Equity strategies

Carmignac Portfolio Human Xperience

ThematicArticle 9
Share Class

LU2295992163

A thematic Fund focused on customer and employee experience
  • Social thematic Fund : a thematic strategy that focuses both on customer and employee satisfaction.
  • Leveraging the power of social data : quantitative expertise and experience in using ‘alternative’ sources of data.
  • Material upside potential : research performed on all factors to backtest investability and alpha potential.
Key documents
Asset Allocation
Equities97.7 %
Other2.3 %
Data as of:  Jul 31, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 30.4 %
-
-
+ 31.6 %
+ 4.3 %
From 31/03/2021
To 04/09/2025
Calendar Year Performance 2024
-
-
-
-
-
-
+ 19.2 %
- 21.8 %
+ 22.6 %
+ 17.6 %
Net Asset Value
130.37 €
Asset Under Management
118 M €
Net Equity Exposure31/07/2025
92.7 %
SFDR - Fund Classification

Article

9
Data as of:  Sep 4, 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.

Carmignac Portfolio Human Xperience 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:  Aug 29, 2025.
Fund management team
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

• Markets have been climbing the wall of worry for most of the summer.• In August 2025, equity markets posted solid gains globally, with major indices such as the S&P 500 and Nasdaq reaching new record highs. These gains were primarily driven by a small group of mega-cap technology firms, including Nvidia, Microsoft, Apple, and Amazon.
• At Jackson Hole, following the release of July’s US non-farm payrolls—which suggested a slowing labour market—Powell opened the door to potential mid-September rate cuts. This fueled expectations of an aggressive cutting cycle.
• European markets underperformed in local currencies, with France lagging in particular due to political uncertainties.
• Chinese onshore equities rose to decade highs, supported by optimism around anti-involution reforms, strength in the technology sector, and incremental government measures aimed at boosting the equity market.
• The euro appreciated against the dollar over the period, creating a divergence between local currency and euro-denominated index performances.

Performance commentary

  • Over the month of August, the fund had a flat absolute return but lagged its reference indicator.

  • Our exposure to IT had the largest detracting effect on this month’s performance. The overweight to the sector and more specifically our stock selection in the software space with names like Intuit, Microsoft, SAP and Oracle did not support our performance.

  • Similarly our underweight to Healthcare and a few detracting stocks like Eli Lilly and Lonza did not support performance over the month.

  • On the other hand, our underperformance was limited through our stock selection in communication services and Industrials. Alphabet reported an earnings beat marking a 14% year on year driven by cloud momentum and raising their 2025 capital expenditure forecast for its cloud and AI services.

Outlook strategy

  • In August, we undertook few changes to the portfolio. We continued building our position in Eli Lilly, which we initiated in July.

  • We also added to Roche in the Pharma space and slightly increased our weight to Sherwin-Williams the materials company that specialises in paints, coatings and related products. To reinforce these positions we reduced our weight in technology companies like Oracle, Nvidia and Cisco.

  • We remain cautious in positioning our portfolio and continue to focus on higher quality companies.

Performance Overview

Data as of:  Sep 4, 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.
​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 07/09/2025

Carmignac Portfolio Human Xperience Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Jul 31, 2025.
North America61.2 %
Europe25.7 %
Asia9.9 %
Asia-Pacific3.3 %
View details

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:  Jul 31, 2025.
Equity Investment Weight97.7 %
Net Equity Exposure92.7 %
Number of Equity Issuers39
Active Share75.9 %

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] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
The social theme is one of the most disregarded areas within ESG. Yet we believe that companies providing positive experiences to both their customers and employees are better positioned to achieve superior returns over the long run.
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
View Fund's characteristics

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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.