Share Class
LU0099161993
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities95.2 %
Other4.8 %
Data as of: Aug 29, 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 235.2 %
+ 91.4 %
+ 29.8 %
+ 35.5 %
- 3.3 %
To 07/10/2025
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
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
+ 11.3 %
Net Asset Value
335.16 €
Asset Under Management
608 M €
Net Equity Exposure29/08/2025
95.2 %
SFDR - Fund Classification
Article
9
Data as of: Aug 29, 2025.
Data as of: Oct 7, 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.
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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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Carmignac Portfolio Grande 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: Sep 30, 2025.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Performance commentary
- During the month of September, the fund had a slight negative absolute performance underperforming its reference indicator.
- Financials was the primary detractor. Our slight underweight and stock exposure to the financial infrastructure names like Euronext and Deutsche Boerse did not support our performance, although BBVA and UBS were decent contributors to returns.
- Our consumer names also suffered over the period, our holdings in L’Oreal, Unilever and Beiersdorf were among our largest detractors.
- In contrast, Our stock selection in IT was beneficial with ASML our largest contributor over the month. Similarly, in the healthcare sector the news of Genmab’s bid on Merus benefited our holding in Merus which was up c. 40% over the last few days of September.
Outlook strategy
- In September, we initiated a new position in Ashtead, a leading provider of construction, industrial and general equipment for short-term rental and in Erste Bank the Austrian Bank.
- We also trimmed exposure to healthcare names like Galderma and EssilorLuxottica post strength as well as Novo Nordisk and Zealand Pharma on continuing lacklustre prescription growth of Wegovy.
- Conversely, we increased our allocation to DSV, Euronext and Unilever on relative weakness.
- After the euphoric rise in domestic European sectors, we believe that the market is likely to come to terms with the reality that the implementation of recently announced fiscal spending plans and their tangible economic impact will take longer than initially anticipated.
- We believe that higher visibility should ultimately be rewarded. Quality companies still show strong financials, resilient earnings, and long-term growth potential.
- This creates an attractive entry point for long-term investors, especially as markets refocus on fundamentals and earnings visibility becomes increasingly valuable.
Performance Overview
Data as of: Oct 7, 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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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.
Source: Carmignac at 08/10/2025
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2025.| Europe | 100.0 % |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.
Exposure Data
Data as of: Sep 30, 2025.Equity Investment Weight91.9 %
Net Equity Exposure91.9 %
Number of Equity Issuers49
Active Share79.9 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Mark Denham
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark Denham
Head of Equities, Fund Manager
Articles that may interest you
European equities • July 14, 2025 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q2 2025
3 minute(s) read
European equities • July 4, 2025 • English
Mark Denham named Best Alpha Manager by Fundinfo
1 minute(s) read
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Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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.
Market environment