Share Class
LU1966631266
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
Equities91,8 %
Other8,2 %
Data as of: Jun 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
+ 106,0 %
-
+ 20,7 %
+ 27,3 %
+ 3,7 %
To 06/08/2026
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
-
-
-
+ 15,9 %
+ 21,4 %
+ 29,2 %
- 23,7 %
+ 23,5 %
+ 22,4 %
- 4,7 %
Net Asset Value
€205.96
Asset Under Management
267 M €
Net Equity Exposure30/06/2026
91,8 %
SFDR - Fund Classification
Article
9
Data as of: Jun 30, 2026.
Data as of: Aug 6, 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.
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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] 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
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
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: Jul 31, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Obe EJIKEME
Fund Manager, Analyst
Performance commentary
- In July, the Fund posted a positive absolute and relative performance.
- Technology was the main relative contributor, benefiting from strong stock selection in a highly dispersed market environment.
- Our barbell approach, combining long-term semiconductor winners such as Nvidia and Broadcom with selected software companies, while avoiding high-beta momentum stocks that experienced sharp sell-offs, supported performance.
- Microsoft rallied in July after strong earnings that demonstrated clear monetisation of its AI investments. Azure growth accelerated well ahead of expectations, Microsoft 365 Copilot adoption continued to increase which reassured investors that elevated AI-related capex is translating into tangible revenue growth.
- Mastercard and RELX performed strongly during the month, as resilient earnings and a rotation into high-quality compounders eased concerns over AI disruption and reinforced the view that AI is an enabler rather than a threat.
- Our healthcare holdings continued strong performance after a period of muted returns. Thermo Fisher and Regeneron performed strongly following better-than-expected earnings, which reinforced confidence in their growth outlooks.
- On the other hand, ASML and Prysmian underperformed during the month as investors rotated away from some of the year's strongest performers amid a sharp momentum unwind, despite fundamentals remaining broadly intact.
- Consumer Discretionary was the largest detractor. IHG and Hermès underperformed during the month, with the latter pressured by results that highlighted a softer luxury demand environment.
Outlook strategy
- During this month, we made several portfolio adjustments.
- We took profits in technology holdings such as ASML and completely exited Arista after their strong performance, while adding to healthcare positions including EssilorLuxottica and AstraZeneca.
- We believe many defensive growth names remain oversold, and we are selectively looking to add exposure where valuations have become more compelling, and fundamentals remain strong as investors start to revisit companies with strong brands, pricing power and visible long-term compounding characteristics.
- In the current environment, earnings visibility and balance sheet strength are likely to be increasingly rewarded.
- Our conviction is unchanged: AI is more likely to strengthen existing software ecosystems than replace them outright, while regulated data, mission-critical workflows and high barriers to switching should protect leading franchises.
- The fund consists of a balanced mix of AI exposure, healthcare and quality compounders. Fundamentals remain robust, supported by resilient earnings growth, strong cash generation, high returns on capital, and limited balance-sheet risk.
- The portfolio remains positioned to benefit from long term secular growth trends such as AI and digital transformation, while retaining the flexibility and discipline required to navigate an uncertain macroeconomic backdrop.
Performance Overview
Data as of: Aug 6, 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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/08/2026
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| North America | 64,7 % |
| Europe | 35,3 % |
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: Jun 30, 2026.Equity Investment Weight91,8 %
Net Equity Exposure91,8 %
Number of Equity Issuers40
Active Share80,2 %
To Access the weekly view
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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