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Carmignac Portfolio Investissement: Letter from the Fund Manager - Q4 2025
During the fourth quarter of 2025, Carmignac P. Investissement delivered a robust return of +5.88%, outperforming its reference indicator, which posted a gain of +3.34%. In 2025, the Fund achieved a positive performance of +17.56%, compared to +7.86% for its reference indicator.
Market environment
In 2025, equity markets delivered solid overall gains despite a volatile start to the year. The early months were marked by uncertainty surrounding Chinese competition in artificial intelligence (AI), trade tensions, and the timing of interest-rate cuts, triggering episodes of sharp but short-lived sell-offs. From the April lows, markets rebounded strongly through year-end, supported by resilient global growth, fiscal stimulus announcements across several regions, and interest-rate cuts by major central banks, all of which boosted valuations and risk appetite.
U.S. markets remained buoyant throughout the year, underpinned by continued enthusiasm around AI. This momentum was sustained by significant investments from hyperscalers, robust corporate earnings, and a surge in deals and partnerships across the infrastructure and cloud computing sectors.
European and Emerging Markets outperformed U.S. equities. In Europe, declining inflation, improving macroeconomic conditions, and the announcement of a German fiscal stimulus package supported equity performance. Emerging Markets benefited from a weakening U.S. dollar and renewed investor interest. Notably, Taiwan and South Korea posted strong gains, driven by their exposure to the semiconductor sector and, in South Korea’s case, post-election optimism.
Geopolitical uncertainty fueled a strong rally in precious metals.
How did we fare in this context?
The Fund outperformed its reference indicator over the fourth quarter of 2025, driven by strong stock selection in the technology sector (SK Hynix, Alphabet, TSMC and Elite Material) as well as in healthcare (Lantheus and Thermo Fisher).
The final quarter was a good illustration of the overall year, during which the Fund delivered a high double-digit return and significantly outperformed its reference indicator. In 2025, performance was driven primarily by technology holdings, where strong stock selection and exposure to emerging market leaders such as SK Hynix, TSMC, Nvidia and Elite Material generated substantial value. This was supported by active additions during the market weakness in April and profit-taking later in the year.
Alphabet was one of our best contributors of the year. While most investor attention focused on the Magnificent Seven’s AI-driven gains, Alphabet remained relatively overlooked—despite being a leading AI innovator. With Gemini, its generative AI platform, Alphabet is a credible challenger to OpenAI and Microsoft. Beyond software, Alphabet is also strengthening its position in AI infrastructure through its in-house TPUs, offering a cost-efficient alternative to Nvidia’s dominant GPUs and attracting interest from major players such as Meta. This combination of innovation and strategic execution enabled Alphabet to post the strongest performance among the Magnificent Seven in 2025. We increased our exposure early in the year and benefited from the subsequent re-rating of the stock.
Industrials also contributed positively, with names such as Comfort Systems, Prysmian, Safran and General Electric delivering solid returns, while disciplined exits allowed gains to be crystallised as valuations became stretched. In addition, equity hedges through put options provided protection and a positive contribution during the April market stress.
These strengths were marginally offset by limited weaknesses in healthcare, notably Centene and Novo Nordisk, as well as a small number handful of stock-specific detractors including Block, Amazon and Tradeweb.
Outlook
Looking ahead, we expect market dispersion to increase further, both within the technology sector and relative to the broader equity market, as faster and increasingly reversible investor arbitrage amplifies volatility. In this environment, performance will depend on being positioned on the right side of disruption, including cases of internal disruption within the technology complex, particularly in hardware. We are therefore becoming more selective in our AI hardware exposure, focusing on high-quality companies that benefit from the ongoing capex cycle without facing excessive pressure on free cash flow or profitability from overly aggressive investment plans. We also prioritise companies that are relatively immune to internal technological disruption while still offering valuations that remain reasonable relative to their growth prospects. Within this framework, SK Hynix and TSMC continue to stand out as attractive long-term opportunities.
At the same time, we are building exposure to companies that are, in our view, wrongly perceived as AI casualties, particularly within software and financial infrastructure. While AI implementation is advancing rapidly in specific areas such as coding, we believe that, for most enterprises, AI will be deployed on top of existing software stacks and that adoption will remain gradual rather than disruptive in the near term. This underpins our increased exposure to established software platforms such as Salesforce, ServiceNow, GitLab and Atlassian, a positioning that remains contrarian relative to prevailing market sentiment.
Within healthcare, our focus remains on self-funded companies with existing commercial products and robust pipelines of new therapies. We have reinforced our exposure to biotechnology, as well as to Novo Nordisk, which we believe is well positioned to benefit from the launch of the first oral GLP-1 medicine for obesity. We also added to Doximity, a leading digital platform for US healthcare professionals, used by over 80% of doctors. It supports communication, telemedicine and clinical information sharing, with a highly scalable business model delivering profit margins above 40%.
Alongside these positions, we see continued potential in contrarian opportunities such as Block, which offers mispriced exposure to secular growth in digital payments and an approaching inflection point in its profitability profile.
1A EUR Acc share class.
2Global Large-Cap Growth Equity.
3MSCI AC World NR index.
Carmignac Portfolio Investissement
Carmignac Portfolio Investissement A EUR Acc
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 4/7
- 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. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Main risks of the fund
Fees
- Entry costs
- 4.00% One-time cost 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
- 1.80% This estimate is based on actual costs over the past year.
- Performance fees
- 20.00% when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. 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
- 0.59% 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 Portfolio Investissement | 2.1 | 4.7 | -14.0 | 25.1 | 34.6 | 4.5 | -17.9 | 19.4 | 25.5 | 17.6 |
| Reference Indicator | 11.1 | 8.9 | -4.8 | 28.9 | 6.7 | 27.5 | -13.0 | 18.1 | 25.3 | 7.9 |
| Carmignac Portfolio Investissement | + 20.7 % | + 8.6 % | + 8.9 % |
| Reference Indicator | + 16.8 % | + 12.1 % | + 10.8 % |
Source: Carmignac at Dec 31, 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: MSCI AC World NR index
Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions. This document is intended for professional clients.
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.