Share Class
A EUR Acc • FR0010149203
Benefit from Carmignac’s diverse expertise through a single Fund
- A multi-strategy solution capitalising on Carmignac’s expertise across asset classes.
- Capturing opportunities on global equity, bond and alternative investments.
- Complementary and diversified allocation with a long-term perspective.
Key documents
Asset Allocation
Other100,0 %
Data as of: Jun 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
+ 129,2 %
+ 37,6 %
+ 8,4 %
+ 25,2 %
+ 8,1 %
To 08/07/2026
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
+ 7,8 %
+ 4,0 %
- 4,5 %
+ 5,7 %
+ 9,5 %
0,0 %
- 11,9 %
+ 5,1 %
+ 9,9 %
+ 4,7 %
Net Asset Value
229,13 €
Asset Under Management
211 M €
Net Equity Exposure30/06/2026
42,9%
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Jul 8, 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 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
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 Manager.
Fund Management Team
![[Management Team] [Author] Bonenfant Pierre-Edouard](https://carmignac.imgix.net/uploads/NextImage/0001/18/004786462117c682eb5827e4ad7d46ea205b275b.jpeg?auto=format%2Ccompress&fit=fill&w=3840)
Pierre-Edouard BONENFANT
Fund Manager
The strategy offers a balanced and diversified exposure to markets, benefiting from Carmignac's expertise in the equity, bond and alternative asset classes.”
Pierre-Edouard BONENFANT
Fund Manager
Carmignac Multi Expertise 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: Jun 30, 2026.Fund management team
Pierre-Edouard BONENFANT
Fund Manager
Performance commentary
- Against this backdrop, the fund delivered positive absolute performance but underperformed its reference indicator.
- Performance was supported by balanced contributions across all buckets, including equities, fixed income and alternative strategies.
- Among the main contributors were Carmignac Absolute Return Europe, Carmignac Investissement and Carmignac Portfolio Global Bond, all of which delivered solid performances over the month.
Outlook strategy
- The removal of forward guidance by the new Fed Chair could increase rates volatility and spill over into equity markets.
- We have therefore reduced the beta of the equity portfolio by increasing its diversification, notably through positions that are less directly exposed to the artificial intelligence theme.
- The equity portfolio nevertheless retains a significant exposure, at around 40%, with a bias towards technology and AI-related infrastructure, while also incorporating convex hedges and defensive diversifiers.
- We also maintain a significant level of CDS protection, which provides a hedge against credit risk and, indirectly, against periods of stress in equity markets.
- In rates, we retain a slightly positive duration exposure, mainly positioned at the short end of the curve, as markets tend to underestimate the impact of the inflation shock on growth.
- We remain cautious on long-dated bonds, given fiscal pressures, elevated deficit levels and still-limited demand for sovereign debt.
- We have started to build exposure to US real rates, whose levels we believe are attractive at a time when inflation remains underestimated by markets.
- In currencies, we slightly increased our exposure to the dollar following Kevin Warsh’s reassuring communication at the latest FOMC meeting.
- Our long-term conviction, however, remains that the US administration continues to erode the credibility of the United States, weighing on the dollar’s structural outlook. We are therefore maintaining a limited allocation to the greenback, while diversifying our exposure through selective positions.
Performance Overview
Data as of: Jul 8, 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 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 and 50% ICE BofA Global Government Index. Performances are presented using the chaining method.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
Source: Carmignac at 10/07/2026
Carmignac Multi Expertise Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Fixed Income Strategies | 39,3 % |
| Equity Strategies | 38,9 % |
| Alternative strategies | 20,4 % |
| Cash, Cash Equivalents and Derivatives Operations | 1,4 % |
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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: Jun 30, 2026.Equity Investment Weight55,0%
Net Equity Exposure42,9%
Active Share49,9%
Modified Duration1,8
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.
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Articles that may interest you
Notice to shareholders • February 9, 2024 • English
Changes to the fund - Carmignac Profil Reactif 50
3 minute(s) read
Awards • April 15, 2021 • English
Carmignac awarded across asset classes by Lipper 2021
1 minute(s) read
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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