Share Class
LU1317704051
A high-conviction long/short approach to European equities
- A bottom-up fundamental approach to maximise long and short alpha generation.
- Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 85.0 %
-
+ 38.7 %
+ 19.6 %
+ 8.3 %
To 25/09/2025
Calendar Year Performance 2015Calendar 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 2024
- 0.2 %
+ 9.1 %
+ 16.1 %
+ 3.4 %
- 0.3 %
+ 6.9 %
+ 13.0 %
- 6.3 %
+ 0.1 %
+ 17.4 %
Net Asset Value
185.01 €
Asset Under Management
675 M €
Net Equity Exposure29/08/2025
13.9 %
SFDR - Fund Classification
Article
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Data as of: Sep 25, 2025.
Carmignac Portfolio Long-Short European Equities 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.Performance commentary
In August, the fund posted a negative performance, driven by our Short book and hedging.
Within our Core Longs, we suffered from the AI weakness as investors grew concerned around the ROI of AI, with comments from Sam Altman and companies like Meta restructuring their AI division leading to a negative sentiment.
Our positions in SAP and Microsoft suffered from this uncertain narrative.
On the Trading Long, our position in Fresenius drove returns as they reported another solid quarterly print.
The turnaround story of the company continues with some attractive mid-tern catalysts which can lead to growth acceleration into 2026.
On the short side, we suffered from the market rotation, with names like LVMH rallying and some short squeezes.
Outlook strategy
- The net exposure of the strategy stayed relatively low throughout the month in the 10-20% range, as we reduced some of our exposure on the Tech side.
- We keep strong convictions on the Long side in European companies excelling globally and benefiting from local monopolies.
- These include industries such as luxury goods, specialty engineering, ERP software, specialty chemicals, medical technology, aerospace and defense, and classifieds.
- We believe Europe presents for the first time in a long time a very attractive entry point, with a risk/reward skewed to the upside thanks to several factors we discuss in our latest quarterly letter.
- Germany has removed the fiscal drag which has weighted on Europe for more than a decade and the upcoming defense and infrastructure historic investment plan will have a profound impact on the overall region.
- On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: Sep 25, 2025.Source: Carmignac at 28/09/2025
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 29, 2025.| Europe EUR | 19.9 % |
| Others | 7.8 % |
| North America | 1.0 % |
| Europe ex-EUR | -2.6 % |
| Index Derivatives | -12.2 % |
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Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Aug 29, 2025.Net Equity Exposure13.9 %
Beta+0.1 %
Sortino Ratio+0.6
Number of Holdings21
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
![[Management Team] [Author] Heininger Malte](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte Heininger
Delegated Fund Manager, White Creek Capital LLP
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Market environment
European equities rose in August, albeit underperforming US equities. A large rotation occurred in Europe with the momentum factor underperforming and stocks in the Autos and Luxury spaces among the best performers.
In the US, the Goldilocks momentum continued, despite the softening of the labor market and overall uncertainty around the health of the US economy.
The Tech sector experienced a relative underperformance following growing skepticism around the secular AI theme’s fundamentals, given the rich valuations and elevated positioning.
In the Long/Short Equity space, European funds struggled with one of the worst alpha months since January 2022 driven by losses from concentrated longs, utilities and the French political instability.