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Diversified strategies

Carmignac Multi Expertise

Global marketArticle 8
Share Class
A EUR Acc • FR0010149203
Benefit from Carmignac’s diverse expertise through a single Fund
  • A multi-strategy solution capitalising on Carmignac’s expertise across asset classes.
  • Capturing opportunities on global equity, bond and alternative investments.
  • Complementary and diversified allocation with a long-term perspective.
Key documents
KID
Asset Allocation
Other100 %
Data as of:  Sep 30, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 119.2 %
+ 28.9 %
+ 9.7 %
+ 22.7 %
+ 5.4 %
From 02/01/2002
To 06/11/2025
Calendar Year Performance 2024
- 4.4 %
+ 7.8 %
+ 4.0 %
- 4.5 %
+ 5.7 %
+ 9.5 %
0.0 %
- 11.9 %
+ 5.1 %
+ 9.9 %
Net Asset Value
219.11 €
Asset Under Management
222 M €
Net Equity Exposure30/09/2025
47.4 %
SFDR - Fund Classification

Article

8
Data as of:  Nov 6, 2025.
​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.
Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Diversified strategiesCarmignac Multi Expertise
Diversified strategiesCarmignac Multi Expertise
Share Class
A EUR Acc • FR0010149203

Overview

Characteristics & Risks

Performance

Portfolio

Documents

Carmignac Multi Expertise 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:  Oct 31, 2025.
Fund management team

Market environment

  • October was a positive month for markets, with equities and bonds both performing well.
  • Performance was underpinned by signs of easing trade tensions between the US and China another solid US corporate earnings season.
  • In the U.S., economic activity remains strong, with leading indicators still in expansion territory. Despite the data gap caused by the shutdown, inflation re-accelerated in September, again exceeding the 3%-mark year-on-year.
  • As expected, the Fed cut rates by 25 bps to a 3.75–4.00% range, keeping a supportive stance while remaining cautious on further easing.
  • In the euro area, activity indicators improved, with both composite and services PMIs returning to expansion territory, driven by a rebound in Germany. Q3 GDP rose +0.2%, slightly above expectations.
  • Equity markets were led by a narrow group of AI-driven growth stocks, especially in the US and EM markets (Korea and Taiwan). Also noted Japan outperformed buoyed by pro-Abenomics policies from new PM Sanae Takaichi and a weaker yen aiding exporters.
  • Fixed income experienced positive performance in October, driven by yield decreases across the Treasury curve. Corporate credit spreads have continued to hold below long-term averages.
  • Gold surged past $4,000 per ounce for the first time amid rising safe-haven demand and rate-cut expectations, before pulling back slightly late in the month.

Performance commentary

  • In this context, our portfolio delivered a positive performance.
  • The strategy benefited from its positions in equity funds, as well as from its selection of fixed income and alternative funds.

Outlook strategy

  • We are maintaining the fund’s current allocation unchanged.
  • In the equity bucket, we are invested in Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren.
  • In the fixed income bucket, we hold positions in Carmignac Portfolio Credit and Carmignac Portfolio Global Bond strategies.
  • Finally, within our alternative allocation, we are invested in Carmignac Absolute Return Europe and Carmignac Portfolio Merger Arbitrage Plus.

Performance Overview

Data as of:  Nov 6, 2025.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31 December 2012, the reference indicators’ equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund’s reference indicator comprised 50% MSCI AC WORLD NR and 50% ICE BofA Global Government Index. Performances are presented using the chaining method.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
Source: Carmignac at 09/11/2025

Carmignac Multi Expertise Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Sep 30, 2025.
Fixed Income Strategies38.9 %
Equity Strategies38.5 %
Alternative strategies20.1 %
Cash, Cash Equivalents and Derivatives Operations2.5 %
View details
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View Portfolio allocation

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  Sep 30, 2025.
Equity Investment Weight54.5 %
Net Equity Exposure47.4 %
Active Share49.9 %
Modified Duration1.8
Yield to Maturity5.3 %
Average RatingBBB-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
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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
The strategy offers a balanced and diversified exposure to markets, benefiting from Carmignac's expertise in the equity, bond and alternative asset classes.”
[Management Team] [Author] Bonenfant Pierre-Edouard

Pierre-Edouard Bonenfant

Fund Manager
View Fund's characteristics

Articles that may interest you

Notice to shareholders • February 9, 2024 • English

Changes to the fund - Carmignac Profil Reactif 50

3 minute(s) read
Find out more
Awards • April 11, 2022 • English

Carmignac awarded across strategies in Europe

2 minute(s) read
Find out more
Awards • April 15, 2021 • English

Carmignac awarded across asset classes by Lipper 2021

1 minute(s) read
Find out more
All analysis
View characteristics and risks
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.