Carmignac Portfolio Absolute Return Europe

Share Class

LU2923680461

Risk Indicator

3 / 7

Recommended Minimum Investment Horizon

3 years

Net Asset Value

100.68 £

Asset Under Management

49 M €

Net Equity Exposure31/10/2025

25.3 %

SFDR - Fund Classification

Article 8

Data as of: Nov 17, 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.

Alternative strategiesCarmignac Portfolio Absolute Return Europe

Performance data not yet available

Due to European regulations, we are not permitted to show the performance of the Funds as it does not have a one year track record yet.

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Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Portfolio Absolute Return Europe Monthly comments

Data as of: Oct 31, 2025.

The Investment team

Dean Smith

Fund Manager

Market Environment

Global equity markets advanced in October, supported by a combination of resilient corporate earnings, macroeconomic stability, and robust liquidity flows.
The Federal Reserve’s slowing of quantitative tightening, ongoing policy easing in China, and continued strength in retail investor flows all contributed to a constructive market backdrop.
In Europe, PMI readings moved into expansionary territory for the first time in a year, while a supportive earnings season turned earnings revisions positive.
European equities finished the month 2.6% higher, with encouraging signs of market broadening in contrast to the US, where leadership remained increasingly concentrated.
Sector performance in Europe was led by Utilities, Basic Resources, Energy, and Consumer Products, while Autos, Media, Insurance, and Chemicals underperformed.

Performance Commentary

The fund generated a positive return in October. Performance was primarily driven by stock selection within the Technology sector, with notable gains from long positions in AI beneficiaries and shorts in software companies vulnerable to AI-driven disruption.
Additional positive contributions came from Healthcare and Industrials.
Despite negative sentiment surrounding Financials, linked to US private credit concerns that spilled over into European markets, the fund’s Financials exposure still delivered a positive contribution for the month.
The main contributors were Longs in Fresenius who benefited from rising expectations ahead of earnings and Sartorius who outperformed on the back of strong order growth.
Sector detractors included Consumer Discretionary, Materials, Communications, and Utilities.
The main detractors were Longs in Meta who faced market concern over the scale of its capital expenditure and a short in the luxury sector who underperformed due to stronger than expected Q3 results.

Outlook and Investment Strategy

Portfolio activity was concentrated around the busy earnings season, with several adjustments made both ahead of and following company results.
The fund also sought to capitalize on intra-month volatility, selectively adding to Technology exposure, particularly among AI leaders and beneficiaries.
Exposure to Industrials was modestly increased through the introduction of new positions such as Vestas, a leading wind turbine manufacturer benefiting from accelerating order growth and improving margins as new capacity ramps up.
Meanwhile, exposure to Telecoms, Utilities, Consumer Staples, and Materials was reduced through a mix of long disposals and increased short positions.
With the October Fed rate cut now behind us—delivered as expected, albeit accompanied by a slightly hawkish tone and the bulk of Q3 earnings reports completed (including BIG US Tech), the market enters a quieter phase with less corporate news flow.
The key risk remains the unresolved US government shutdown, which, if prolonged, could move beyond being a temporary period of reduced data visibility to one that meaningfully impacts real economic activity.

Performance scenarios

The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future. This table shows the money you could get back over the next 5 years, under different scenarios, assuming that you invest 10 000 £.

Performance scenarios

Data as of: Sep 2025.

Scenarios

If you exit after 1 year

If you exit after 3 years

Stress

What you might get back after costs

Average return each year

6100 £

-39.00 %

6800 £

-12.06 %

Unfavourable

What you might get back after costs

Average return each year

9070 £

-9.30 %

9640 £

-1.21 %

Moderate

What you might get back after costs

Average return each year

10580 £

+5.80 %

11350 £

+4.31 %

Favourable

What you might get back after costs

Average return each year

12270 £

+22.70 %

13410 £

+10.27 %

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The unfavourable scenario occurred for an investment between 10/2021 and 10/2024.

The moderate scenario occurred for an investment between 12/2019 and 12/2022.

The favourable scenario occurred for an investment between 02/2016 and 02/2019.

Source: Carmignac at Sep 30, 2025.

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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.

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.