Share Class
LU0992627298
A high-conviction long/short approach to European equities
- A bottom-up fundamental approach to maximise long and short alpha generation.
- Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 104,1 %
+ 110,1 %
+ 38,3 %
+ 42,9 %
+ 11,1 %
To 08/07/2026
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
+ 10,0 %
+ 16,7 %
+ 5,1 %
+ 0,3 %
+ 7,4 %
+ 13,6 %
- 5,7 %
+ 0,7 %
+ 18,0 %
+ 8,3 %
Net Asset Value
€204.13
Asset Under Management
784 M €
Net Equity Exposure30/06/2026
24,9 %
SFDR - Fund Classification
Article
8
Data as of: Jul 8, 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
![[Management Team] [Author] Heininger Malte](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte HEININGER
Delegated Fund Manager, White Creek Capital LLP
Carmignac Portfolio Long-Short European Equities 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: Jun 30, 2026.Performance commentary
- In June, the fund delivered a positive performance, driven by both the Long and Short books. Our short book delivered a strong positive alpha.
- On the Long side, Fresenius was our top contributor, as the weakness from the recent German hospital reform news headline dissipated and the company keeps a strong EPS momentum in FY26-27.
- We also had a strong contribution from our semiconductor positions in ASML and ASM International, as supply-side tightness supported equipment names even as the broader AI complex wobbled. We have been very active across the semiconductor supply chain over the past two years.
- Public Power Corporation, a €13 billion utility company based in Greece, remains one of our largest positions.
- The company finalized a major 4.5bn+ equity raise to fund future growth in May and proposed in June a 50/50 joint venture with Vodafone Greece to merge their fiber-to-the-home networks. PPC stands to be a key beneficiary of the structural power demand tailwinds emerging from the AI buildout.
- The proliferation of hyperscaler data centres across Europe, combined with accelerating electrification and the substantial grid investment required to support both, is reshaping the long-term demand outlook for power.
- On the Short side, our software positions did particularly well as Oracle’s results dragged the overall software sector.
- Despite a headline beat, Oracle reported negative free cash flow of $23.7 billion and announced plans to raise $40 billion in debt and equity to fund a further step-up in AI capex, leaving investors questioning whether the buildout will ever translate into profit growth.
Outlook strategy
- The net exposure of the strategy stayed in the 20s throughout the month.
- We remain constructive on the Long side in industries such as specialty engineering, specialty chemicals, utilities, medical technology, aerospace and defense, and semiconductors.
- We remain constructive on Europe in 2026, as the fiscal stimulus and low rates provide an attractive tailwind.
- Germany has removed the fiscal drag which has weighted on Europe for more than a decade, and the upcoming defense and infrastructure historic investment plan will have a profound impact on the overall region.
- Our portfolio remains focused on stock specific and idiosyncratic drivers, rather than macro plays.
- On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: Jul 8, 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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 10/07/2026
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| Europe EUR | 25,9 % |
| Others | 8,0 % |
| North America | 7,7 % |
| Index Derivatives | −0,5 % |
| Equity Basket Derivatives | −7,0 % |
| Europe ex-EUR | −9,2 % |
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Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Jun 30, 2026.Net Equity Exposure24,9 %
Beta+0.5
Sortino Ratio+1.1
Number of Holdings26
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Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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