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Carmignac Portfolio Tech Solutions: A Fund that represents a long-term conviction

One year after the launch of Carmignac Portfolio Tech Solutions, how to assess our approach to technology sector equities?

Published on
July 17, 2025
Read time
3 minute(s) read

2024 was a very successful year for the technology sector, which made a major contribution to global growth1. While the start of 2025 was much more complex, marked in particular by high volatility in equities, our approach to the sector stood out from its reference indicator2.

At the heart of a rapid transformation

The strength of the technology sector is undeniably its capacity for innovation. Indeed, the last few decades have been marked by major revolutions that have made their mark on every stage of our daily lives and shaped our world in a lasting way.

Another encouraging factor, suggesting that the sector's momentum will not slow down any time soon, is the earnings forecast.

For 2025, the technology stocks in the S&P 500 index show the second biggest rise in earnings forecasts at +15.9%, but also the biggest rise in revenue forecasts at +11.8%3. Semiconductors continue to play a key role in the sector's performance as a central element in the technology value chain, making them a strategic segment for investors.

Let's now take a closer look at the different themes that segment the industry. Artificial intelligence (AI) is the one that undeniably stands out from the others, particularly with the emergence of generative AI. This theme is embedded within wider secular trends such as cyber security, cloud computing, software and infrastructure that are shaping today's technology landscape. But AI is spreading far beyond the frontiers of technology and permeating across different industries.

From a macroeconomic perspective, the start of the year was marked by the Trump administration's announcements on tariffs, disrupting equity markets, and US stocks in particular. Expectations of rising inflation, uncertainty over US policy and competition from Chinese artificial intelligence models triggered a rotation from growth stocks to value stocks, providing an attractive entry point for technology companies.

More than a conviction, a philosophy

+10%
of performance for the Fund over 1 year, compared with +6% for its reference indicator.
>18
years of experience in equity management for the Fund Manager.
100%
of investment aimed at aligning with the United Nations' Sustainable Development Goals.

Source: Carmignac, 30/06/2025. Fund launch date: 21/06/2024. Benchmark index: MSCI AC World Information Techology 10/40 Capped NR Index. Performance of the A Acc EUR share. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

Our strategy in a nutshell

Now that technology is accelerating at a faster pace, we aim to capitalise on the significant impact it is having on global equity markets.

Kristofer BARRETT

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer BARRETT is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

At Carmignac, we believe that technology is more than a sector. We want to be part of the next industrial revolution. That's why in 2024 we launched Carmignac Portfolio Tech Solutions, a global equity fund focused on technology-related stocks.

What criteria do we look for in a technology company? As well as diversifying our investments along the value chain, we look for companies that occupy a dominant position in the value chain and have high barriers to entry across all geographical regions and in terms of market capitalisation. It is important to us that they invest in research and development so that they can continue to innovate and remain competitive over time. It is also important that they produce goods that are essential to the economy to remain relatively unaffected by any market trends. Finally, we also take into account the quality of management, which we believe is a reliable indicator of the sustainability of a business.

While we focus our convictions on companies that know how to differentiate themselves, we do not invest at any price. It is important to identify companies with profitable growth at the right price through in-depth fundamental analysis.

Our long-term outlook

We believe that technology is an attractive investment opportunity, driven in particular by advances in AI, and that recent market turbulence have created sources of investment opportunities.

We have a focus within our Carmignac Portfolio Tech Solutions fund on specific themes that we believe offer real insight and impact on industries: industrial technology and infrastructure, tech materials, cloud and software, climate technology, and health and wellness.

While the majority of the companies that meet our strict selection criteria are based in the United States, we are nevertheless convinced that the technological revolution, particularly in AI, needs Asia. On this continent, we are particularly interested in Taiwan.

Aiming for long-term performance cannot be achieved without integrating a sustainable vision. This is why we are seeking to make a positive contribution to society and the environment through alignment with the United Nations' Sustainable Development Goals.

Carmignac Portfolio Tech Solutions, a fund designed for investors wishing to take advantage of the opportunities offered by the technology theme over the long term by taking part in the sector's innovations, while being mindful of its sustainable footprint.
1Source: MSCI World, KPMG Global Economic Outlook, 2025. 2Reference indicator: MSCI AC World Information Technology 10/40 Capped NR. 3Source: Factset, S&P 500, 2025.

Carmignac Portfolio Tech Solutions

A Fund unleashing the potential of tech companies across the world
Discover the fund page

Carmignac Portfolio Tech Solutions A EUR ACC

ISIN: LU2809794220
Recommended minimum investment horizon
5 years
Risk indicator*
5/7
SFDR - Fund Classification**
Article 9

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
Emerging Markets: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: LU2809794220
Entry costs
4.00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1.80% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20.00% when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
Transaction Cost
0.35% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: LU2809794220
Carmignac Portfolio Tech Solutions+3.7+6.1
Reference Indicator−1.4+7.5
Carmignac Portfolio Tech Solutions+9.6%-+9.7%
Reference Indicator+6.3%-+5.9%

Source: Carmignac at Jun 30, 2025.
Date of 1st NAV : 21/06/2024.
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.

Reference Indicator: MSCI AC World Information Technology 10/40 Capped NR index

Share

Marketing communication. Please refer to the KID/prospectus of the Fund before making any final investment decisions.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either “Article 8” funds, which promote environmental and social characteristics, “Article 9” funds, which make sustainable investments with measurable objectives, or “Article 6” funds, which do not necessarily have a sustainability objective. For more information, please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj. The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. The portfolio of the fund is subject to change without notice. Access to the Funds may be subject to restrictions regarding certain persons or countries. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. The Management Company can cease promotion in your country anytime. The risks, fees and ongoing charges are described in the KID. The KID must be made available to the subscriber prior to subscription. The Funds’ prospectus, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. Investors have access to a summary of their rights in English at section 6 of "regulatory information page" on the following link: https://www.carmignac.com/en_US. Carmignac Portfolio Grandchildren refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. 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. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.

  • In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.

CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tél : (+33) 01 42 86 53 35 Investment management company approved by the AMF. Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676.

CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel : (+352) 46 70 60 1 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 – RCS Luxembourg B 67 549.