Diversified strategies
Carmignac Portfolio Patrimoine Europe
Luxembourg SICAV sub-fundEuropean marketArticle 8Share Class
LU1932476879
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
Equities40,2 %
Other34,4 %
Bonds25,4 %
Data as of: Aug 31, 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
+ 52,6 %
-
+ 2,8 %
+ 16,5 %
+ 5,2 %
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
-
-
-
+ 18,5 %
+ 15,2 %
+ 9,4 %
- 12,9 %
+ 1,9 %
+ 7,1 %
+ 4,7 %
Net Asset Value
152,62 €
Asset Under Management
488 M €
Net Equity Exposure31/08/2026
45,3%
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.
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.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Jacques HIRSCH
Fund Manager
Frédéric JEANMAIRE
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: Aug 31, 2026.Fund management team
Jacques HIRSCH
Fund Manager
Frédéric JEANMAIRE
Fund Manager
Performance commentary
- In August, the Fund delivered a strong positive performance, outperforming its reference indicator, which was broadly flat over the month.
- Equities were the main contributor in both absolute and relative terms, supported by a rebound in quality growth stocks.
- Performance dispersion remained high across sectors and countries. Industrials, technology and financials contributed positively, while our stock selection in healthcare also proved effective, notably through more biotech-oriented names such as Genmab.
- Our equity macro overlay also added value, benefiting from long futures exposure to banks and basic resources, as well as our allocation to physical gold.
- In fixed income, our cautious stance on credit, expressed through CDS protection, detracted from performance as spreads remained tight. Our rates positioning was also slightly negative, as sovereign yields moved higher over the month.
Outlook strategy
- Global growth remains resilient, supported by AI investment and fiscal momentum, but persistent inflation and large deficits should keep macro volatility elevated.
- We remain constructive on European equities, supported by resilient economic activity and strong earnings momentum. 2026 EPS growth expectations have been revised higher to around 15%, with upgrades broad-based across most sectors.
- Valuations remain attractive in relative terms. While Europe trades slightly above its historical average at around 14.5x forward earnings, it continues to offer a meaningful discount to the US, alongside healthier free cash flow generation.
- Europe also provides an attractive source of diversification, with significantly lower market concentration than the US and ample opportunities for stock and bond picking in an environment of historically low cross-stock correlations.
- We nevertheless remain mindful of several risks, including higher long-term bond yields, political uncertainty ahead of the 2027 election cycle, particularly in France, and renewed energy-related pressures as Europe approaches the winter period.
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.
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 08/09/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Aug 31, 2026.| Equities | 40,2 % |
| Money Market | 34,5 % |
| Bonds | 25,4 % |
| Cash, Cash Equivalents and Derivatives Operations | -0,1 % |
| Credit Default Swap | -23,2 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: Aug 31, 2026.Equity Investment Weight40,2%
Net Equity Exposure45,3%
Active Share90,6%
Modified Duration2,0
Yield to Maturity3,7%
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.
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Articles that may interest you
Press release • June 9, 2026 • English
Carmignac strengthens investment team with top European equity manager
2 minute(s) read
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
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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.
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