Share Class
LU1744630424
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Other44.9 %
Equities27.6 %
Bonds27.5 %
Data as of: Apr 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 49.1 %
-
+ 8.6 %
+ 14.4 %
+ 2.6 %
To 12/05/2026
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
-
-
- 4.3 %
+ 19.3 %
+ 14.5 %
+ 10.3 %
- 12.3 %
+ 2.7 %
+ 8.0 %
+ 5.6 %
Net Asset Value
149.11 €
Asset Under Management
474 M €
Net Equity Exposure31/03/2026
36.7 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: May 12, 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.
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
.png){kind=logo}
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
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
Jacques HIRSCH
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques HIRSCH
Fund Manager
Carmignac Portfolio Patrimoine 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: Apr 30, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Jacques HIRSCH
Fund Manager
Performance commentary
- In this context, our strategy delivered a positive performance over the month, broadly in line with its reference indicator.
- Our equity portfolio was the main driver of performance, notably supported by the industrial sector through holdings such as Siemens, Prysmian and Schneider Electric, which continued to benefit from favorable prospects linked to investments in infrastructure, electrification and power grids.
- ASML also contributed positively to performance, continuing to benefit from sustained demand for semiconductor manufacturing equipment amid accelerating investments related to artificial intelligence. This dynamic supported the stock’s performance over the period.
- The banking sector also contributed positively, notably through UBS and FinecoBank, in an interest rate environment that remains supportive for the profitability of European financial institutions.
- Our fixed income allocation delivered a broadly neutral performance over the month. While our credit portfolio benefited from spread tightening, this positive contribution was largely offset by our hedging strategies on high-yield corporate bonds.
- Finally, our inflation strategies also supported the fund’s performance over the period, benefiting from the gradual rebound in inflation expectations.
Outlook strategy
- The war in Iran is creating three key shocks: an inflation shock, with underappreciated second-round effects; a growth shock, currently viewed as mild by markets but likely to prove more severe in Europe than in the US; and a fiscal shock, which should disproportionately affect highly indebted countries.
- In this environment, equities remain our preferred asset class, with exposure at 45% and a diversified underlying positioning. Over recent weeks, we took advantage of heightened volatility to increase exposure to higher-beta sectors, such as Euro Stoxx banks and industrials. This is balanced by our core portfolio of quality stocks.
- On rates, we maintain a modestly long exposure to European rates, particularly at the short end of the curve, as markets are already pricing an ECB baseline/adverse scenario in terms of rate hikes.
- On credit, we continue to hold significant protection on high yield, as current spread levels appear too complacent given the risks associated with higher commodity prices, growth concerns and tensions in private credit.
- Finally, we reintroduced a position in gold over recent weeks, after having reduced exposure to zero in March.
Performance Overview
Data as of: May 12, 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.
Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The performances are presented using the chaining method.
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 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Source: Carmignac at 13/05/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Money Market | 38.1 % |
| Equities | 27.6 % |
| Bonds | 27.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 6.9 % |
| Credit Default Swap | -24 % |
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 equity and bond management and positioning.
Exposure Data
Data as of: Mar 31, 2026.Equity Investment Weight27.4 %
Net Equity Exposure36.7 %
Active Share97.9 %
Modified Duration2.9
Yield to Maturity3.4 %
Average RatingA
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
To Access the weekly view
Articles that may interest you
Strategies insights • February 4, 2025 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
Strategies insights • October 15, 2024 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
Strategies insights • April 18, 2024 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
Did you enjoy the fund page?
Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised 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