Share Class
LU0807688931
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
Equities95.7 %
Other4.3 %
Data as of: Dec 31, 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
+ 113.9 %
+ 89.5 %
+ 7.4 %
+ 5.2 %
- 11.0 %
To 05/02/2026
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
+ 4.7 %
+ 9.9 %
- 10.0 %
+ 34.3 %
+ 14.0 %
+ 21.3 %
- 21.5 %
+ 12.2 %
+ 8.4 %
- 3.3 %
Net Asset Value
213.91 CHF
Asset Under Management
548 M €
Net Equity Exposure31/12/2025
96.8 %
SFDR - Fund Classification
Article
9
Data as of: Dec 31, 2025.
Data as of: Feb 5, 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.
Until 31 December 2024, the Fund's reference indicator is Stoxx Europe 600 NR index. Performances are presented using the chaining method.
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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: 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
Performance commentary
- During the month of January, the fund had a positive absolute performance underperforming its reference indicator.
- Industrials sector was the primary detractor in relative terms. Markets are currently pricing in an extreme scenario in which artificial intelligence would directly replace data analytics and technology-driven companies.
- Companies such as Experian and RELX were negatively impacted, declining by more than 10% over the month. We believe these businesses are being incorrectly perceived as “losers” of this technological transition.
- Utilities, a sector in which the Fund does not invest due to our financial and sustainability filters, were another relative detractor, as defensive utility stocks were supported by easing inflation and the “powering AI” electricity demand theme.
- 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 L’Oreal and Beiersdorf, which delivered strong returns.
- Indeed, macroeconomic uncertainty has driven investors toward low-beta, resilient, cash-flow-generative sectors such as Consumer Staples.
Outlook strategy
- In January, we made several portfolio adjustments as new opportunities emerged.
- We started to add back to the German software company Nemetschek following an almost 50% decline over the past six months driven by sector-wide AI-related concerns. We also added to Experian, where share price weakness persisted despite strong underlying results.
- Other portfolio actions primarily involved trimming Financials and cyclical exposures, including BBVA, UBS, and Bechtle, which had performed strongly last year, as well as reducing our position in ASML following its recent strength.
- After the euphoric rise in domestic European sectors, we believe that the market is likely to come to terms with the reality that the implementation of recently announced fiscal spending plans and their tangible economic impact will take longer than initially anticipated.
- As Central Banks in Europe are cutting rates, this is consistent with a weaker profits outlook that is not yet reflected in consensus forecasts. As we adjust to this environment stable growers and more defensive companies are likely to be the biggest beneficiaries.
- This creates an attractive entry point for long-term investors, especially as markets refocus on fundamentals and earnings visibility becomes increasingly valuable.
Performance Overview
Data as of: Feb 5, 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.
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 09/02/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Dec 31, 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: Dec 31, 2025.Equity Investment Weight95.7 %
Net Equity Exposure96.8 %
Number of Equity Issuers49
Active Share80.4 %
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
Articles that may interest you
Strategies insights • January 20, 2026 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q4 2025
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Valuation dispersion in 2025: Why quality growth is poised for a European comeback
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Strategies insights • October 14, 2025 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q3 2025
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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