Share Class
LU0992627538
A high-conviction long/short approach to European equities
- A bottom-up fundamental approach to maximise long and short alpha generation.
- Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 119.0 %
+ 133.0 %
+ 46.4 %
+ 35.0 %
+ 10.3 %
To 08/01/2026
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
+ 10.8 %
+ 19.0 %
+ 6.6 %
+ 3.1 %
+ 8.4 %
+ 13.9 %
- 4.2 %
+ 2.7 %
+ 18.6 %
+ 9.9 %
Net Asset Value
218.96 $
Asset Under Management
732 M €
Net Equity Exposure28/11/2025
36.3 %
SFDR - Fund Classification
Article
8
Data as of: Jan 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 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 Long-Short European Equities 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: Dec 31, 2025.Performance commentary
- In December, the fund posted a positive performance, driven by both the Long and Short books. Our Short book delivered a strong alpha during the month and throughout 2025.
- On the Long side, our position in Banca Monte Dei Paschi Di Siena was our top performer, as the stock recovered from the politically driven allegation that the CEO acted in concert with the largest shareholders with regards to the Mediobanca acquisition. We used the pullback to increase our position as the stock remains significantly undervalued.
- Siemens Healthineers was among our largest contributors. The stock underperformed the whole year for technical reasons.
- The upcoming spinoff from the mother company together with pressure from Siemens selling more than 50% of the free float into the market pushed the valuation to all time low levels, while fundaments continued to improve. We used this opportunity to build a significant position as we like the set-up for 2026.
- Our semiconductor positions also had a strong contribution to performance, as the continued shortage on the memory side led to continued price increases and a positive outlook for semiconductor equipment spending.
- We have been very active across the semiconductor supply chain over the past two years, with the memory segment being our largest contributor.
- On the short side, our top contributor was Pernod Ricard, as demand continues to be weak with structural drivers putting pressure on both volumes and pricing.
- We suffered from some short squeezes in the Consumer space.
Outlook strategy
- The net exposure of the strategy stayed quite high throughout the month in the 20-40% range, as we keep strong convictions on the Long side in European companies excelling globally and benefiting from local monopolies.
- These include industries such as luxury goods, specialty engineering, ERP software, specialty chemicals, medical technology, aerospace and defense, and classifieds.
- We remain constructive on Europe in 2026, as the fiscal stimulus and low rates provide an attractive tailwind.
- Germany has removed the fiscal drag which has weighted on Europe for more than a decade and the upcoming defense and infrastructure historic investment plan will have a profound impact on the overall region.
- Our portfolio remains focused on stock specific and idiosyncratic drivers, rather than macro plays.
- On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: Jan 8, 2026.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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/01/2026
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Nov 28, 2025.| Europe EUR | 36.6 % |
| Others | 5.5 % |
| North America | 3.8 % |
| Index Derivatives | -0.7 % |
| Europe ex-EUR | -2.0 % |
| Equity Basket Derivatives | -6.9 % |
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Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Nov 28, 2025.Net Equity Exposure36.3 %
Beta+0.2
Sortino Ratio+2.6
Number of Holdings18
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
![[Management Team] [Author] Heininger Malte](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte HEININGER
Delegated Fund Manager, White Creek Capital LLP
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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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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