Share Class
LU0992628858
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities96.7 %
Other3.3 %
Data as of: Jun 30, 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
+ 132.0 %
+ 120.4 %
+ 11.3 %
+ 19.5 %
+ 0.3 %
To 09/07/2026
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
+ 5.1 %
+ 11.0 %
- 9.6 %
+ 35.5 %
+ 14.4 %
+ 22.5 %
- 20.6 %
+ 15.5 %
+ 12.0 %
- 0.2 %
Net Asset Value
€232.05
Asset Under Management
373 M €
Net Equity Exposure30/06/2026
96.7%
SFDR - Fund Classification
Article
9
Data as of: Jun 30, 2026.
Data as of: Jul 9, 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 Manager.
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
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark DENHAM
Head of Equities, Fund Manager
Carmignac Portfolio Grande Europe 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: Jun 30, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Performance commentary
- Over the month of June, the fund delivered a positive absolute return but slightly underperformed its reference indicator.
- Our underweight to Materials and no exposure to Energy was the largest contributor to performance. Novonesis, the global BioSolutions company was among our top performers over the month as investors gained confidence in its ability to deliver earnings growth and reaffirmed guidance.
- In the tech space, our performance was supported by ASML, our largest contributor over the month, benefitting from regained confidence in the AI theme. Unfortunately, the overall performance was subdued by our software names, SAP and Nemetschek, underperforming versus hardware AI stocks.
- We also saw good stock selection in healthcare throughout the month. Argenx demonstrated continued confidence in Vyvgart's commercial momentum and pipeline expansion, Straumann upgraded 2026 margin guidance on stronger execution and lower tariffs, and Galderma demonstrated sustained momentum across its dermatology and aesthetics portfolio.
- Our overweight to Industrials also did not support outperformance over the month. IMCD, DSV and RELX underperformed as investors rotated away from defensive quality names, while concerns over industrial demand, a subdued freight market and valuation weighed on sentiment.
Outlook strategy
- We made few changes over the month of June. Throughout the month we trimmed a few names on strength and recent high momentum. We continued trimming Prysmian on strength as well as starting to trim Schneider Electric. Both name looking somewhat extended notwithstanding strong fundamentals as well as being highly correlated to AI sentiment.
- Among financials, we continued to trim UBS into recent strength, and added to BBVA, Erste and added a new position in National Bank Greece.
- In Industrials we also sold out of Belimo completely post significant rally and at target price and reduced Kion, preferring to add to Interpump in the sector.
- On the other hand, we added to names on relative weakness, such as Astrazeneca, DSV, EssilorLuxottica and Grenergy Renovables.
- We remain constructive on the outlook for 2026. We believe high quality European equities are heavily oversold and now trade on appealing valuations, offering an attractive entry point for long term investors.
Performance Overview
Data as of: Jul 9, 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.
Source: Carmignac at 10/07/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| Europe | 100.0% |
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: Jun 30, 2026.Equity Investment Weight96.7%
Net Equity Exposure96.7%
Number of Equity Issuers44
Active Share81.4%
To Access the weekly view
Articles that may interest you
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Carmignac strengthens investment team with top European equity manager
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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.
Market environment