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
Bonds44.8 %
Equities43.4 %
Other11.8 %
Data as of: Sep 30, 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
+ 19.7 %
+ 18.6 %
+ 10.0 %
+ 26.1 %
+ 10.5 %
To 06/11/2025
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
+ 0.2 %
+ 3.2 %
- 0.6 %
- 11.8 %
+ 10.0 %
+ 12.2 %
- 1.4 %
- 9.7 %
+ 1.5 %
+ 6.3 %
Net Asset Value
69.15 €
Asset Under Management
1 661 M €
Net Equity Exposure30/09/2025
37.8 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2025.
Data as of: Nov 6, 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.
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: Oct 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 month in positive territory, outperforming its reference indicator.
- Stock selection was the main driver of relative performance, particularly within the technology sector. Alphabet, Nvidia, and Amazon each advanced by more than 10%, supported by robust quarterly earnings and strong guidance.
- Our exposure to Asian technology names also contributed positively, with TSMC and SK Hynix benefiting from accelerating AI-related demand from U.S. tech majors and a temporary easing in U.S.–China trade tensions.
- Outside of equities, our short duration positioning in U.S. rates detracted modestly from returns. We maintained this stance, as the Federal Reserve’s restrictive bias and the ongoing resilience of the U.S. economy continue to argue for higher yields.
- Contrary to their usual role as a defensive play, mining equities underperformed over the month despite the increase in gold prices. The late-month correction had a greater impact on mining stocks than on the underlying metal itself.
- On the currency front, the appreciation of the U.S. dollar was broadly supportive, although our underweight exposure generated a slight relative drag on performance.
Outlook strategy
- In the US, we expect both growth and inflation to reaccelerate in 2026. In Europe, near-term growth should remain subdued, pending the impact of forthcoming German stimulus measures.
- Over the month, we trimmed exposure to performance drivers vulnerable to excess optimism—namely gold miners, the euro, and selected technology stocks.
- On equities, we remain constructive as macro fundamentals continue to be supportive. However, market imbalances persist, with pockets of exuberance coexisting alongside areas of undue neglect. We see value in reinforcing positions in these laggards with attractive valuations to temper excess optimism. We also added some protections via options.
- On the fixed-income side, we maintain a short bias on US rates and a long stance on inflation-linked strategies, as markets still underestimate the potential rebound in growth and inflation. In Europe, we hold a long position in Germany while remaining cautious on France.
- Finally, we have adopted a more balanced euro/dollar positioning, as short-term momentum currently favors the US.
Performance Overview
Data as of: Nov 6, 2025.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 08/11/2025
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2025.| Bonds | 44.8 % |
| Equities | 43.4 % |
| Money Market | 8.2 % |
| Cash, Cash Equivalents and Derivatives Operations | 3.6 % |
| Not Integrated | 0 % |
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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: Sep 30, 2025.Equity Investment Weight43.4 %
Net Equity Exposure37.8 %
Active Share83.0 %
Modified Duration-1.0
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.
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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
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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.
Market environment