Share Class
LU0807689152
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities97,9 %
Other2,1 %
Data as of: Aug 31, 2026.
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
+ 143,5 %
+ 97,2 %
+ 5,3 %
+ 15,7 %
+ 5,3 %
To 04/09/2026
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
+ 5,2 %
+ 10,4 %
- 9,6 %
+ 34,3 %
+ 13,8 %
+ 21,7 %
- 21,1 %
+ 14,8 %
+ 11,3 %
- 0,9 %
Net Asset Value
223,82 €
Asset Under Management
368 M €
Net Equity Exposure31/08/2026
97,9%
SFDR - Fund Classification
Article
9
Data as of: Aug 31, 2026.
Data as of: Sep 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR 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 Manager.
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
Frédéric JEANMAIRE
Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark DENHAM
Head of Equities, Fund Manager
Carmignac Portfolio Grande 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: Aug 31, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Frédéric JEANMAIRE
Fund Manager
Performance commentary
- Over the month of August, the fund delivered a strong positive absolute return significantly outperforming its reference indicator.
- The strongest contributor over the month was our stock selection in Healthcare. Holdings such as Argenx, Sartorius, Genmab and BioNTech delivered strong gains following encouraging clinical developments and improving investor sentiment towards innovative healthcare companies. This more than offset weakness in a handful of names including AstraZeneca, Galderma and Straumann.
- Industrials also made a significant positive contribution through both allocation and stock selection. Kingspan was the standout performer following strong operational execution and renewed confidence in the construction end-market, while Experian, RELX and IMCD continued to benefit from resilient earnings profiles and their ability to compound growth in a slowing macroeconomic environment.
- Information Technology was another notable driver of performance. SAP and Nemetschek rallied strongly during the month, supported by robust results and continued enthusiasm around enterprise software and AI-related spending, while Bechtle also contributed positively as confidence in European IT services improved.
- Financials also added meaningfully to relative returns, led by stock selection in Adyen, Deutsche Börse, Erste Group and Wise. Our exposure to high-quality exchanges, payment platforms and selected banks continued to be rewarded as earnings remained resilient and capital markets activity stayed supportive.
Outlook strategy
- We made very few changes over the month of August. We did small additions to Astrazeneca on weakness over M&A rumours as well as in Euronext.
- On the other hand, we reduced our weight in Alcon post results as our conviction in US ocular lens market growth is reducing as well as trimmed Genmab, Argenx, Schneider, Kingspan that have been strong recently.
- We remain constructive on the outlook for the second half of 2026. We believe high quality European equities are heavily oversold and now trade on appealing valuations, offering an attractive entry point for long term investors.
Performance Overview
Data as of: Sep 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.
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 Stoxx Europe 600 NR index. Performances are presented using the chaining method.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/09/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 31, 2026.| Europe | 100,0% |
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: Aug 31, 2026.Equity Investment Weight97,9%
Net Equity Exposure97,9%
Number of Equity Issuers44
Active Share82,4%
To Access the weekly view
Articles that may interest you
Strategies insights • July 15, 2026 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q2 2026
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Press release • June 9, 2026 • English
Carmignac strengthens investment team with top European equity manager
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Strategies insights • May 8, 2026 • English
Quality in Europe: Are we at a turning point?
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Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR 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