Share Class
LU2782951763
An intergenerational Fund focused on quality, sustainable companies
- A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
- A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Asset Allocation
Equities99.1 %
Other0.9 %
Data as of: Feb 27, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 2.0 %
-
-
-
+ 13.5 %
To 08/04/2026
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
-
-
-
-
-
-
-
-
+ 1.2 %
+ 7.4 %
Net Asset Value
102.01 $
Asset Under Management
297 M €
Net Equity Exposure27/02/2026
99.1 %
SFDR - Fund Classification
Article
9
Data as of: Feb 27, 2026.
Data as of: Apr 8, 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.
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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] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark DENHAM
Head of Equities, Fund Manager
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe EJIKEME
Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
Mark DENHAM
Head of Equities, Fund Manager
Carmignac Portfolio Grandchildren 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: Mar 31, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Obe EJIKEME
Fund Manager, Analyst
Performance commentary
- In March, the Fund delivered a negative absolute performance and underperformed its reference indicator.
- Quality funds broadly struggled in March, amid a rotation toward cyclicals, which penalised defensively positioned companies.
- The main detractors were the Consumer Staples and Industrials sectors, both in absolute and relative terms.
- Colgate, Procter & Gamble and L’Oréal each declined by more than 10%, driven by rising inflation expectations following the increase in oil prices.
- Within Industrials, Schneider Electric declined amid growing concerns about the European economic outlook and a potential slowdown in activity.
- In Healthcare, Alcon and Vertex also weighed on performance despite no material deterioration in fundamentals, while EssilorLuxottica declined on concerns about increasing competition in the smart glasses segment.
- Finally, the Energy sector delivered strong performance during the month; however, our lack of exposure given that it does not meet our investment criteria represented a relative drag on performance.
- Conversely, our stock selection within Financials was a relative contributor versus the reference indicator.
- Stocks such as S&P Global and Intercontinental Exchange benefited from their defensive and earnings resilient business models.
- Another positive outlier during an otherwise difficult month was Galderma, which benefited from the complete exit of a consortium of financial sponsors a move that was positively received by the market.
Outlook strategy
- During this volatile month, we made several portfolio adjustments.
- We fully exited our position in Novo Nordisk following disappointing data from its next generation weight loss molecule, which we believe increases future competitive and generic risks.
- We also reduced exposure to Consumer Staples, amid concerns that rising logistics costs could pressure margins, by exiting Unilever and trimming Procter & Gamble.
- We continue to actively manage our Technology exposure, as we observe a high level of dispersion across the sector.
- During the month, we significantly reduced our position in Microsoft, which experienced one of its worst quarterly performances in more than a decade.
- We used recent market volatility to initiate a new position in Broadcom, a key supplier of custom AI chips (ASICs) and networking components for hyperscaler data centres. The company benefits from multi-year visibility on demand and is relatively less sensitive to fluctuations in energy prices and global growth.
- We took advantage of lower market levels to initiate positions in high quality companies such as AstraZeneca and Parker Hannifin.
- In the current environment, earnings visibility and balance sheet strength are likely to be increasingly rewarded. Our main convictions tend to be less sensitive to a deterioration of global growth.
- The portfolio remains positioned to benefit from long term secular growth trends such as AI and digital transformation, while retaining the flexibility and discipline required to navigate an uncertain macroeconomic backdrop.
Performance Overview
Data as of: Apr 8, 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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/04/2026
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Feb 27, 2026.| North America | 59.0 % |
| Europe | 41.0 % |
To Access the weekly view
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: Feb 27, 2026.Equity Investment Weight99.1 %
Net Equity Exposure99.1 %
Number of Equity Issuers42
Active Share81.5 %
To Access the weekly view
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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.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment