Share Class
FR001400JG56
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
+ 4.9 %
-
-
-
+ 2.9 %
To 07/04/2026
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
-
-
-
-
-
-
-
+ 2.1 %
+ 3.7 %
+ 0.2 %
Net Asset Value
104.93 €
Asset Under Management
142 M €
Net Equity Exposure27/02/2026
24.4 %
SFDR - Fund Classification
Article
8
Data as of: Apr 7, 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.
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
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: Mar 31, 2026.Fund management team
Johan FREDRIKSSON
Fund Manager
Dean SMITH
Fund Manager
Performance commentary
- In a highly rotational risk off market, we tried to limit capital losses during the market drawdown but were constrained by the lack of exposure to the Oil sector, which proved to be the most effective hedge during the period.
- Despite positive returns from our stock short book and our futures and options hedging program, the fund was down during the month.
- At the sector level the biggest detractors were Financials, Technology and Industrials due to profit taking in previous year to date winners.
- Surprisingly, the healthcare sector, which is normally expected to trade defensively, was also among the biggest losers for the month.
- Key stock selection winners included long positions in Vestas (after significant acceleration in orders for wind turbines) and our short positions in a UK retailer and French Bank.
- Detractors included our long in Fresenius (despite no negative news and strong fundamentals), Schneider Electric (because of concerns about the impact of the conflict on GDP growth) and Indra (due to governance issues).
Outlook strategy
- Heightened geopolitical tensions in the Middle East drove a more defensive stance during the month, with portfolio activity primarily focused on risk management.
- Gross exposure was reduced from the low 120% range to below 90%, while net exposure was brought close to neutral. We trimmed cyclical exposure and took profits in Financials and Technology amid broad market de risking.
- Looking ahead, markets are likely to remain range bound and headline driven, with Q1 earnings and geopolitical developments acting as key catalysts.
- In this environment, we maintain a cautious but opportunistic approach, favouring Construction, Industrials, Banks, Renewables/Electrification and selectively Defence, while remaining underweight Consumers.
Performance Overview
Data as of: Apr 7, 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 08/04/2026
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Feb 27, 2026.| Europe EUR | 18.8 % |
| Europe ex-EUR | 16.3 % |
| Others | 6.1 % |
| North America | 3.7 % |
| Index Derivatives | -20.6 % |
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: Feb 27, 2026.Net Equity Exposure24.4 %
Issuer equity derivative short43
Issuer equity derivative long73
To Access the weekly view
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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