Share Class
FR0010149179
An opportunistic and style agnostic long/short approach to European equities
- A diversified portfolio, based on a top-down and bottom-up approach, to take advantage of market inefficiencies.
- Active management of the net equity exposure (-20% to +50%).
- Strong discipline of portfolio risk management to contain the downside.
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
+ 131.3 %
+ 47.1 %
+ 9.7 %
+ 2.2 %
- 1.5 %
To 04/12/2025
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
- 8.0 %
+ 8.9 %
+ 14.6 %
+ 4.4 %
- 1.3 %
+ 5.2 %
+ 12.6 %
- 6.4 %
0.0 %
+ 3.6 %
Net Asset Value
417.81 €
Asset Under Management
156 M €
Net Equity Exposure31/10/2025
24.5 %
SFDR - Fund Classification
Article
8
Data as of: Dec 4, 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 Absolute Return Europe 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: Nov 28, 2025.Fund management team
Johan FREDRIKSSON
Fund Manager
Dean SMITH
Fund Manager
Performance commentary
- November was a strong month for alpha generation. The portfolio delivered a positive return, with equal contributions from both long and short positions.
- At the sector level, the strongest returns came from Financials, supported by solid performance from the banks and a takeover bid by Deutsche Börse for fund administrator Allfunds Group.
- Additional positive contributions came from Healthcare, Materials, Communication Services and Industrials.
- The main detractors were Technology, which experienced an AI-driven pullback, and Consumer Discretionary.
- Key stock selection winners included long positions in Noba Bank (strong IPO debut), Banca Monte de Paschi (supported by earnings upgrades), and a short position in a US software company.
- Detractors included ASM International, which declined on concerns about AI beneficiaries, and Fresenius, our largest position which fell due to fears of AI disrupting data-driven businesses.
Outlook strategy
- It was an active month requiring disciplined risk management to protect capital during the mid-month sell-off.
- Net exposure was reduced from the mid-20s% to the mid/high-teens during the drawdown.
- As markets stabilized and macro indicators turned more supportive, we used the weakness in preferred names to rebuild exposure, ending the month with a net exposure of 27%. Gross exposure remained within a range of 117%–120%.
- At the sector level, we reduced exposure to Technology and Consumer Discretionary. We added to Financials and Industrials post-sell-off, and shifted Utilities and Materials from net short to small net long.
- As we enter December, attention now turns to the upcoming Federal Reserve meeting. Markets are currently pricing in a ~90% probability of a rate cut.
- The main risk is that markets are already priced in, or the Fed’s cautious tone limits further gains.
- In Europe, sentiment is receiving some tentative support from more “constructive” signals in Ukraine–Russia discussions, though this remains highly fluid and past attempts have frequently faltered.
Performance Overview
Data as of: Dec 4, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 05/12/2025
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Oct 31, 2025.| Europe EUR | 21.4 % |
| Europe ex-EUR | 11.6 % |
| Others | 8.5 % |
| North America | 7.7 % |
| Index Derivatives | -24.7 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Oct 31, 2025.Net Equity Exposure24.5 %
Issuer equity derivative short43
Issuer equity derivative long72
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
Johan FREDRIKSSON
Fund Manager
Dean SMITH
Fund Manager
Our objective is to provide a long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.
Dean SMITH
Fund Manager
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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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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