Share Class
LU1299311834
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
Equities96.6 %
Other3.4 %
Data as of: Dec 31, 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
+ 109.9 %
+ 135.5 %
+ 34.5 %
+ 59.9 %
+ 10.2 %
To 06/02/2026
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
+ 1.1 %
+ 3.7 %
- 14.8 %
+ 24.4 %
+ 33.7 %
+ 3.8 %
- 18.5 %
+ 18.5 %
+ 24.6 %
+ 17.4 %
Net Asset Value
209.90 €
Asset Under Management
275 M €
Net Equity Exposure31/12/2025
100.6 %
SFDR - Fund Classification
Article
8
Data as of: Dec 31, 2025.
Data as of: Feb 6, 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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: Jan 30, 2026.Fund management team
Performance commentary
- Against this backdrop, the fund delivered a positive performance in line with its reference indicator.
- The portfolio benefited significantly from our exposure to the South Korean market, particularly SK Hynix and Samsung Electronics, whose share prices rose sharply amid strong investment plans by major US players in AI-related infrastructure. In the same vein, Taiwan Semiconductor also made a positive contribution to performance during the period.
- By contrast, our investments in software were somewhat disappointing, with names such as Salesforce and ServiceNow affected by ongoing uncertainty regarding the impact of AI on their business models.
- Finally, our European holdings performed well over the period, supported by the share price appreciation of Prysmian, Novo Nordisk and Siemens.
Outlook strategy
- The current market regime is being shaped by momentum: it powered last year’s rally and has driven the sharp sell-off of recent weeks in certain parts of the market. A significant share of that momentum has been tied to the AI story; as the narrative evolves, reversals are likely to remain fast and violent.
- Re-rating of some casualties: We maintain very selective exposure to financial infrastructure, payments and software names that have been thrown out with the bathwater, without fundamental justification.
- Diversifying beyond AI: Non-AI risk has been reinforced through other lagging segments, including selected biotechnology names.
- More selective AI exposure: We are concentrating on higher-quality areas of AI (e.g., SK Hynix, TSMC), while reducing exposure to fully priced, high-beta AI names.
- Rising volatility and dispersion: We add to long-term convictions that have suffered large de-ratings, while continuing to reduce exposure to those that have, so far, resisted the volatility episode of early February.
Performance Overview
Data as of: Feb 6, 2026.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 09/02/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Dec 31, 2025.| North America | 59.1 % |
| Asia | 23.2 % |
| Europe | 15.1 % |
| Latin America | 1.8 % |
| Asia-Pacific | 0.6 % |
| Eastern Europe | 0.3 % |
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: Dec 31, 2025.Equity Investment Weight96.6 %
Net Equity Exposure100.6 %
Number of Equity Issuers81
Active Share76.9 %
To Access the weekly view
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.
Articles that may interest you
![[Background image] [CI] Blue sky and buildings](https://carmignac.imgix.net/uploads/NextImage/0001/05/CI_WEB.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Strategies insights • February 3, 2026 • English
Carmignac Investissement: Letter from the Fund Manager - Q4 2025
3 minute(s) read
Strategies insights • November 21, 2025 • English
III. Off the beaten path approach of Carmignac Investissement
4 minute(s) read
Did you enjoy the fund page?
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.
Market environment