Diversified strategies

Carmignac Patrimoine

Global marketArticle 8
Share Class

FR0010135103

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
  • Combine long-term growth and resilience with a socially responsible approach
Data as of:  Jul 31, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 901.2 %
+ 23.1 %
+ 13.1 %
+ 22.2 %
+ 10.9 %
From 07/11/1989
To 04/09/2025
Calendar Year Performance 2024
+ 0.7 %
+ 3.9 %
+ 0.1 %
- 11.3 %
+ 10.5 %
+ 12.4 %
- 0.9 %
- 9.4 %
+ 2.2 %
+ 7.1 %
Net Asset Value
766.40 €
Asset Under Management
6 299 M €
Net Equity Exposure31/07/2025
40.3 %
SFDR - Fund Classification

Article

8
Data as of:  Sep 4, 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.
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.

Carmignac Patrimoine 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:  Aug 29, 2025.
Fund management team

Market environment

  • Global markets posted strong gains in USD terms, with equities and bonds both advancing. However, the weaker dollar against the euro led to negative returns in euro terms.

  • US labour market data signaled a slowdown, prompting Fed Chair Jerome Powell at Jackson Hole to hint at possible rate cuts. Markets are now pricing in a 25-bps reduction in September.

  • Political tensions in the US intensified, as President Trump dismissed the head of the BLS and moved to oust Fed Governor Lisa Cook, raising concerns about central bank independence.

  • The US yield curve steepened, with long-end yields climbing on worries about Fed independence.

  • In Europe, political risk re-emerged, as the French Prime Minister faced a confidence vote. France remains a fiscal outlier within the Eurozone, amplifying investor unease.

  • Eurozone yields drifted higher, supported by improved growth sentiment, while July inflation data was broadly in line with expectations.

  • Global equities reached highs, buoyed by reduced tariff-related noise following the 1 August deadline, stronger US GDP growth, and growing expectations of Fed rate cuts in September.

  • The AI trade maintained strong momentum, with Nvidia hitting new all-time highs after robust results.

  • Trade tensions lingered, as the US raised tariffs, including a 50% levy on Indian oil imports from Russia. Commodity markets diverged: oil and gas prices declined, while gold rallied.

Performance commentary

  • The fund ended the month in positive territory, outperforming its reference indicator, which declined over the period.

  • In a rare occurrence, stock selection slightly lagged the market, weighed down by the weakness of certain technology and consumer names.

  • The technology sector came under pressure after results from several large companies, which either fell short of expectations or were accompanied by cautious guidance, contributing to the broader market decline.

  • Nevertheless, our tactical adjustments helped offset this shortfall, particularly through our positions in gold mining companies, energy stocks, and emerging market banks.

  • Markets also suffered from the weakness of the US dollar, though the impact on the fund was more limited given our significant underweight to the currency.

  • Finally, on rates, we benefited from the steepening of the yield curve, our inflation-linked positions, and our short exposure to Japan.

Outlook strategy

  • The US shows early signs of stagflation, while Europe’s recovery is likely delayed until 2026.

  • We favor a short positioning on rates and long inflation strategies. Powell hinted at cuts, but markets overstate the Fed’s willingness to ease. Rising deficits and credibility risks support inflation-linked assets.

  • In Europe, we remain cautious on long sovereigns—particularly France—while maintaining exposure to inflation given elevated real rates.

  • We stay constructive on equities, with high exposure supported by the current environment. Our core allocation targets the US and Asian AI-driven capex cycle, complemented by diversified holdings across regions and sectors.

  • In currencies, we expect the US dollar to weaken further, pressured by fiscal laxity, Fed credibility concerns, and hedging flows.

  • To balance our risk exposure, we hold positions in the yen, credit default swaps, and gold.

Performance Overview

Data as of:  Sep 4, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
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 (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 07/09/2025

Carmignac Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Jul 31, 2025.
Bonds71.5 %
Equities47 %
Cash, Cash Equivalents and Derivatives Operations7.1 %
Money Market0 %
Not Integrated0 %
View details

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:  Jul 31, 2025.
Equity Investment Weight43.7 %
Net Equity Exposure40.3 %
Active Share80.6 %
Modified Duration-1.0
Yield to Maturity4.9 %
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.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team

Jacques Hirsch

Fund Manager

Kristofer Barrett

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer Barrett is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume Rigeade is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager
Source and Copyright: Citywire. Eliezer Ben Zimra is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

Fund Manager
View Fund's characteristics

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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 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.