Share Class
LU1966631001
An intergenerational Fund focused on quality, sustainable companies
- A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
- A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Asset Allocation
Equities96.6 %
Other3.4 %
Data as of: Jan 30, 2026.
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
+ 88.6 %
-
+ 32.2 %
+ 29.2 %
- 10.4 %
To 11/02/2026
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
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
+ 21.9 %
- 5.1 %
Net Asset Value
188.63 €
Asset Under Management
392 M €
Net Equity Exposure30/01/2026
96.6 %
SFDR - Fund Classification
Article
9
Data as of: Jan 30, 2026.
Data as of: Feb 11, 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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Carmignac Portfolio Grandchildren 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: Jan 30, 2026.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
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe EJIKEME
Fund Manager, Analyst
Performance commentary
- In January, the Fund delivered a positive absolute performance though below its reference indicator.
- The primary detractor was the Technology sector, particularly software-related holdings.
- Markets are pricing in an extreme scenario in which artificial intelligence would directly replace existing software solutions. As a result, software stocks continued to decline in January, extending the negative sentiment that emerged in Q4 2025.
- Other sub-sectors, such as financial infrastructure and data analytics, were also affected. We believe these companies are, in our view incorrectly, perceived as “losers” of this technological transition.
- Microsoft detracted in January as its shares sold off sharply following earnings, with investors reacting negatively to slowing Azure momentum and record AI related capital expenditures despite otherwise solid results.
- One notable positive contributor within Technology was ASML, which reported a significant surge in net bookings during Q4 2025, helping to restore investor confidence.
- Another contributor was our Consumer Staples holdings, including Procter & Gamble and Colgate, which delivered strong returns. Indeed, macroeconomic uncertainty has driven investors toward low-beta, resilient, cash-flow-generative sectors such as Consumer Staples, which represent a meaningful allocation within the Fund.
Outlook strategy
- During the month, we made several portfolio adjustments. We continued building our position in Regeneron, a US biotech with strong product franchises and Genmab.
- We also took profits in Novo Nordisk before they reported poor sales and Arista Networks amid concerns on valuation.
- We are actively managing our Technology exposure, as we expect rapid AI adoption in areas such as software development, with more gradual integration across other use cases. In this context, we believe established software and data companies are structurally positioned to benefit from AI rather than be disrupted by it.
- During the month, we significantly reduced our position in Microsoft ahead of earnings and fully exited Intuit and Cadence, while increasing our exposure to Salesforce and SAP.
- In the current environment, earnings visibility and balance sheet strength are likely to be increasingly rewarded.
- Our portfolio remains positioned to benefit from secular growth trends such as AI and digital transformation, while maintaining the flexibility and discipline needed to navigate an uncertain macro backdrop.
Performance Overview
Data as of: Feb 11, 2026.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.
Source: Carmignac at 12/02/2026
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jan 30, 2026.| North America | 61.0 % |
| Europe | 39.0 % |
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: Jan 30, 2026.Equity Investment Weight96.6 %
Net Equity Exposure96.6 %
Number of Equity Issuers41
Active Share80.0 %
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
Mark DENHAM
Head of Equities, Fund Manager
Obe EJIKEME
Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
Mark DENHAM
Head of Equities, Fund Manager
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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.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment