Share Class
FR0010149179
An opportunistic and style agnostic long/short approach to European equities
- A diversified portfolio, based on a top-down and bottom-up approach, to take advantage of market inefficiencies.
- Active management of the net equity exposure (-20% to +50%).
- Strong discipline of portfolio risk management to contain the downside.
Key documents
Risk Indicator
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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
+ 128.2 %
+ 43.1 %
+ 10.3 %
+ 0.8 %
- 2.3 %
To 06/11/2025
Calendar Year Performance 2015Calendar 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 2024
- 8.0 %
+ 8.9 %
+ 14.6 %
+ 4.4 %
- 1.3 %
+ 5.2 %
+ 12.6 %
- 6.4 %
0.0 %
+ 3.6 %
Net Asset Value
412.33 €
Asset Under Management
157 M €
Net Equity Exposure30/09/2025
24.1 %
SFDR - Fund Classification
Article
8
Data as of: Nov 6, 2025.
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.
Carmignac Absolute Return 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: Oct 31, 2025.Fund management team
Johan Fredriksson
Fund Manager
Dean Smith
Fund Manager
Performance commentary
- The fund generated a positive return in October. Performance was primarily driven by stock selection within the Technology sector, with notable gains from long positions in AI beneficiaries and shorts in software companies vulnerable to AI-driven disruption.
- Additional positive contributions came from Healthcare and Industrials.
- Despite negative sentiment surrounding Financials, linked to US private credit concerns that spilled over into European markets, the fund’s Financials exposure still delivered a positive contribution for the month.
- The main contributors were Longs in Fresenius who benefited from rising expectations ahead of earnings and Sartorius who outperformed on the back of strong order growth.
- Sector detractors included Consumer Discretionary, Materials, Communications, and Utilities.
- The main detractors were Longs in Meta who faced market concern over the scale of its capital expenditure and a short in the luxury sector who underperformed due to stronger than expected Q3 results.
Outlook strategy
- Portfolio activity was concentrated around the busy earnings season, with several adjustments made both ahead of and following company results.
- The fund also sought to capitalize on intra-month volatility, selectively adding to Technology exposure, particularly among AI leaders and beneficiaries.
- Exposure to Industrials was modestly increased through the introduction of new positions such as Vestas, a leading wind turbine manufacturer benefiting from accelerating order growth and improving margins as new capacity ramps up.
- Meanwhile, exposure to Telecoms, Utilities, Consumer Staples, and Materials was reduced through a mix of long disposals and increased short positions.
- With the October Fed rate cut now behind us—delivered as expected, albeit accompanied by a slightly hawkish tone and the bulk of Q3 earnings reports completed (including BIG US Tech), the market enters a quieter phase with less corporate news flow.
- The key risk remains the unresolved US government shutdown, which, if prolonged, could move beyond being a temporary period of reduced data visibility to one that meaningfully impacts real economic activity.
Performance Overview
Data as of: Nov 6, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 08/11/2025
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2025.| Europe EUR | 25.6 % |
| Europe ex-EUR | 11.3 % |
| North America | 8.3 % |
| Others | 6.5 % |
| Index Derivatives | -27.6 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Sep 30, 2025.Net Equity Exposure24.1 %
Issuer equity derivative short44
Issuer equity derivative long69
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Johan Fredriksson
Fund Manager
Dean Smith
Fund Manager
Our objective is to provide a long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.
Dean Smith
Fund Manager
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The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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