Equity strategies
Carmignac Portfolio Grande Europe
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 9Share Class
LU0099161993
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities94.6 %
Other5.4 %
Data as of: May 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
+ 246.3 %
+ 77.1 %
+ 43.1 %
+ 33.5 %
+ 0.1 %
To 10/06/2025
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
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
+ 11.3 %
Net Asset Value
346.32 €
Asset Under Management
733 M €
Net Equity Exposure30/05/2025
94.6 %
SFDR - Fund Classification
Article
9
Data as of: May 30, 2025.
Data as of: Jun 10, 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.Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
Carmignac Portfolio Grande 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: May 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
Performance commentary
- In May, the fund achieved positive returns in absolute terms, though below its benchmark.
This underperformance was primarily driven by the Healthcare sector that has been affected by Trump’s executive order aimed at reducing high prescription drug prices.
The Belgian biotech Argenx, was the largest detractor, after it missed revenue expectations and faced investor concerns over potential changes to Medicare reimbursement policies.
On the positive side, ASML was the top contributor to performance, benefiting from improved global market sentiment following progress in U.S.-China trade negotiations.
Prysmian, a multinational manufacturer of power and telecom cables, also performed strongly, particularly in May, after reporting robust Q1 2025 results. Its Transmission segment stood out, delivering over 50% organic growth.
Outlook strategy
- During the month, we made some adjustments to our portfolio by initiating a position in UBS, one of the few banks that aligns with our quality and sustainability criteria.
Conversely, we fully exited our holding in Atlas Copco following a period of underperformance.
We also modestly trimmed our position in SAP, as its strong fundamentals appear to be increasingly reflected in its valuation.
Additionally, we reduced our exposure to healthcare stocks, which have underperformed year-to-date amid tariff concerns. In contrast, we increased our allocation to industrials, which we believe are well-positioned to benefit from ongoing consolidation trends across Europe.
The Fund continues to rely on bottom-up fundamental analysis with a medium-to-long-term horizon.
We remain committed to our philosophy and believe this is a great opportunity for our investors to gain access to some of Europe’s best companies at attractive entry valuations.
Performance Overview
Data as of: Jun 10, 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.Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.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 11/06/2025
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: May 30, 2025.| Europe | 100.0 % |
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: May 30, 2025.Equity Investment Weight94.6 %
Net Equity Exposure94.6 %
Number of Equity Issuers44
Active Share80.2 %
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
Mark Denham
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark Denham
Head of Equities, Fund Manager
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Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
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.
Market environment
Despite President Trump’s threat to impose 50% tariffs on European imports, which initially impacted the markets, the MSCI Europe Index rose by over 4.5%, marking a surprisingly strong performance.
The rally was supported by a temporary delay in the tariff implementation—now postponed until July 9—which helped ease investor concerns and fuelled a rebound in European equities.