Share Class
LU1299311164
Global equities - broad in perspective, selective by conviction
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
- Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
Key documents
Asset Allocation
Equities95,1 %
Other4,9 %
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
+ 176,3 %
+ 174,1 %
+ 64,2 %
+ 85,4 %
+ 31,3 %
To 07/09/2026
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
+ 2,1 %
+ 4,7 %
- 14,0 %
+ 25,1 %
+ 34,6 %
+ 4,5 %
- 17,9 %
+ 19,4 %
+ 25,5 %
+ 17,6 %
Net Asset Value
276,27 €
Asset Under Management
446 M €
Net Equity Exposure31/08/2026
84,0%
SFDR - Fund Classification
Article
8
Data as of: Aug 31, 2026.
Data as of: Sep 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 Manager.
Fund Management Team
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
Carmignac Portfolio Investissement 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
Performance commentary
- Our fund delivered positive absolute and relative performance over the month, supported by its balanced positioning between a diversified technology portfolio and a recently reinforced selection of quality growth companies trading at depressed valuations.
- Technology remained the main contributor, particularly our Asian AI-related holdings, which rebounded after the sharp sell-off seen in June and July. Asia Vital Components, Nitto Boseki and SK Hynix were among the main beneficiaries. Asia Vital Components was supported by stronger-than-expected quarterly results, with record margins driven by a favourable product mix and continued demand for liquid-cooling solutions for AI servers.
- Atlassian was the Fund’s largest individual contributor. After having been viewed as one of the software companies most exposed to potential AI disruption, the stock rebounded strongly following reassuring results and guidance. Revenue growth remained robust, cloud growth accelerated and the company highlighted strong adoption of its Rovo AI offering, helping to ease concerns around the impact of generative AI on its business model.
- Our exposure to financial infrastructure and payments also contributed positively, notably through Tradeweb, S&P Global and Adyen. Adyen benefited from solid first-half results and an improved full-year growth outlook. Within healthcare, Doximity and Cencora also supported performance.
- Conversely, Broadcom, Alphabet and Amazon detracted over the month, as investors remained focused on elevated AI-related capital expenditure and its implications for future free cash flow generation.
Outlook strategy
- Within technology, we remain selective, with hardware and semiconductors representing our strongest convictions. Hyperscalers are committing unprecedented levels of capex, putting pressure on free cash flow. The key question is increasingly whether they want to spend or have to spend to remain competitive. Either way, significant capital continues to flow into semiconductors and AI infrastructure.
- Given the higher volatility of AI-related stocks and more attractive valuations elsewhere, we continue to diversify the portfolio across financials, healthcare and industrials. These exposures are often built through small baskets targeting specific market sub-segments rather than broad sector calls.
- Within financials, we favour payments and market-infrastructure companies with strong network effects, proprietary data and high barriers to entry. Mastercard, Adyen, S&P Global and Tradeweb benefit from structurally rising transaction volumes and increasingly digitalised financial markets. Their mission-critical role should also make them relatively resilient to AI disruption.
- In healthcare, we continue to favour pharmaceutical distributors such as McKesson and Cencora. Their essential role within the drug-supply chain, recurring demand and strong cash generation provide defensive characteristics and help diversify the portfolio away from the AI investment cycle.
- During the month, we trimmed Lantheus and Intercontinental Exchange following their strong recent performance. We also exited Meta and ServiceNow as part of our increasingly selective approach to hyperscalers and software.
- Conversely, we initiated positions in Nokia and Uber after sharp share-price declines created more attractive entry points. Nokia is exposed to growing connectivity and data-infrastructure needs, while Uber benefits from the scale of its global mobility and delivery platform and improving free-cash-flow generation.
Performance Overview
Data as of: Sep 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.
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 08/09/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 31, 2026.| North America | 56,3% |
| Asia | 25,0% |
| Europe | 12,7% |
| Asia-Pacific | 3,7% |
| Latin America | 1,9% |
| Eastern Europe | 0,3% |
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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 management and equity positioning.
Exposure Data
Data as of: Aug 31, 2026.Equity Investment Weight95,1%
Net Equity Exposure84,0%
Number of Equity Issuers93
Active Share81,0%
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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 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.
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.
UAE DIFC and ADGM: for professional clients only. This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638.
This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (?DFSA?). It must not be relied upon by, or distributed to, Retail Clients or any other person.
The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (?CSSF?). Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s).
Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (?SFDR?) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance.
The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (?DFSA?). It must not be relied upon by, or distributed to, Retail Clients or any other person.
The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (?CSSF?). Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s).
Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (?SFDR?) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance.
The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
Market environment