Equity strategies
Carmignac Portfolio Climate Transition
Luxembourg SICAV sub-fundThematicESG Thematic Fund Article 8Share Class
LU0164455502
A thematic equity Fund acting for climate change mitigation
- Investing with a purpose : aiming to generate attractive returns on the long-term while having a positive environmental contribution.
- Investing efficiently : targeting innovative companies across the whole renewable and green industry value chains.
- Investing with a positive contribution : seeking to have a positive footprint on the environment by helping to transition to a lower carbon economy.
Key documents
Asset Allocation
Equities83 %
Other17 %
Data as of: Apr 30, 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
+ 185.9 %
- 7.0 %
+ 25.9 %
- 1.6 %
- 9.7 %
To 20/05/2025
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
- 16.2 %
+ 21.7 %
+ 5.5 %
- 17.7 %
+ 14.8 %
+ 4.5 %
+ 10.4 %
- 15.1 %
+ 1.8 %
+ 3.3 %
Net Asset Value
285.85 €
Asset Under Management
152 M €
Net Equity Exposure30/04/2025
73.5 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2025.
Data as of: May 20, 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.
Carmignac Portfolio Climate Transition 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: Apr 30, 2025.Fund management team
![[Management Team] [Author] Wiskirski Michel](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Wiskirski-Michel.png?auto=format%2Ccompress&fit=fill&w=3840)
Michel Wiskirski
Fund Manager
Performance commentary
- In April, the Fund experienced a negative absolute performance, although it outperformed its benchmark.
Relative to our broad reference indicator, our positions in the Materials sector was the primary detractor.
At a stock level, SK Hynix was the main detractor during the month, as the geopolitical tensions such as export restrictions affected the sentiment.
Our outperformance was mainly driven by our stock selection in the Industrials sector.
Siemens Energy was the largest contributor to our performance, by surpassing market expectations with robust order intake and impressive revenue growth.
Outlook strategy
- During the month of April, we adjusted our weightings in the Transitioners theme by reducing our exposure to Cameco following its poor performance.
Our strong conviction in semiconductors remains intact. Consequently, we increased our positions in the Green Technology sub-theme, particularly in Nvidia and TSMC.
We believe that our diversification across sub-themes will enable us to better navigate the current market environment.
Performance Overview
Data as of: May 20, 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.On 15/05/2020 the reference indicator changed to MSCI AC WORLD NR (USD) index net dividends reinvested. Performances are presented using the chaining method. The Fund’s name was changed from Carmignac Portfolio Green Gold to Carmignac Portfolio Climate Transition.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 21/05/2025
Carmignac Portfolio Climate Transition Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: Apr 30, 2025.| North America | 55.0 % |
| Asia | 26.6 % |
| Europe | 17.9 % |
| Latin America | 0.4 % |
| Africa | 0.2 % |
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: Apr 30, 2025.Equity Investment Weight83.0 %
Net Equity Exposure73.5 %
Number of Equity Issuers49
Active Share83.7 %
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
Michel Wiskirski
Fund Manager
Through Carmignac Portfolio Climate Transition, we are adopting a differentiated approach to climate change that reflects our sustainable philosophy. This position is in line with our first theme of ESG engagement: Climate.
Michel Wiskirski
Fund Manager
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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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Market environment
The month started with President Trump’s announcement of tariffs that were more extensive and severe than anticipated.
This led to an immediate sell-off in equity markets and a surge in the VIX index, which measures implied market volatility, reaching the highest level observed since the pandemic began.
Gold emerged as the primary beneficiary amid April's turbulence, achieving a new all-time high.
On the other hand, commodities lost some of their gains accumulated earlier in the year, as oil prices plummeted by 16%.
This was driven by escalating recession concerns and a strategic decision by OPEC members to increase supply.