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Alternative strategies

Carmignac Absolute Return Europe

French mutual fund (FCP)European marketArticle 8
Share Class

FR001400JG56

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
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 4.5 %
-
-
+ 4.3 %
+ 2.0 %
From 31/08/2023
To 21/10/2026
Calendar Year Performance 2025
-
-
-
-
-
-
-
+ 2.1 %
+ 3.7 %
+ 0.2 %
Net Asset Value
€104.5
Asset Under Management
126 M €
Net Equity Exposure30/09/2026
19.2%
SFDR - Fund Classification

Article

8
Data as of:  Oct 21, 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Alternative strategiesCarmignac Absolute Return Europe
Alternative strategiesCarmignac Absolute Return Europe
Share Class

FR001400JG56

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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
Our objective is to provide long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.

Johan FREDRIKSSON

Fund Manager
View Fund's characteristics

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:  Sep 30, 2026.
Fund management team

Johan FREDRIKSSON

Fund Manager

Market environment

  • September has historically been the worst month of the year for European equities & true to form started by having its worst month since March as oil & yields continued to rip higher. The US 30 year yield back at 2007 levels, while the commodities index traded at record highs. After pulling back 5% from its August high, Europe flashed technically oversold for the first time since March, to then bounce off the lows.
  • Performance was also weak across the major country indices: France’s CAC 40 fell 4.4%, Germany’s DAX 4.0%, Spain’s IBEX 2.7% and the UK’s FTSE 100 2.0%.
  • Sector breadth was notably poor, with 15 of 17 STOXX 600 sectors declining. Oil & Gas (+2.8%) was the strongest sector, supported by elevated energy prices, followed by Technology (+2.0%), which benefited from continued AI/semiconductor enthusiasm. At the other end, Autos & Parts (-8.1%) was the weakest sector, followed by Financial Services (-7.1%) and Basic Resources (-6.7%). Overall, September represented a rotation away from cyclical/rate-sensitive areas while energy and technology provided the main pockets of resilience

Performance commentary

  • The Equity book delivered 0.59% positive return, with index and single stock hedges costing -0.55%
  • Top Contributors
  • Meta – Shares rebounded from oversold levels, supported by the launch of its new agentic AI tool, Muse.
  • ASM International – Benefited from the broader rally across semiconductors and semi-equipment.
  • TSMC – Supported by strong monthly sales data and the broader semiconductor rally.
  • Zegona – Management finally clarified its cash-return policy, implying a 9%+ dividend yield.
  • Cellnex (Short) – Shares declined as concerns around the potential AI disruption of the telecom sector intensified.
  • Top Detractors
  • Hemnet – Shares fell following the unexpected suspension of the ongoing share buyback, which also signalled a shift in management’s capital-allocation strategy.
  • flatexDEGIRO – An unexpected management and CEO change created uncertainty around the company’s strategic direction.
  • Scout24 – Weighed down by broader weakness in classifieds, as concerns around potential AI disruption continued to increase.
  • Halma – Shares remained surprisingly weak despite stronger US peers and an upgrade to management’s margin targets.

Outlook strategy

  • Cautiously constructive on European equities into October, although volatility is likely to remain elevated. Following the 2.5% decline in the STOXX Europe 600 in September, positioning and valuations look somewhat cleaner heading into Q4.
  • Seasonality should become less of a headwind, with October historically a transition month ahead of the typically stronger November–December period.
  • Rates and energy remain the key macro risks. Following the ECB’s 25bp September hike amid higher energy-driven inflation, European equities remain sensitive to bond yields and further inflation surprises.
  • Attention should increasingly shift towards Q3 earnings, providing a more bottom-up, stock-specific environment. Consensus expects STOXX 600 earnings growth of ~19% YoY, or closer to 10% excluding Energy, with Technology expectations improving materially to ~24%.
  • Following September’s sell-off, the earnings hurdle may now be more manageable, although forward guidance will likely matter more than backward-looking Q3 numbers.
  • We see meaningful upside potential within the portfolio as the market refocuses on company-specific fundamentals, earnings and corporate newsflow, rather than the macro-driven trading dominated by rates, oil and broader risk sentiment seen in recent weeks.
  • Overall, we believe a return to greater single-stock differentiation and dispersion should provide a more favourable backdrop for fundamental Long/Short alpha generation on both sides of the book

Performance Overview

Data as of:  Oct 21, 2026.
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). 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.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 23/10/2026

Carmignac Absolute Return Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Sep 30, 2026.
Europe EUR18.1%
Europe ex-EUR10.9%
North America5.1%
Others1.8%
Index Derivatives-16.7%
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Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  Sep 30, 2026.
Net Equity Exposure19.2%
Issuer equity derivative short37
Issuer equity derivative long58
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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.
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.