Share Class
FR0011269588
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
- Combine long-term growth and resilience with a socially responsible approach
Key documents
Asset Allocation
Bonds45.6 %
Equities44.4 %
Other10.0 %
Data as of: Jun 30, 2026.
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
+ 52.2 %
+ 30.7 %
+ 15.1 %
+ 31.7 %
+ 11.3 %
To 06/08/2026
Calendar 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 2024Calendar Year Performance 2025
+ 3.9 %
+ 0.1 %
- 11.3 %
+ 10.5 %
+ 12.4 %
- 0.9 %
- 9.4 %
+ 2.2 %
+ 7.1 %
+ 12.3 %
Net Asset Value
€133.02
Asset Under Management
6 893 M €
Net Equity Exposure30/06/2026
40,3 %
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Aug 6, 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym for a “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques HIRSCH
Fund Manager
Carmignac Patrimoine 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: Jul 31, 2026.Fund management team
Performance commentary
- In July, the Fund outperformed its reference indicator, which ended the month in negative territory, while the Fund delivered a return of around +2%.
- The market environment was supportive of our key convictions across all asset classes. As a result, every asset class posted a positive contribution and outperformed the reference indicator.
- On equities, our more cautious positioning proved rewarding during the month. Ahead of the correction, we had reduced our exposure to high-beta technology stocks while increasing our allocation to high-quality companies, particularly in healthcare and financials.
- As a result, the Fund was well positioned to navigate the sharp sell-off in technology stocks. Despite the SOX Index declining by around 20%, our limited exposure to the sector helped protect performance, while our high-quality holdings, including McKesson, ICE, Cencora and Mastercard, rebounded strongly and ranked among the Fund’s top contributors during the month
- On rates, the rise in government bond yields played in our favour. In particular, our negative duration exposure in the US was a key contributor, while our inflation positioning and yield curve steepener strategies also generated positive returns.
- In credit, our hedging strategies helped offset the widening in credit spreads, limiting the impact on portfolio performance.
- Finally, in FX, our underweight exposure to the US dollar, combined with our positions in Asian currencies, particularly the Korean won and the Japanese yen, also made a positive contribution to performance.
Outlook strategy
- Our macro view remains broadly constructive. Global growth continues to prove resilient, supported by strong corporate earnings and the ongoing AI investment cycle. At the same time, we believe inflation will remain structurally higher, driven by fiscal spending, deglobalisation and infrastructure investment, limiting the scope for lower long-term yields.
- We maintain a meaningful equity exposure while gradually reducing portfolio beta. We remain constructive on AI, but with a more selective approach, favouring high-quality names across technology, financials and healthcare.
- We used the recent semiconductor volatility to rebuild high-conviction positions at more attractive valuations, particularly in Asia, with SK Hynix re-entering our top ten holdings.
- In fixed income, we continue to run a low-duration stance, combining negative US duration with modestly positive European duration and a curve-steepening bias. We remain cautious on credit.
- As yields moved higher during the month, we took profits on some duration shorts, increasing overall portfolio duration to around 1.
- In FX, we took profits on Asian currencies, particularly the KRW, while maintaining an underweight US dollar exposure. We also increased our exposure to gold mining equities, which we believe continue to offer an attractive risk-reward profile at current valuation levels.
Performance Overview
Data as of: Aug 6, 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.
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.
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 (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 07/08/2026
Carmignac Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Bonds | 45.6 % |
| Equities | 44.4 % |
| Cash, Cash Equivalents and Derivatives Operations | 6.1 % |
| Money Market | 3.9 % |
| Credit Default Swap | -17.0 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: Jun 30, 2026.Equity Investment Weight44.4%
Net Equity Exposure40.3%
Active Share83.4%
Modified Duration0.2
Yield to Maturity4.5%
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.
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Articles that may interest you
Dividend distribution • July 21, 2026 • English
Annual Dividends Distribution 2025 - Carmignac Portfolio
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Strategies insights • July 16, 2026 • English
Carmignac Patrimoine: Letter from the Fund Managers - Q2 2026
4 minute(s) read
Webconference • June 2, 2026 • English
Carmignac Patrimoine: From market crosswinds to portfolio convictions
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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