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Equity strategies

Carmignac Portfolio Human Xperience

ThematicESG Thematic Fund Article 9
Share Class

LU2295992163

Key documents
Monthly FactsheetKID
Asset Allocation
Equities99.7 %
Other0.3 %
Data as of:  Apr 30, 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 29.5 %
-
-
+ 35.5 %
+ 3.1 %
From 31/03/2021
To 20/05/2025
Calendar Year Performance 2024
-
-
-
-
-
-
+ 19.2 %
- 21.8 %
+ 22.6 %
+ 17.6 %
Net Asset Value
129.51 €
Asset Under Management
119 M €
Net Equity Exposure30/04/2025
99.7 %
SFDR - Fund Classification

Article

9
Data as of:  May 20, 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. 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.
Equity strategiesCarmignac Portfolio Human Xperience
Equity strategiesCarmignac Portfolio Human Xperience
Share Class

LU2295992163

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Human Xperience 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:  Apr 30, 2025.
Fund management team
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • April 2025 was characterized by notable volatility in the financial markets, marked by a sharp correction followed by an equivalent rebound, resulting in relatively minor final variations.- The month commenced with an announcement from Donald Trump concerning higher tariffs than the markets had anticipated. This "Liberation Day," as the US president termed it, created recession fears among investors, triggering a crisis of confidence and causing a flight from risky assets and US assets, including the dollar and Treasury bonds.
  • In response to the sharp market downturn, Trump suspended most of the tariff measures for 90 days, excluding China, which allowed equities to rebound.
  • European and emerging market equities continued to outperform their US counterparts. Gold was the standout winner of the month, in stark contrast to oil, which experienced a significant decline.
  • On the macroeconomic front, uncertainty surrounding trade barriers began to negatively impact leading US activity indicators, such as consumer sentiment.
  • The earnings season started robustly, yet companies expressed caution about the future due to ongoing tariff-related uncertainties.

Performance commentary

  • Over the month of April, the fund had a negative return in absolute terms but outperformed its benchmark in relative terms.

  • Our exposure to Healthcare and Consumer Staples was our primary source of relative outperformance over the month.

  • Stock selection in both sectors mentioned above was the biggest contributor to performance. L’Oreal, Lonza as well as Beierdorf and Nestle were among the largest contributors over the month of April.

  • Stock selection in the Technology sector was also supportive with stocks like ServiceNow and SAP among our top contributors.

  • In April our largest detractors were driven by our overweight to consumer discretionary stocks. Amazon and Adidas were among our largest detractors.

Outlook strategy

  • In April, we added back into higher beta names, like TSMC as well as in defensive names like Beiersdorf.

  • We reduced our positions in Adidas and took some profit on Colgate-Palmolive.

  • Over the month we have not initiated nor exited names in the portfolio.

  • We remain cautious in positioning our portfolio and continue to focus on higher quality companies.

Performance Overview

Data as of:  May 20, 2025.
View Performance in detail
​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.​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 22/05/2025

Carmignac Portfolio Human Xperience Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Apr 30, 2025.
North America62.9 %
Europe26.9 %
Asia6.1 %
Asia-Pacific4.0 %
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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 management and equity positioning.

Exposure Data

Data as of:  Apr 30, 2025.
Equity Investment Weight99.7 %
Net Equity Exposure99.7 %
Number of Equity Issuers39
Active Share77.3 %
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The strategy in a nutshell

Fund Management Team
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
View Fund's characteristics

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All analysis
View characteristics and risks
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.
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.