Share Class
LU1299311834
A Fund geared for a changing world
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
- Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
Key documents
Data as of: Oct 31, 2025.
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
+ 110.1 %
+ 114.5 %
+ 48.3 %
+ 61.0 %
+ 13.0 %
To 04/12/2025
Calendar Year Performance 2015Calendar 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 2024
- 1.7 %
+ 1.1 %
+ 3.7 %
- 14.8 %
+ 24.4 %
+ 33.7 %
+ 3.8 %
- 18.5 %
+ 18.5 %
+ 24.6 %
Net Asset Value
210.12 €
Asset Under Management
263 M €
Net Equity Exposure31/10/2025
98.2 %
SFDR - Fund Classification
Article
8
Data as of: Oct 31, 2025.
Data as of: Dec 4, 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.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Portfolio Investissement 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: Nov 28, 2025.Fund management team
Performance commentary
- The fund delivered negative performance over the month and lagged its reference indicator.
- Technology was the main drag in both Developed and Emerging markets.
- Our tech stock selection suffered amid renewed concerns around valuations and shifting competitive dynamics. The largest detractors were our key holdings: Nvidia, TSMC, and SK Hynix.
- Alphabet was the only exception in tech and the top contributor. We benefited from increasing our position over the summer, and the stock rose in November on strong Q3 results and investor optimism around Gemini 3, which positions Google as a competitor to both ChatGPT and Nvidia.
- The Healthcare sector performed well, supported primarily by Cencora, McKesson, and Eli Lilly.
Outlook strategy
- Tech valuations have clearly risen this year, but classic bubble signals are absent: financial conditions remain supportive, sector leverage is low, equity issuance is still quite limited, and margins are strong. Some excesses do appear in unprofitable AI names, where valuations rely on distant expectations and circular contractual structures
- Within tech in Carmignac Investissement, we focus on growing and profitable companies with reasonable valuations and diversify across the entire tech value chain, with particular focus on bottlenecks where we benefit from visibility and pricing power.
- More broadly, over the month, we continued to refocus the portfolio around our strongest convictions, reducing the number of stocks, selling high-beta AI names and highly priced companies with lacklustre growth, and adding to undervalued segments that lagged this year such as software and financial infrastructure as well as selective opportunities like Didi and MercadoLibre.
Performance Overview
Data as of: Dec 4, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 06/12/2025
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Oct 31, 2025.| North America | 58.4 % |
| Asia | 24.5 % |
| Europe | 13.7 % |
| Latin America | 2.4 % |
| Asia-Pacific | 0.7 % |
| Eastern Europe | 0.3 % |
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: Oct 31, 2025.Equity Investment Weight101.0 %
Net Equity Exposure98.2 %
Number of Equity Issuers90
Active Share77.2 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
Articles that may interest you
Strategies insights • November 21, 2025 • English
III. Off the beaten path approach of Carmignac Investissement
4 minute(s) read
Strategies insights • November 6, 2025 • English
II. Off the beaten path approach of Carmignac Investissement
4 minute(s) read
Strategies insights • October 23, 2025 • English
I. Off the beaten path approach of Carmignac Investissement
3 minute(s) read
Did you enjoy the fund page?
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.
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