Carmignac Portfolio Absolute Return Europe

Share Class

LU2923680206

Risk Indicator

3 / 7

Recommended Minimum Investment Horizon

3 years

Cumulative Performance since launch Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months

From 29/11/2024 To 28/01/2026

+ 2.0 %

+ 0.5 %

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

+ 0.3 %

- 0.8 %

Net Asset Value

101.96 €

Asset Under Management

51 M €

Net Equity Exposure31/12/2025

31.0 %

SFDR - Fund Classification

Article 8

Data as of: Jan 28, 2026.

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.

Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Alternative strategiesCarmignac Portfolio Absolute Return Europe

Portfolio Composition

Discover the Fund's portfolio and allocation to get an overview of the distribution of its investments, to better understand its strategy, diversification and risk exposure.

Key figures

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

Exposure Data

Data as of: Dec 31, 2025.

Equity Investment Weight72.4 %

Net Equity Exposure31.0 %

Number of Equity Issuers71

Active Share48.1 %

To Access the weekly view

Equity Exposure

The chart displays the proportion of the Fund's assets invested in equities and how this exposure has changed over time. It enables investors to understand the level of risk associated with the Fund and whether the asset allocation is in line with the Fund’s risk framework.

Equity Exposure (% of total AUM)

Data as of: Dec 31, 2025.

Equity Investment Rate

Equity Exposure

Equity Derivatives

This table lists all the equity derivatives in the portfolio. It shows the underlying assets to which the fund is exposed and the fund's position (long or short) on each of these underlyings.

Equity Derivatives

Data as of: Jan 23, 2026.


Equity derivatives
ESTX BNK € PR
EURO STOXX 50 PR
STXE 600 € PR
STXE 600 IG&S € PR
STXE 600 RTL € PR

Total (Long + Short)

-39.9 %

Become a pro space member

Gain further insight to understanding this fund by becoming Pro space member.

Become a pro space member

Quarterly Holdings

Discover all the financial assets held by the Fund to achieve its investment objectives.

Quarterly Holdings

Data as of: Dec 31, 2025.


ABB LTDCH0012221716	Equities	CH	Industrials	0.2%
ADYEN NVNL0012969182	Equities	NL	Financials	1.9%
AIRBUS SENL0000235190	Equities	FR	Industrials	1.0%
ALIBABA GROUP HOLDING LTDUS01609W1027	Equities	CN	Consumer Discretionary	0.6%
ALLFUNDS GROUP PLCGB00BNTJ3546	Equities	GB	Financials	0.8%
ALPHA BANK SAGRS830003000	Equities	GR	Financials	1.1%
ALPHABET INCUS02079K3059	Equities	US	Communication Services	0.5%
AMAZON.COM INCUS0231351067	Equities	US	Consumer Discretionary	1.0%
ANGLOGOLD ASHANTI PLCGB00BRXH2664	Equities	GB	Materials	0.9%
ASKER HEALTHCARE GROUP ABSE0024171458	Equities	SE	Healthcare	0.6%
ASM INTERNATIONAL NVNL0000334118	Equities	NL	Information Technology	1.2%
ASR NEDERLAND NVNL0011872643	Equities	NL	Financials	2.6%
ASSA ABLOY ABSE0007100581	Equities	SE	Industrials	0.1%
AUMOVIO SEDE000AUM0V10	Equities	DE	Consumer Discretionary	0.8%
BANCA MONTE DEI PASCHI DI SIENA SPAIT0005508921	Equities	IT	Financials	1.5%
BANK OF AMERICA CORPUS0605051046	Equities	US	Financials	1.0%
BAWAG GROUP AGAT0000BAWAG2	Equities	AT	Financials	0.8%
BPER BANCA SPAIT0000066123	Equities	IT	Financials	1.2%
CAPGEMINI SEFR0000125338	Equities	FR	Information Technology	0.4%
CASEY'S GENERAL STORES INCUS1475281036	Equities	US	Consumer Staples	1.0%
Cash, Cash Equivalents and Derivatives OperationsCASH	Cash, Cash Equivalents and Derivatives Operations			8.1%
CIE FINANCIERE RICHEMONT SACH0210483332	Equities	CH	Consumer Discretionary	0.2%
CIPHER MINING INCUS17253J1060	Equities	US	Information Technology	0.3%
DELIVERY HERO SEDE000A2E4K43	Equities	DE	Consumer Discretionary	5.5%
DEUTSCHE BANK AGDE0005140008	Equities	DE	Financials	0.6%
DEUTSCHE TELEKOM AGDE0005557508	Equities	DE	Communication Services	0.2%
DR ING HC F PORSCHE AGDE000PAG9113	Equities	DE	Consumer Discretionary	0.8%
DSV A/SDK0060079531	Equities	DK	Industrials	2.0%
ERSTE GROUP BANK AGAT0000652011	Equities	AT	Financials	0.9%
ESSILORLUXOTTICA SAFR0000121667	Equities	FR	Healthcare	0.7%
FLATEXDEGIRO SEDE000FTG1111	Equities	DE	Financials	1.1%
FRANCE 11/03/2026CASH	Money Market	FR	Financials	10.6%
FRANCE 25/03/2026CASH	Money Market	FR	Financials	3.0%
FREEPORT-MCMORAN INCUS35671D8570	Equities	US	Materials	0.9%
FRESENIUS SE & CO KGAADE0005785604	Equities	DE	Healthcare	4.0%
GALDERMA GROUP AGCH1335392721	Equities	CH	Healthcare	0.6%
HEIDELBERG MATERIALS AGDE0006047004	Equities	DE	Materials	0.9%
HERMES INTERNATIONAL SCAFR0000052292	Equities	FR	Consumer Discretionary	0.6%
IMCD NVNL0010801007	Equities	NL	Industrials	0.7%
INDRA SISTEMAS SAES0118594417	Equities	ES	Information Technology	1.0%
INPOST SALU2290522684	Equities	PL	Industrials	0.1%
ITALY 12/06/2026CASH	Money Market	IT	Industrials	3.0%
LVMH MOET HENNESSY LOUIS VUITTON SEFR0000121014	Equities	FR	Consumer Discretionary	0.2%
META PLATFORMS INCUS30303M1027	Equities	US	Communication Services	0.8%
MICROSOFT CORPUS5949181045	Equities	US	Information Technology	2.2%
NEXANS SAFR0000044448	Equities	FR	Industrials	1.0%
NOBA BANK GROUP ABSE0023135298	Equities	SE	Financials	0.6%
NOVONESIS NOVOZYMES BDK0060336014	Equities	DK	Materials	0.8%
NOVO NORDISK A/SDK0062498333	Equities	DK	Healthcare	0.9%
ORANGE SAFR0000133308	Equities	FR	Communication Services	0.7%
OTTOBOCK SE & CO KGAADE000BCK2223	Equities	DE	Healthcare	0.8%
PIRAEUS BANK SAGRS831003009	Equities	GR	Financials	1.0%
PRADA SPAIT0003874101	Equities	IT	Consumer Discretionary	1.1%
PROSUS NVNL0013654783	Equities	CN	Consumer Discretionary	2.0%
PUBLICIS GROUPE SAFR0000130577	Equities	FR	Communication Services	1.3%
RELX PLCGB00B2B0DG97	Equities	GB	Industrials	0.1%
ROCHE HOLDING AGCH0012032048	Equities	CH	Healthcare	0.2%
SAFRAN SAFR0000073272	Equities	FR	Industrials	1.0%
SAMSUNG ELECTRONICS CO LTDUS7960508882	Equities	KR	Information Technology	0.1%
SARTORIUS AGDE0007165631	Equities	DE	Healthcare	1.0%
SIEMENS AGDE0007236101	Equities	DE	Industrials	1.4%
SIEMENS ENERGY AGDE000ENER6Y0	Equities	DE	Industrials	1.5%
SIEMENS HEALTHINEERS AGDE000SHL1006	Equities	DE	Healthcare	0.7%
SOCIETE GENERALE SAFR0000130809	Equities	FR	Financials	1.3%
SPIE SAFR0012757854	Equities	FR	Industrials	1.0%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTDUS8740391003	Equities	TW	Information Technology	1.1%
TOMRA SYSTEMS ASANO0012470089	Equities	NO	Industrials	0.6%
TROAX GROUP ABSE0012729366	Equities	SE	Industrials	0.8%
UCB SABE0003739530	Equities	BE	Healthcare	1.0%
UNITED RENTALS INCUS9113631090	Equities	US	Industrials	0.9%
UNITED STATES 03/02/2026CASH	Money Market	US		2.9%
VESTAS WIND SYSTEMS A/SDK0061539921	Equities	DK	Industrials	1.0%
WIENERBERGER AGAT0000831706	Equities	AT	Materials	0.7%
YETI HOLDINGS INCUS98585X1046	Equities	US	Consumer Discretionary	0.9%
ZALANDO SEDE000ZAL1111	Equities	DE	Consumer Discretionary	1.3%
ZEGONA COMMUNICATIONS PLCGB00BVGBY890	Equities	GB	Communication Services	0.1%

Articles that may interest you

Strategies insights • January 20, 2026 • English

Carmignac Absolute Return Europe: Letter from the Fund Managers - Q4 2025

3 minute(s) read

Strategies insights • April 14, 2025 • English

Carmignac Absolute Return Europe: Letter from the Fund Managers

3 minute(s) read

Strategies insights • January 17, 2025 • English

Carmignac Absolute Return Europe: Letter from the Fund Managers

4 minute(s) read

All analysis

Did you enjoy the fund page?

View Performance View ESG

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.

Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.

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.