Share Class
LU1744628287
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Asset Allocation
Other44,9 %
Equities27,6 %
Bonds27,5 %
Data as of: Apr 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
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
+ 42,9 %
-
+ 4,5 %
+ 13,8 %
+ 2,5 %
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
-
-
- 4,8 %
+ 18,7 %
+ 13,9 %
+ 9,5 %
- 12,7 %
+ 2,1 %
+ 7,3 %
+ 4,9 %
Net Asset Value
142,94 €
Asset Under Management
475 M €
Net Equity Exposure30/04/2026
33,7%
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: Jun 4, 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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
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
Jacques HIRSCH
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques HIRSCH
Fund Manager
Carmignac Portfolio Patrimoine Europe 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: May 29, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Jacques HIRSCH
Fund Manager
Performance commentary
- In a supportive market environment, the Fund delivered a positive return, albeit lagging its reference indicator.
- Our equity exposure remained high, at around 40% throughout the month, enabling the Fund to benefit from the rally in equity markets.
- Our stock selection proved effective, with AI-related names such as ASML and Prysmian leading the way, alongside European banks and financials such as UBS and Wise.
- However, our equity diversification strategies proved less effective, including our options, gold miners and quality-factor hedges.
- On rates, we maintained a relatively low modified duration. This proved very beneficial at the start of the month, amid market repricing and rising inflation expectations, although hopes of an end to the conflict in the Middle East drove yields lower towards month-end.
- However, our protection on credit markets was a real drag on performance. As a reminder, we have a significant amount of CDS to hedge both our credit and equity exposure, as they currently appear to be among the best potential hedges.
Outlook strategy
- Following the energy shock, Europe looks more vulnerable than the US, facing a backdrop of weaker growth and persistent inflation. This environment should lead to a hike from the ECB in the near future.
- However, we are not in a recession either: real GDP should remain positive, at around 0.6% in 2026, and company fundamentals, despite being below the US, improved in Q1, with 5% growth on average and more than 60% of companies beating estimates, which is higher than usual.
- We therefore remain constructive on equities and slightly increased our exposure again to quality-growth European companies that have been badly hit over the past two years.
- Our equity portfolio is built around convictions in industrials, financials (infrastructure and banks) and healthcare.
- We also rebuilt exposure to commodities during the month. First, we slightly increased our exposure to gold and gold miners, while also adding to silver and copper, which could benefit from an inflationary environment and from greater volatility in risky assets.
- At the end of the month, we also added new protection via options on volatility. The idea here is that the final stages of a rising market are often accompanied by an increase in volatility, and pricing was attractive.
- On rates, we kept our positioning, with a fairly low modified duration, especially on the long end of the curve. On credit, we kept our hedges, as the asymmetry they offer seems quite attractive given the current level of spreads in Europe.
Performance Overview
Data as of: Jun 4, 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.
Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Source: Carmignac at 06/06/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Money Market | 38,1 % |
| Equities | 27,6 % |
| Bonds | 27,5 % |
| Cash, Cash Equivalents and Derivatives Operations | 6,9 % |
| Credit Default Swap | -24,0 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: Apr 30, 2026.Equity Investment Weight27,6%
Net Equity Exposure33,7%
Active Share93,4%
Modified Duration1,9
Yield to Maturity3,4%
Average RatingA
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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Articles that may interest you
Strategies insights • February 4, 2025 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
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Strategies insights • April 18, 2024 • English
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Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
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