Share Class
LU1623761951
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
Equities91.8 %
Other8.2 %
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
+ 83.3 %
-
+ 28.2 %
+ 28.7 %
- 2.5 %
To 06/11/2025
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
-
-
+ 0.9 %
- 9.0 %
+ 37.8 %
+ 19.6 %
+ 22.5 %
- 20.6 %
+ 15.3 %
+ 11.8 %
Net Asset Value
184.17 €
Asset Under Management
589 M €
Net Equity Exposure30/09/2025
91.9 %
SFDR - Fund Classification
Article
9
Data as of: Sep 30, 2025.
Data as of: Nov 6, 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.
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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: Oct 31, 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
- During the month of October, the fund had a positive absolute performance underperforming its reference indicator.
- Consumer discretionary was the primary detractor. Concerns around consumer health persist and companies like Adidas or Ferrari on the luxury segment issued more cautious guidance during their capital markets days and investors interpreted this as a signal of slower growth.
- The biggest contributor of the Fund has been ASML, our largest position. The stock was up around 10% after a combination of strong earnings and renewed investor confidence in its long-term growth potential.
- Our stock selection in Healthcare was beneficial with Sartorius being one of our largest contributors over the month. The stock was up more than 15% after reporting stabilization in the bioprocessing segment, which grew by nearly 10%.
Outlook strategy
- In October, we made several portfolio adjustments. We completely sold out our position in Zealand Pharma and Merus, as the latter received a takeover bid from Genmab, and the stock surged more than 35%.
- We continued to reduce exposure into healthcare names : Novo Nordisk as we still monitor Wegovy prescriptions, Demant as uncertainty persist and EssilorLuxxotica after strength.
- However, we added to BioNTech, as political noise over vaccine deaths abated and emerging data on new cancer treatments continues to look promising. Also, we added back to Capgemini as a very cheap hedge against AI-disruption fear trading at 10x PE.
- Throughout the month, we trimmed our positions in Industrials such as Kion, Prysmian, and Schneider, following their impressive performance in recent months.
- However, we took advantage of end-of-month market weakness to add back to Prysmian and Schneider, recognizing their potential as beneficiaries of ongoing AI developments.
- 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: Nov 6, 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 08/11/2025
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 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: Sep 30, 2025.Equity Investment Weight91.9 %
Net Equity Exposure91.9 %
Number of Equity Issuers49
Active Share79.9 %
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 • October 14, 2025 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q3 2025
5 minute(s) read
Strategies insights • July 14, 2025 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q2 2025
3 minute(s) read
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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