Share Class
LU1299305943
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
- Combine long-term growth and resilience with a socially responsible approach
Key documents
Asset Allocation
Equities46 %
Bonds41.1 %
Other12.9 %
Data as of: Dec 31, 2025.
Risk Indicator
1
2
3
4
5
6
7
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
+ 20.1 %
+ 24.2 %
+ 6.1 %
+ 19.8 %
+ 8.7 %
To 09/02/2026
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
+ 3.2 %
- 0.6 %
- 11.9 %
+ 10.0 %
+ 12.2 %
- 1.4 %
- 9.6 %
+ 1.5 %
+ 6.3 %
+ 11.4 %
Net Asset Value
120.14 €
Asset Under Management
1 708 M €
Net Equity Exposure31/12/2025
44.8 %
SFDR - Fund Classification
Article
8
Data as of: Dec 31, 2025.
Data as of: Feb 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 return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Carmignac Portfolio Patrimoine 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: Jan 30, 2026.Fund management team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Performance commentary
- The fund started the year with a positive performance, outperforming its reference indicator. All asset classes contributed positively to returns over the period.
- Commodity-related exposures were the main performance driver during the month. Gold mining stocks fully benefited from the rise in gold prices, while Schlumberger gained from higher oil prices. In addition, our breakeven inflation positions within the bond allocation, as well as exposure to commodity-linked currencies such as the Australian dollar, also contributed positively, supported by the increase in energy prices.
- At the same time, our investments in the technology sector continued to perform well. Holdings such as TSMC and SK Hynix maintained strong fundamentals and solid operational momentum. Conversely, our software positions, which we have recently increased, performed negatively as markets remained concerned about substitution risks linked to the development of artificial intelligence.
- On the rates side, our cautious positioning on U.S. interest rates, combined with a yield curve steepening strategy and a positive duration in Europe, proved effective. Finally, active currency management was also a source of performance.
- Our underexposure to the U.S. dollar, together with positions in Latin American currencies (MXN, BRL, CLP) and commodity-linked currencies, generated positive contributions.
Outlook strategy
- Our central scenario remains unchanged: global growth is expected to stay resilient, supported in particular by fiscal stimulus measures, albeit at the cost of higher medium-term inflation risks in certain regions.
- The strong start to the year, combined with increased dispersion across assets and sectors, led us to implement several portfolio adjustments.
- We reinforced the portfolio’s convexity through the purchase of put options on major U.S. equity indices, which allow us to reduce net equity exposure in the event of a market correction.
- Following a particularly strong rally, we reduced our exposure to gold-related equities, lowering it from 3% at the beginning of the month to 1% by the end of the period. The speed and magnitude of the recent move warrant greater short-term caution, while we maintain a constructive longer-term view on gold.
- We continue to maintain negative modified duration, while preserving a strong exposure to inflation-linked instruments. Within credit, we remain cautious and retain protection on high-yield bonds given current valuation levels and the potential risk of spread widening. These protections also serve as a hedge against equity market risks.
Performance Overview
Data as of: Feb 9, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.
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.
Source: Carmignac at 10/02/2026
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Dec 31, 2025.| Equities | 46 % |
| Bonds | 41.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 7.2 % |
| Money Market | 5.7 % |
| Credit Default Swap | -12.9 % |
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Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.
Exposure Data
Data as of: Dec 31, 2025.Equity Investment Weight46.0 %
Net Equity Exposure44.8 %
Active Share82.1 %
Modified Duration-0.4
Yield to Maturity4.4 %
Average RatingBBB+
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
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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
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques HIRSCH
Fund Manager
Articles that may interest you
Strategies insights • January 29, 2026 • English
Carmignac Patrimoine: Letter from the Fund Managers - Q4 2025
4 minute(s) read
Webconference • November 18, 2025 • English
2026 in sight: Roadmap from Carmignac Portfolio Patrimoine
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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