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
Asset Allocation
Other100 %
Data as of: Jul 31, 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
+ 114.9 %
+ 23.6 %
+ 10.7 %
+ 17.5 %
+ 5.0 %
To 04/09/2025
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
214.88 €
Asset Under Management
222 M €
Net Equity Exposure31/07/2025
48.9 %
SFDR - Fund Classification
Article
8
Data as of: Jul 31, 2025.
Data as of: Sep 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.
Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
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.
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](https://carmignac.imgix.net/uploads/NextImage/0001/18/004786462117c682eb5827e4ad7d46ea205b275b.jpeg?auto=format%2Ccompress&fit=fill&w=3840)
Pierre-Edouard Bonenfant
Fund Manager
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 4, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31 December 2012, the reference indicators’ equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund’s reference indicator comprised 50% MSCI AC WORLD NR and 50% ICE BofA Global Government Index. Performances are presented using the chaining method.
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.
Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
Source: Carmignac at 08/09/2025
Carmignac Multi Expertise Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jul 31, 2025.| Equity Strategies | 39.2 % |
| Fixed Income Strategies | 38.1 % |
| Alternative strategies | 20.7 % |
| Cash, Cash Equivalents and Derivatives Operations | 2 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: Jul 31, 2025.Equity Investment Weight55.0 %
Net Equity Exposure48.9 %
Active Share49.9 %
Modified Duration1.6
Yield to Maturity5.7 %
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.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Pierre-Edouard Bonenfant
Fund Manager
The strategy offers a balanced and diversified exposure to markets, benefiting from Carmignac's expertise in the equity, bond and alternative asset classes.”
Pierre-Edouard Bonenfant
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
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.