The end of the 60/40 era
The shock of 2022 was more than just a painful market episode —it marked the collapse of the traditional 60/40 equity-bond allocation. The stable equilibrium of the Great Moderation gave way to a world of heightened inflation volatility, sharper policy swings, and weaker diversification benefits. This shift was confirmed again in 2025 as the correlation between equities and bonds has proved unpredictable and volatile. During the “Liberation Day” shock, bonds initially acted as a buffer against the decline in equities before both asset classes began moving in tandem, rising and falling together.
In this environment, agility is critical. Asset allocation that can swiftly reduce modified duration when it is no longer considered beneficial is a real game changer. With a duration range from -4 to +10, the Carmignac Patrimoine fund is equipped to navigate shifting rate environments. Our main concern currently remains the risk of a renewed surge in inflation, which drives our cautious stance on interest rates.
Yet fixed income flexibility alone is not enough. Carmignac Patrimoine also harnesses its full range of tools—equity and currency exposures—at a time when even the dollar can no longer be counted on as a safe haven. This global and agile approach is, in our view, the key to navigating the current environment.
A management team & investment process built for the new investment paradigm
In 2023, recognizing that the investment landscape had structurally changed, we reshaped the fund management team for Carmignac Patrimoine , bringing in new expertise to strengthen our edge.
Current management team: a consistent track record
Since the new team took charge of the fund two years ago, Carmignac Patrimoine has delivered strong and consistent results versus its reference indicator.
2025 YTD outperformance versus both the reference indicator and MSCI AC World, stems from the following multiple, complementary drivers:
- Selective, valuation-driven technology exposure
- Flexible inflation-linked fixed income strategies
- Gold miners as a defensive anchor
- Tactical equity hedging
- A constructive view on the euro
The breadth of contributions demonstrates the strength and balance of our investment process—not reliant on a single asset class, but on the combination of all asset classes during various market cycles.
Why now?
Our current convictions:
Equity selection remains the key driver of performance over the short, medium, and long term. Beyond a still-supportive environment for equities — marked by the reacceleration of US growth, ongoing fiscal stimulus, and central bank support — our stock selection favours AI-related companies with attractive valuations, industrial firms positioned on structural themes such as electrification and aeronautics, and financial companies benefiting from resilient fundamentals.
Considering current valuations and the limited protective role of bonds, we are maintaining exposure to gold mining companies, protection strategies against widening credit spreads, and positions in the yen. We are also implementing optional and directional hedges on equity indices to manage potential downside risks.
US interest rates are expected to resume their upward trend. The market continues to underestimate inflation pressures — driven by rising wages, higher tariffs, and weak global trade dynamics. This complacency is illustrated by the market expectations of an aggressive Fed easing cycle. In addition, with widening fiscal deficits and a more fragile debt structure, we expect a regime of sustainably higher rates. Accordingly, we maintain a negative modified duration and strong exposure to inflation-linked instruments, particularly in the United States.
The US dollar is expected to continue weakening as institutional credibility erodes. The fund’s USD exposure is maintained around 0%.
Carmignac Patrimoine
Carmignac Patrimoine A EUR Acc
- Recommended minimum investment horizon
- 3 years
- Risk indicator*
- 3/7
- SFDR - Fund Classification**
- Article 8
*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Main risks of the fund
Fees
- Entry costs
- 4.00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
- Exit costs
- We do not charge an exit fee for this product.
- Management fees and other administrative or operating costs
- 1.50% of the value of your investment per year. This estimate is based on actual costs over the past year.
- Performance fees
- 20.00% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
- Transaction Cost
- 0.79% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.
Performance
| Carmignac Patrimoine | 3.9 | 0.1 | -11.3 | 10.5 | 12.4 | -0.9 | -9.4 | 2.2 | 7.1 | 10.5 |
| Reference Indicator | 8.1 | 1.5 | -0.1 | 18.2 | 5.2 | 13.3 | -10.3 | 7.7 | 11.4 | -0.1 |
| Carmignac Patrimoine | + 8.0 % | + 3.1 % | + 2.4 % |
| Reference Indicator | + 5.8 % | + 4.9 % | + 5.7 % |
Source: Carmignac at Sep 30, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Reference Indicator: 40% MSCI AC World NR index + 40% ICE BofA Global Government index + 20% €STR Capitalized index. Quarterly rebalanced.
Articles that may interest you
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New world, new rules: Agility put to the test by Trump 2.0
Carmignac Patrimoine: Letter from the Fund Managers
Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions.
This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.
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.
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.
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The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital.
The Funds’ prospectus, KIDs, NAVs and annual reports are available at www.carmignac.com/en, or upon request to the Management Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The French investment funds (fonds communs de placement or FCP) are common funds in contractual form conforming to the UCITS or AIFM Directive under French law.
In the United Kingdom: the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.com/en-gb, or upon request to the Management Company, or for the French Funds, at the offices of the acilities Agent, Carmignac UK Ltd, 2 Carlton House Terrace, London, SW1Y 5AF. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the FCA with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY, UK; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.
In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.com/en-ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Route de Signy 35, 1260 Nyon.
The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English on the following links: UK ; Switzerland ; France ; Luxembourg ; Sweden.
For Carmignac Portfolio Long-Short European Equities: 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.
Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278.