Carmignac Multi Expertise

Global marketArticle 8

Share Class

A EUR Acc • FR0010149203

Benefit from Carmignac’s diverse expertise through a single Fund

A multi-strategy solution capitalising on Carmignac’s expertise across asset classes.
Capturing opportunities on global equity, bond and alternative investments.
Complementary and diversified allocation with a long-term perspective.

Key documents

Monthly Factsheet KID

Asset Allocation

Other100 %

Data as of: Aug 29, 2025.

Risk Indicator

1

2

3

4

5

6

7

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

+ 115.8 %

+ 26.3 %

+ 12.3 %

+ 19.2 %

+ 4.5 %

From 02/01/2002
To 26/09/2025

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

- 4.4 %

+ 7.8 %

+ 4.0 %

- 4.5 %

+ 5.7 %

+ 9.5 %

0.0 %

- 11.9 %

+ 5.1 %

+ 9.9 %

Net Asset Value

215.75 €

Asset Under Management

219 M €

Net Equity Exposure29/08/2025

49.0 %

SFDR - Fund Classification

Article

8

Data as of: Aug 29, 2025.

Data as of: Sep 26, 2025.

Diversified strategiesCarmignac Multi Expertise

Carmignac Multi Expertise 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: Aug 29, 2025.

Fund management team

[Management Team] [Author] Bonenfant Pierre-Edouard

Pierre-Edouard Bonenfant

Fund Manager

Market environment

Global markets posted strong gains in USD terms, with both equities and bonds advancing. However, the weaker dollar against the euro translated into negative performance in euro terms.
US labour market data signalled a slowdown, prompting Fed Chair Jerome Powell at Jackson Hole to hint at possible rate cuts. Markets are now pricing in a 25 bps reduction in September.
Political tensions in the US intensified as President Trump dismissed the head of the BLS and moved to oust Fed Governor Lisa Cook, raising concerns about central bank independence.
The US yield curve steepened, with long-end yields climbing on worries over Fed independence.
In Europe, political risk re-emerged as the French Prime Minister faced a no-confidence vote. France remains a fiscal outlier within the Eurozone, amplifying investor unease.
Eurozone yields moved higher, supported by improved growth sentiment, while July inflation data came in line with expectations.
Global equities hit new highs, buoyed by reduced tariff-related noise following the 1 August deadline, stronger US GDP growth, and rising expectations of Fed rate cuts in September.
The AI trade maintained strong momentum, with Nvidia reaching new all-time highs after robust results.
Trade tensions lingered as the US raised tariffs, including a 50% levy on Russian oil imports via India. Commodity markets diverged: oil and gas prices declined, while gold rallied.

Performance commentary

In August, our fund delivered a negative performance, in line with its reference indicator.
Our strategy was penalised by our portfolio of equities and alternative funds, but nevertheless benefited from its selection of fixed income funds.

Outlook strategy

The US shows early signs of stagflation, while Europe’s recovery is likely delayed until 2026.
Powell hinted at cuts, but markets overstate the Fed’s willingness to ease. Rising deficits and credibility risks support inflation-linked assets.
In Europe, we remain cautious on long sovereigns—particularly France—while maintaining exposure to inflation given elevated real rates.
We stay constructive on equities, with high exposure supported by the current environment. Our core allocation targets the US and Asian AI-driven capex cycle, complemented by diversified holdings across regions and sectors.
In currencies, we expect the US dollar to weaken further, pressured by fiscal laxity, Fed credibility concerns, and hedging flows.
We are maintaining our current fund allocation unchanged.
On the equity side, we are invested in Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren.
On the fixed income side, we hold positions in Carmignac Portfolio Credit and Carmignac Portfolio Global Bond strategies.
Finally, within our alternatives allocation, we hold investments in Carmignac Absolute Return Europe and Carmignac Portfolio Merger Arbitrage Plus.

Performance Overview

Data as of: Sep 26, 2025.

View Performance in detail

Source: Carmignac at 29/09/2025

Carmignac Multi Expertise Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of: Aug 29, 2025.


Equity Strategies	39 %
Fixed Income Strategies	38.1 %
Alternative strategies	20.8 %
Cash, Cash Equivalents and Derivatives Operations	2.2 %

View details

Sector Breakdown - Equities

Data as of: Aug 29, 2025.


Information Technology	22.8 %
Healthcare	16.8 %
Industrials	15.6 %
Consumer Discretionary	14.3 %
Financials	13.3 %
Consumer Staples	7.1 %
Communication Services	6 %
Materials	2.3 %
Energy	1.1 %
Real Estate	0.6 %
Utilities	0.1 %

View details

Top 10

Data as of: Aug 29, 2025.


MICROSOFT CORP	2.0%
AMAZON.COM INC	1.9%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	1.9%
NVIDIA CORP	1.8%
ALPHABET INC	1.5%
S&P GLOBAL INC	1.1%
PRYSMIAN SPA	1.0%
PROSUS NV	0.9%
THERMO FISHER SCIENTIFIC INC	0.9%
UBS GROUP AG	0.9%

View details

To Access the weekly view

Register to prospace

View Portfolio allocation

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of: Aug 29, 2025.

Equity Investment Weight54.4 %

Net Equity Exposure49.0 %

Active Share49.9 %

Modified Duration1.7

Yield to Maturity5.5 %

Average RatingBBB-

Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

To Access the weekly view

Register to prospace