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
Equities42.7 %
Bonds39.7 %
Other17.6 %
Data as of: Feb 27, 2026.
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
+ 21.7 %
+ 23.2 %
+ 6.9 %
+ 21.0 %
+ 14.6 %
To 08/04/2026
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
68.98 €
Asset Under Management
1 713 M €
Net Equity Exposure27/02/2026
35.5 %
SFDR - Fund Classification
Article
8
Data as of: Feb 27, 2026.
Data as of: Apr 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
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)
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
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: Mar 31, 2026.Fund management team
Performance commentary
- In this environment, the Fund delivered a negative performance but outperformed its reference indicator. It gave back the gains accumulated since the start of the year, ending the month broadly flat on a year-to-date basis.
- Unsurprisingly, equities were the main detractor over the period. In a risk-averse environment, our key convictions declined in line with the broader market, particularly our growth-oriented positions and emerging market holdings, which were impacted by the macro backdrop. TSMC, SK Hynix and Meta were among the weakest performers.
- At the same time, our diversification strategies on equities did not provide the expected support. Gold miners, despite a reduced exposure, detracted from performance, while positions in emerging market banks and equity index futures also weighed. Notably, our futures exposure was primarily in the US, which proved relatively more resilient.
- However, two asset classes helped mitigate the impact. The first was rates: our negative duration stance, which had slightly detracted in February, proved beneficial in March. The repricing of inflation expectations and the rise in yields supported our positioning, making rates a positive contributor over the month, with yields increasing by around 40 basis points, a clear illustration of our active and flexible approach.
- In addition, our credit hedges on high yield helped cushion the downside in risky assets, while our FX positioning performed well overall, despite a slight underexposure to the US dollar.
Outlook strategy
- While short term inflation risks seem largely priced in, markets may be underestimating a potential growth slowdown, leading us to reduce overall exposure to risk assets.
- Equity Net exposure has been tactically reduced via futures, while maintaining downside protection and adding convexity through options. We retain a meaningful allocation to technology, with a stronger focus on companies with durable competitive advantages.
- On credit, we continue to run significant protection on high yield, as current spread levels appear too complacent given the risks linked to higher commodity prices, growth concern and private credit tensions.
- On rates, we took profits on short duration positions during the month and have initiated long exposure to German short-term rates and maintain inflation protection through long-dated linkers.
- Otherwise, we have reintroduced a smaller tactical position at the end of the month in gold and favour carry strategies in commodity-linked currencies, while maintaining a preference for the euro over the US dollar.
Performance Overview
Data as of: Apr 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.
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 09/04/2026
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Feb 27, 2026.| Equities | 42.7 % |
| Bonds | 39.7 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.1 % |
| Money Market | 7.5 % |
| Credit Default Swap | -14.5 % |
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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: Feb 27, 2026.Equity Investment Weight42.7 %
Net Equity Exposure35.5 %
Active Share83.4 %
Modified Duration0.0
Yield to Maturity4.2 %
Average RatingA-
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.
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Articles that may interest you
Strategies insights • April 8, 2026 • English
Carmignac Patrimoine: Letter from the Fund Managers - Q1 2026
3 minute(s) read
Strategies insights • March 30, 2026 • English
Carmignac Patrimoine: The Key to Effective Diversification
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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.
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