Share Class
LU1163533349
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
- Combine long-term growth and resilience with a socially responsible approach
Key documents
Asset Allocation
Equities45.1 %
Bonds42.1 %
Other12.8 %
Data as of: Nov 28, 2025.
Risk Indicator
1
2
3
4
5
6
7
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
+ 22.5 %
+ 21.8 %
+ 8.3 %
+ 20.4 %
+ 11.5 %
To 08/01/2026
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
+ 3.2 %
- 0.6 %
- 11.8 %
+ 10.0 %
+ 12.2 %
- 1.4 %
- 9.7 %
+ 1.5 %
+ 6.3 %
+ 11.4 %
Net Asset Value
70.24 €
Asset Under Management
1 720 M €
Net Equity Exposure28/11/2025
42.9 %
SFDR - Fund Classification
Article
8
Data as of: Nov 28, 2025.
Data as of: Jan 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 return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Carmignac Portfolio Patrimoine 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: Dec 31, 2025.Fund management team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Performance commentary
- The fund ended the year with a positive performance in December, while reference indicator posted negative return.
- In line with the rest of the year, all performance drivers contributed positively, reflecting effective diversification and positioning.
- Equities were the main contributor, led by EM technology stocks, which outperformed U.S. peers as December data and company guidance confirmed the resilience of AI-related capital expenditure. Financials outside the banking sector also performed well, notably S&P Global, Mastercard and ICE.
- Precious metals exposure added value, with gold miners exposed to silver, such as Newmont, benefiting from the sharp rise in the grey metal.
- Fixed income positioning was supportive: the portfolio’s short duration helped cushion the rise in yields. However, exposure to inflation-linked instruments slightly weighed on absolute performance following the downside surprise in U.S. inflation data.
- FX positioning contributed positively, as the portfolio’s underexposure to the U.S. dollar in favor of the euro paid off once again, in line with the broader trend seen throughout the year.
Outlook strategy
- Global growth should be supported by fiscal stimulus in the U.S., Europe and Japan, albeit at the cost of higher medium-term inflation risks, particularly in the U.S.
- In this environment, we maintain meaningful equity exposure and a negative modified duration, while preserving selective defensive positions, notably via the Japanese yen, CDS, put options on U.S. indices and gold miners.
- We keep high equity exposure, supported by resilient growth, loose financial conditions and the ongoing AI capex cycle, despite elevated valuations limiting the margin of safety.
- Within technology, we are building positions in companies misperceived as AI losers, particularly in software and financial infrastructure.
- We remain cautious on duration, especially in the U.S., as persistent inflation pressures, heavy issuance and Fed credibility concerns limit the potential for a sustained decline in yields.
- We stay cautious on the U.S. dollar over the medium term, as unfunded fiscal expansion and policy credibility concerns continue to weigh on the currency, supporting selective non-USD exposures.
Performance Overview
Data as of: Jan 8, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.
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.
Source: Carmignac at 09/01/2026
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Nov 28, 2025.| Equities | 45.1 % |
| Bonds | 42.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 7.1 % |
| Money Market | 5.7 % |
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 equity and bond management and positioning.
Exposure Data
Data as of: Nov 28, 2025.Equity Investment Weight45.1 %
Net Equity Exposure42.9 %
Active Share82.5 %
Modified Duration-0.7
Yield to Maturity4.5 %
Average RatingBBB+
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques HIRSCH
Fund Manager
Articles that may interest you
Webconference • November 18, 2025 • English
2026 in sight: Roadmap from Carmignac Portfolio Patrimoine
Strategies insights • November 7, 2025 • English
The End of the Great Moderation: Redefining Multi-Asset Investing
1 minute(s) read
Strategies insights • October 16, 2025 • English
Carmignac Patrimoine: Letter from the Fund Managers - Q3 2025
3 minute(s) read
Did you enjoy the fund page?
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