Share Class
FR0010149179
An opportunistic and style agnostic long/short approach to European equities
- A diversified portfolio, based on a top-down and bottom-up approach, to take advantage of market inefficiencies.
- Active management of the net equity exposure (-20% to +50%).
- Strong discipline of portfolio risk management to contain the downside.
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
+ 133.7 %
+ 50.5 %
+ 8.1 %
+ 5.3 %
+ 0.9 %
To 06/03/2026
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
+ 8.9 %
+ 14.6 %
+ 4.4 %
- 1.3 %
+ 5.2 %
+ 12.6 %
- 6.4 %
0.0 %
+ 3.6 %
- 0.6 %
Net Asset Value
422.31 €
Asset Under Management
149 M €
Net Equity Exposure30/01/2026
24.6 %
SFDR - Fund Classification
Article
8
Data as of: Mar 6, 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Carmignac Absolute Return 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: Feb 27, 2026.Fund management team
Johan FREDRIKSSON
Fund Manager
Dean SMITH
Fund Manager
Performance commentary
- Following a strong start to the year, the Fund produced a negative return in February.
- Performance was weighed down by profit‑taking in year‑to‑date winners and by a rotation away from some AI‑exposed names, despite continued strong operating performance.
- Positive contributions came from Industrials, Technology and Materials. These were offset by weaknesses in Financials (following strong January performance), as well as in Consumer Discretionary, Consumer Staples and Healthcare.
- Key stock selection winners included long positions in Fresenius (thanks to operational improvements continued to gain traction), Nordex (post significant earnings beat), and Siemens Energy (after they reported earnings beat).
- Detractors included our long in FlatexDegiro (because concerns over potential AI disintermediation), Novo Nordisk (after lowered earnings forecast) and Zalando (affected by broader AI disruption concerns).
Outlook strategy
- With the FY25 reporting season ending, investor focus is shifting increasingly toward macroeconomic and geopolitical developments.
- The escalation of conflict in the Middle East, and its immediate effect on oil and gas prices, has introduced renewed volatility into markets.
- In such periods of heightened uncertainty, positioning and risk reduction often dominate over fundamentals.
- As long as the duration and resolution path of the conflict remain unclear, we expect continued sector rotation and elevated single-stock volatility.
- These phases frequently culminate in forced selling or the reduction of high-conviction positions.
- Accordingly, over the coming weeks, our priority will be disciplined risk management and capital preservation, while remaining attentive to opportunities created by dislocation.
Performance Overview
Data as of: Mar 6, 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.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 09/03/2026
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jan 30, 2026.| Europe EUR | 25.5 % |
| Europe ex-EUR | 14.4 % |
| Others | 6.0 % |
| North America | 4.4 % |
| Index Derivatives | -25.6 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Jan 30, 2026.Net Equity Exposure24.6 %
Issuer equity derivative short45
Issuer equity derivative long77
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Johan FREDRIKSSON
Fund Manager
Dean SMITH
Fund Manager
Our objective is to provide long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.
Dean SMITH
Fund Manager
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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.
Market environment