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Alternative strategies

Carmignac Absolute Return Europe

French mutual fund (FCP)European marketArticle 8
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
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 132,9 %
+ 43,1 %
+ 1,8 %
+ 7,4 %
+ 0,8 %
From 02/01/2003
To 09/07/2026
Calendar Year Performance 2025
+ 8,9 %
+ 14,6 %
+ 4,4 %
- 1,3 %
+ 5,2 %
+ 12,6 %
- 6,4 %
0,0 %
+ 3,6 %
- 0,6 %
Net Asset Value
€420.81
Asset Under Management
136 M €
Net Equity Exposure30/06/2026
19,8 %
SFDR - Fund Classification

Article

8
Data as of:  Jul 9, 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.
Alternative strategiesCarmignac Absolute Return Europe
Alternative strategiesCarmignac Absolute Return Europe
Share Class

FR0010149179

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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
Our objective is to provide long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.

Johan FREDRIKSSON

Fund Manager
View Fund's characteristics

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:  Jun 30, 2026.
Fund management team

Johan FREDRIKSSON

Fund Manager

Market environment

  • European equities gained more than 2% in June, although performance was volatile.
  • The STOXX Europe 600 declined during the first half of the month as geopolitical tensions in the Middle East and higher oil prices weighed on sentiment, before rebounding sharply following the Israel-Iran ceasefire, which eased energy supply concerns and supported a recovery in risk appetite.
  • Leadership remained concentrated in structural growth themes.
  • Technology outperformed, supported by continued AI-related investment and semiconductor demand, while utilities benefited from rising electricity demand and grid investment.
  • Healthcare and consumer sectors lagged initially but recovered towards month-end as lower oil prices improved the consumer outlook.
  • Market performance continues to be driven more by sharp sector rotations than by overall index direction, creating a challenging environment for stock selection.
  • Looking ahead, the focus will shift to the second quarter earnings season, where company guidance will be key in determining whether current valuations and market leadership can be sustained.

Performance commentary

  • The fund generated a positive return during the month.
  • Underlying equity positions performed well, though gains were partly offset by index hedges in a supportive market environment.
  • Financials were the strongest contributor, driven by bank holdings, while Industrials also performed well, supported by resilient earnings and continued investor focus on electrification and power infrastructure themes.
  • Key stock selection winners included long positions in ASML (Benefited from renewed optimism towards semiconductor capital equipment), Mediobanca (post renewed M&A interest) and Fresenius (supported by improving investor sentiment in healthcare).
  • The main detractors were Halma, following a more cautious outlook, and Zegona, which suffered from broader weakness in the telecom sector.

Outlook strategy

  • Markets entered June on a constructive footing, supported by resilient economic growth, easing inflation and continued enthusiasm around AI.
  • While US equities remained the main driver of returns, market leadership broadened beyond mega-cap technology, benefiting a wider range of sectors and regions, including Europe.
  • Investor focus is now shifting toward the upcoming Q2 earnings season, which will be key to validating current market expectations.
  • With valuations still elevated in parts of the market, earnings and company guidance are likely to drive increased sector rotation and performance dispersion.
  • Despite this, the medium-term outlook remains supportive, underpinned by resilient economic activity and healthy corporate fundamentals.

Performance Overview

Data as of:  Jul 9, 2026.
View Performance in detail
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.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 10/07/2026

Carmignac Absolute Return Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Jun 30, 2026.
Europe EUR14,7 %
Europe ex-EUR11,5 %
North America4,1 %
Others3,5 %
Index Derivatives−14,0 %
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Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  Jun 30, 2026.
Net Equity Exposure19,8 %
Issuer equity derivative short41
Issuer equity derivative long52
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All analysis
View characteristics and risks
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.