Share Class
LU2420652476
An intergenerational Fund focused on quality, sustainable companies
- A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
- A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Asset Allocation
Equities90.4 %
Other9.6 %
Data as of: Sep 30, 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 9.8 %
-
-
+ 45.3 %
- 3.9 %
To 06/11/2025
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
-
-
-
-
-
-
-
- 23.7 %
+ 23.8 %
+ 22.7 %
Net Asset Value
109.81 €
Asset Under Management
441 M €
Net Equity Exposure30/09/2025
90.4 %
SFDR - Fund Classification
Article
9
Data as of: Sep 30, 2025.
Data as of: Nov 6, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
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Carmignac Portfolio Grandchildren 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: Oct 31, 2025.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
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
Performance commentary
- In October, the Fund delivered a positive absolute performance, though it lagged its reference indicator.
- The relative underperformance was mainly driven by the technology sector.
- Our underweight exposure to technology weighed on relative returns, as the benchmark was led by an increasingly narrow group of AI-related stocks.
- Although we hold significant investments in this area with Nvidia, Alphabet, and ASML among our top contributors during the month, these exposures were not sufficient to match the benchmark’s strength.
- Our financial holdings also detracted from performance. ICE and UBS declined over the period; however, we believe these names are oversold and modestly increased our positions.
- Conversely, after several months of weakness, our healthcare holdings contributed positively. Thermo Fisher, Vertex, and Eli Lilly reported strong results, supported by sustained demand and resilient margins, helping to restore investor confidence in the sector.
Outlook strategy
- Our macroeconomic framework continues to advocate a defensive positioning, as valuation remains a key concern at the overall market level.
- During the month, we made several portfolio adjustments. We initiated a new position in Capgemini, viewed as an attractive and inexpensive hedge against fears of AI-driven disruption, trading at around 10x earnings, and we continued to build our position in DSV.
- Over the period, we trimmed positions in Industrials such as Prysmian and Schneider, following their strong performance in recent months.
- However, we took advantage of the market weakness at month-end to re-add exposure to Prysmian and Schneider, recognizing their potential as key beneficiaries of ongoing developments related to artificial intelligence.
- Several areas of the portfolio that had recently underperformed are now presenting attractive opportunities for long-term investors, and we used this opportunity to increase our allocations.
- This was particularly the case within Financials, where stocks such as S&P Global and Mastercard have underperformed due to unfounded concerns around AI-related disruption, and within Consumer Staples, where names like P&G and Unilever have, in our view, lagged unjustly.
- In the current environment, earnings visibility is likely to be increasingly rewarded. We therefore maintain a disciplined stance, limiting exposure to cyclical sectors in favour of quality.
- High-quality companies continue to trade at multi-year relative lows despite record earnings, offering a rare entry point for long-term investors.
Performance Overview
Data as of: Nov 6, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/11/2025
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2025.| North America | 63.6 % |
| Europe | 36.4 % |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.
Exposure Data
Data as of: Sep 30, 2025.Equity Investment Weight90.4 %
Net Equity Exposure90.4 %
Number of Equity Issuers41
Active Share80.0 %
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
Mark Denham
Head of Equities, Fund Manager
Obe Ejikeme
Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
Mark Denham
Head of Equities, Fund Manager
Articles that may interest you
Strategies insights • October 16, 2025 • English
Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q3 2025
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Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q2 2025
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Strategies insights • April 16, 2025 • English
Quality: your compass in an uncertain world
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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.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment