Share Class
FR0010135103
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
- Combine long-term growth and resilience with a socially responsible approach
Asset Allocation
Bonds45,3 %
Equities42,1 %
Other12,6 %
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
+ 975,6 %
+ 32,0 %
+ 12,3 %
+ 28,1 %
+ 10,8 %
To 04/06/2026
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
+ 3,9 %
+ 0,1 %
- 11,3 %
+ 10,5 %
+ 12,4 %
- 0,9 %
- 9,4 %
+ 2,2 %
+ 7,1 %
+ 12,1 %
Net Asset Value
€823.4
Asset Under Management
6 738 M €
Net Equity Exposure30/04/2026
39,3 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: Jun 4, 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques HIRSCH
Fund Manager
Carmignac Patrimoine 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: May 29, 2026.Fund management team
Performance commentary
- In a supportive market environment, the Fund delivered a positive return, albeit lagging its reference indicator.
- Our equity exposure remained high, above 40% throughout the month, enabling the Fund to benefit from the rally in equity markets.
- However, stock selection was a slight drag on relative performance, particularly within technology. Our decision in recent weeks to reduce exposure to high-beta, highly valued semiconductor names meant that we did not fully capture the sharp rally in stocks such as Micron.
- Our European holdings, notably UBS and Safran, also performed well over the month.
- Conversely, some of our diversification/hedging positions, including emerging-market banks and put options, modestly detracted from performance.
- On rates, we maintained a low modified duration, and even a negative duration in the US. This proved very beneficial at the start of the month, amid market repricing and rising inflation expectations, although hopes of an end to the conflict in the Middle East drove yields lower towards month-end. Overall, our rates positioning was nonetheless a positive contributor to monthly performance.
Outlook strategy
- The Fund remains positioned for an environment in which inflation risks persist and growth proves resilient but increasingly uneven.
- The US economy remains resilient, supported by AI-related investment, energy self-sufficiency and a healthy labour market. However, inflation is likely to remain above target. Europe looks more vulnerable, facing a backdrop of weaker growth and persistent inflation linked to the energy shock.
- We remain constructive on equities, underpinned by resilient fundamentals, particularly in the US, but current valuations call for greater discipline. US indices are close to all-time highs, market leadership has narrowed, and higher yields increase the discount rate applied to future earnings, making selectivity essential.
- Our long-term conviction in AI remains intact, as we continue to view it as a structural investment theme. However, following a strong rally, we have taken profits on parts of our semiconductor exposure, particularly higher-beta names, in order to manage valuation and concentration risk.
- Our equity approach follows a barbell strategy: maintaining exposure to structural growth winners while adding resilient, attractively valued businesses outside the most crowded areas of the market, including defensive US healthcare distributors, Berkshire Hathaway and selected emerging-market banks.
- At the end of the month, we also initiated exposure to volatility through call options, as the final stages of a rising market are often accompanied by an increase in volatility.
- On rates, we remain cautious on long-term yields given the budget deficit and inflationary backdrop. As a result, our modified duration is close to zero.
- We also remain cautious on credit, where we see less upside potential than in equities, and therefore maintain a relatively high level of CDS protection.
- On currencies, we favour the euro and emerging-market currencies against the US dollar, where our exposure remains low, in the single digits.
Performance Overview
Data as of: Jun 4, 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.
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.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Until 31 December 2012, the reference indicators' equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund's reference indicator comprised 50% MSCI AC World NR (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 05/06/2026
Carmignac Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Bonds | 45,3 % |
| Equities | 42,1 % |
| Cash, Cash Equivalents and Derivatives Operations | 7,7 % |
| Money Market | 5,0 % |
| Credit Default Swap | -18,7 % |
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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: Apr 30, 2026.Equity Investment Weight42,1 %
Net Equity Exposure39,3 %
Active Share82,1 %
Modified Duration0,5
Yield to Maturity4,6 %
Average RatingBBB+
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
Webconference • June 2, 2026 • English
Carmignac Patrimoine: From market crosswinds to portfolio convictions
Strategies insights • April 8, 2026 • English
Carmignac Patrimoine: Letter from the Fund Managers - Q1 2026
3 minute(s) read
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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