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- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
- Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
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To 13/08/2025
Article
Carmignac Portfolio Investissement fund performance
Our monthly comments
Data as of: Jul 31, 2025.
Performance commentary
In July, the fund delivered a positive performance, outperforming its reference indicator.
Our exposure to technology stocks contributed strongly to this performance, notably through major U.S. tech names such as Nvidia, Alphabet, and Meta, the latter two having reported solid quarterly results.
In addition, our geographic diversification into emerging economies—via key players in the artificial intelligence value chain such as TSMC and Elite Material—also supported the fund’s momentum.
We also benefited from the strong performance of certain financial stocks, including Block, UBS, and S&P Global, during the period.
Conversely, our healthcare allocation weighed negatively on performance, impacted by Novo Nordisk, which revised down its growth forecasts, and Centene, which withdrew its earnings guidance for the year.
Outlook strategy
The fund remains broadly unchanged, with a continued focus on profitable growth companies, while maintaining a disciplined approach to valuations.
In the artificial intelligence space, we retain a high level of exposure, supported by accelerating investments from hyperscalers and the ongoing wave of technological innovation. Our positioning remains well-balanced between component manufacturers (notably in Asia) and AI applications, with a preference for high-potential niche players. Following the sector’s recent strong rally, we have taken partial profits on select positions.
In the aerospace segment, demand continues to outpace global GDP growth, while persistent production constraints are extending the lifecycle of existing fleets. We have increased our exposure to capture this dynamic, notably by reinitiating a position in Airbus, supported by encouraging signals across the supply chain.
On the consumer theme, our approach remains selective and diversified. We combine holdings in major global e-commerce platforms with niche companies, particularly in luxury goods and automotive components. This positioning limits exposure to traditional intermediary chains while capturing distinct and differentiated growth drivers.
Performance Overview
Data as of: Aug 13, 2025.Carmignac Portfolio Investissement Portfolio overview
Geographical Breakdown
Data as of: Jul 31, 2025.| North America | 60.8 % |
| Asia | 22.9 % |
| Europe | 12.3 % |
| Latin America | 2.7 % |
| Asia-Pacific | 1.1 % |
| Eastern Europe | 0.3 % |
Key figures
Exposure Data
Data as of: Jul 31, 2025.The strategy in a nutshell
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
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Market environment
• US second-quarter earnings season began strongly, with results exceeding expectations and boosting market confidence, pushing US equities higher.
• Technology stocks outperformed again in July, with the “Magnificent Seven” delivering strong earnings and revenue growth versus broader market
• European equities underperformed in July, as European tech firms warned of long-term growth risks from US trade policy and consumer sectors struggled with weak demand from China.
• Emerging market equities outperformed thanks to strong performance from Greater China, Korea, and Taiwan—driven by improved Chinese economic sentiment, AI investment momentum, and higher metal prices.