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 %
Other3 %
Data as of: Aug 29, 2025.
Risk Indicator
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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
+ 29.7 %
-
-
+ 36.5 %
+ 3.0 %
To 25/09/2025
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
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-
-
-
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+ 19.2 %
- 21.8 %
+ 22.6 %
+ 17.6 %
Net Asset Value
129.75 €
Asset Under Management
107 M €
Net Equity Exposure29/08/2025
93.7 %
SFDR - Fund Classification
Article
9
Data as of: Aug 29, 2025.
Data as of: Sep 25, 2025.
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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](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
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 25, 2025.Source: Carmignac at 27/09/2025
Carmignac Portfolio Human Xperience Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 29, 2025.| North America | 60.0 % |
| Europe | 26.6 % |
| Asia | 9.7 % |
| Asia-Pacific | 3.7 % |
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: Aug 29, 2025.Equity Investment Weight97.0 %
Net Equity Exposure93.7 %
Number of Equity Issuers39
Active Share77.3 %
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
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.
Obe Ejikeme
Fund Manager, Analyst
Articles that may interest you
Thematic equities • April 28, 2025 • English
Carmignac Portfolio Human Xperience: Letter from the Fund Manager
3 minute(s) read
Thematic equities • January 29, 2025 • English
Carmignac Portfolio Human Xperience: Letter from the Fund Manager
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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.