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.
Market environment
• In the eurozone, the European Central Bank lowered its key rate as expected by 25 basis points to 2.0%, but Christine Lagarde adopted a more restrictive tone regarding the inflation outlook.
• Tensions in the Middle East initially pushed oil prices above $80/barrel before falling by more than 10% after the announcement of a ceasefire, also contributing to a tightening of credit spreads of -18 bp on the Itraxx Xover index.
• Interest rates moved in different directions in June. In the United States, the 10-year rate eased by 17 basis points, benefiting from less robust economic data, while its German counterpart rose by 11 basis points.
• EM external debt performed well over the month, while local debt was flat.
• On the currency front, the dollar continued to weaken against the euro, reaching its lowest level since 2021, mainly due to asset repatriation amid uncertainty over the impact of the trade war. In this environment, emerging market currencies suffered against the strength of the euro, although the Brazilian real and Eastern European currencies (the Hungarian forint, Czech koruna and Polish zloty) bucked the trend.