Share Class
LU0992628858
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
Equities96,7 %
Other3,3 %
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
+ 136,5 %
+ 113,9 %
+ 9,8 %
+ 18,3 %
+ 7,8 %
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
+ 5,1 %
+ 11,0 %
- 9,6 %
+ 35,5 %
+ 14,4 %
+ 22,5 %
- 20,6 %
+ 15,5 %
+ 12,0 %
- 0,2 %
Net Asset Value
€236.48
Asset Under Management
370 M €
Net Equity Exposure30/06/2026
96,7 %
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.
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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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
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
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
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: Jul 31, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Performance commentary
- Over the month of July, the fund delivered a slightly negative absolute return and underperformed its reference indicator.
- The main detractor over the month was our positioning in Healthcare. Despite encouraging company fundamentals, several holdings lagged a market increasingly focused on more cyclical and AI-related opportunities, resulting in both allocation and stock selection headwinds.
- Our lack of exposure to the Energy sector also weighed on relative performance, as rising oil prices during periods of heightened geopolitical tensions supported strong gains across European energy stocks.
- On the other hand, our strongest contributor was stock selection within Information Technology. SAP rebounded strongly following robust quarterly results and renewed optimism around enterprise AI spending, while Bechtle also performed well as investor confidence in IT services improved.
- Industrials also contributed positively through stock selection. RELX, IMCD and Experian were among the top contributors over the month, supported by resilient earnings, continued pricing power and improving investor sentiment towards high-quality compounders.
Outlook strategy
- We made very few changes over the month of July. Throughout the month we continued to trim a few names on strength and recent high momentum.
- We continued trimming Prysmian on strength as well as starting to trim ASML. We also started to trim food ingredients company Novonesis post recent strength.
- On the other hand, we added to names on relative weakness, such as Genmab, Argenx, EssilorLuxottica Astrazeneca and DSV.
- We remain constructive on the outlook for 2026. We believe high quality European equities are heavily oversold and now trade on appealing valuations, offering an attractive entry point for long term investors.
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.
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 07/08/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| 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: Jun 30, 2026.Equity Investment Weight96,7 %
Net Equity Exposure96,7 %
Number of Equity Issuers44
Active Share81,4 %
To Access the weekly view
Articles that may interest you
Strategies insights • July 15, 2026 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q2 2026
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Press release • June 9, 2026 • English
Carmignac strengthens investment team with top European equity manager
2 minute(s) read
Strategies insights • May 8, 2026 • English
Quality in Europe: Are we at a turning point?
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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