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Alternative strategies

Carmignac Portfolio Long-Short European Equities

Luxembourg SICAV sub-fundEuropean marketArticle 8
Share Class

LU1317704051

A high-conviction long/short approach to European equities
  • A bottom-up fundamental approach to maximise long and short alpha generation.
  • Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
  • Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 94,9 %
+ 89,0 %
+ 20,3 %
+ 32,7 %
+ 4,3 %
From 19/11/2015
To 05/11/2026
Calendar Year Performance 2025
+ 9,1 %
+ 16,1 %
+ 3,4 %
- 0,3 %
+ 6,9 %
+ 13,0 %
- 6,3 %
+ 0,1 %
+ 17,4 %
+ 7,8 %
Net Asset Value
194,92 €
Asset Under Management
856 M €
Net Equity Exposure30/09/2026
10,5%
SFDR - Fund Classification

Article

8
Data as of:  Nov 5, 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.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
[Management Team] [Author] Heininger Malte

Malte HEININGER

Delegated Fund Manager, White Creek Capital LLP
Source and Copyright: Citywire. Malte HEININGER is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

Carmignac Portfolio Long-Short European Equities 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 30, 2026.

Market environment

  • The Eurostoxx 50 ended October over 2% lower, but once again there was a lot of rotation underneath the surface, as banks dropped 12% while food staples rallied 11%.
  • The Nasdaq fell around 7% over the month, its third correction of the year and its second-worst month since the AI cycle began in early 2023.
  • The concerns about the AI cycle moved from the supply chain to capital and financing. The ability and appetite to finance the build-out have weakened as capital needs rise and the natural sources of funding have been tapped out. This is leading to widening credit spreads in a time where the market is already concerned about the returns on the build out and the circularity of the AI ecosystem.

Performance commentary

  • On the Long side, Banks and Industrials detracted and healthcare and life science positions drove our returns.
  • EssilorLuxottica was our largest contributor. The shares rose 11% on the day of its Q3 results and ended the month up 27%, as their third quarter revenues grew 9%, which topped consensus.
  • Fresenius and our life sciences positions (Charles River Laboratories, Lonza and Sartorius) also had a strong contribution.
  • Siltronic was our largest detractor, as the sell-off in semiconductors deepened.
  • Meta gave back much of its strong September gains despite very strong Q3 numbers as the market focus turned towards funding needs and AI spending commitments.
  • Our Greek positions, like GEK Terna and Eurobank, also detracted.
  • On the short side, our AI basket short and some of our Tech put positions benefited from the tech sell-off. Huhtamaki also contributed, as the shares fell after Q3 results showed a 9% decline in North American sales and continued weakness in foodservice packaging.
  • Our software and IT services shorts detracted (like Sopra Steria or Netcompany), as the market rotated further into software & IT services.

Outlook strategy

  • The net exposure of the strategy stayed in the low double digits throughout the month and we also brought down our gross exposure since September, as market volatility spiked.
  • We remain constructive on the Long side in industries such as infrastructure, specialty engineering, specialty chemicals, utilities, life sciences, aerospace, and semiconductors.
  • Our portfolio remains focused on stock specific and idiosyncratic drivers, rather than macro plays.
  • On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.

Performance Overview

Data as of:  Nov 5, 2026.
View Performance in detail
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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
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.
Source: Carmignac at 07/11/2026

Carmignac Portfolio Long-Short European Equities Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Sep 30, 2026.
Europe EUR25,1%
North America9,6%
Others2,3%
Europe ex-EUR-3,7%
Equity Basket Derivatives-9,8%
Index Derivatives-12,9%
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Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  Sep 30, 2026.
Net Equity Exposure10,5%
Beta+0.3
Sortino Ratio+0.1
Number of Holdings20
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View characteristics and risks
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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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.