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
Equities90.4 %
Other9.6 %
Data as of: Sep 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
+ 102.0 %
-
+ 53.2 %
+ 45.9 %
- 1.6 %
To 08/10/2025
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
-
-
-
-
+ 15.9 %
+ 21.4 %
+ 29.2 %
- 23.7 %
+ 23.5 %
+ 22.4 %
Net Asset Value
202.01 €
Asset Under Management
455 M €
Net Equity Exposure30/09/2025
90.4 %
SFDR - Fund Classification
Article
9
Data as of: Sep 30, 2025.
Data as of: Oct 8, 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.
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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: 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
![[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 September, the Fund delivered a negative performance in both absolute and relative terms.
- The underperformance relative to our reference indicator was driven by the Healthcare, Financials and Tech sectors.
- Synopsys was one of the biggest laggards in September, falling over 30% following weak earnings guidance. We believe this was an overreaction, as the main issues such as customer concentration and regulatory uncertainty are now clearly identified and appear fixable. Le stock a d’ailleurs rebondit et termine le mois en recul de 12%.
- Align Technology continued to drag down performance following its disappointing August results. Post-pandemic, growth expectations for clear aligners have dropped sharply, reducing business visibility.
- Conversely ASML emerged as the largest positive contributor. Its strategic partnership with Mistral focused on applying AI to improve tool performance for customers, strengthened sentiment.
- At the sector level, Industrials emerged as the top performer, driven by strong results from our electrification and construction exposures particularly through Schneider Electric and Kingspan.
- Our defensive stocks, especially in the consumer staples sectors underperformed with Unilever, Colgate and L’oreal among the top 5 detractor over the month.
Outlook strategy
- Our macroeconomic framework continues to advocate for a defensive approach to equity markets.
- During the month, we made some adjustments to our portfolio. We sold out our position in Intuitive Surgical to finance the acquisition of DSV.
- DSV is one of the top global freights forwarders which cemented its top-tier status by completing the acquisition of Schenker in the first half of the year, creating the largest global logistics player.
- We have also exited our position in Lonza in order to deploy capital in some of the Technology names like Servicenow that is poised to benefit more from the AI theme.
- In this environment, higher visibility should be rewarded. We therefore maintain our stance, limiting exposure to cyclical stocks in favor of quality.
- High-quality stocks trade at multi-year relative lows despite record earnings which offers a rare entry point for long-term investors.
Performance Overview
Data as of: Oct 8, 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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/10/2025
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2025.| North America | 63.6 % |
| Europe | 36.4 % |
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 Weight90.4 %
Net Equity Exposure90.4 %
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
Articles that may interest you
Global equities • July 14, 2025 • English
Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q2 2025
3 minute(s) read
Global equities • April 16, 2025 • English
Carmignac Portfolio Grandchildren: Letter from the Fund Managers
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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