 15.6 %
+ 0.3 %
To 04/06/2026
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
£1.21
Asset Under Management
89 M £
Net Equity Exposure30/04/2026
95.9%
Data as of: 30 Apr 2026.
Data as of: 4 Jun 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: 29 May 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 May, the fund delivered a positive absolute return but underperformed its reference indicator.
- Our limited exposure to Energy and Utilities was our largest driver of performance over the month.
- We also saw good stock selection in Healthcare throughout the month, with Demant, Sartorius and Straumann among our largest contributors. Demant confirmed significant market share gains in value terms, Straumann confirmed steady growth in the dental implant market thanks to its pricing power and premium positioning. Regarding Sartorius, the market started to see evidence that biopharma customers were beginning to re-order consumable as their inventory levels normalised.
- In the tech sector, although our overweight and stock selection in ASML and Bechtle supported performance, our relative performance to the sector was weakened by our exposure to software names like Nemetschek and SAP.
- Our overweight to Industrials also did not support outperformance over the month. The AI hardware euphoria penalised information services like Relx and Experian whose AI disruption is still being questioned. Similarly, geopolitical relief towards the end of the month created a risk on environment which led to weaker performance in steady-eddie compounders like IMCD and Assa Abloy.
Outlook strategy
- We made few changes over the month of May. Throughout the month we trimmed a few names on strength and recent high momentum. These names were namely Prysmian, Sartorius, UBS, Kingspan and Novonesis.
- The cash raised from these reductions were primarily reinvested on names we have a high conviction in and that have shown recent weakness, such as Astrazeneca, which suffered as a defensive/quality compounder lagging in the risk on environment where capital rotated into more cyclical sensitive names.
- We also reduced some of our outperforming financial names like UBS to add to BBVA and Erste Bank which demonstrate a better valuation opportunity and a wider international exposure in Latam and Central Eastern Europe, which is less exposed to the Iran energy shock with stronger structural loan growth dynamics.
- 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.
- Q1 earnings in Europe have been robust, should a resolution of the Iran conflict materialize quickly, markets may look through near term data softness, opening the door for a sharp relief rally in Europe. Although too short a period, we are seeing quality names picking up as investors are starting to buy at the bottom.
Performance Overview
Data as of: 4 Jun 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 05/06/2026
FP Carmignac European Leaders Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Apr 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 Apr 2026.Equity Investment Weight95.9%
Net Equity Exposure95.9%
Number of Equity Issuers44
Active Share81.7%
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
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