Share Class
LU1744630424
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Bonds36.1 %
Other35.3 %
Equities28.6 %
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
+ 50.5 %
-
+ 12.8 %
+ 14.8 %
+ 3.6 %
To 05/02/2026
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
-
-
- 4.3 %
+ 19.3 %
+ 14.5 %
+ 10.3 %
- 12.3 %
+ 2.7 %
+ 8.0 %
+ 5.6 %
Net Asset Value
150.54 €
Asset Under Management
506 M €
Net Equity Exposure31/12/2025
43.6 %
SFDR - Fund Classification
Article
8
Data as of: Dec 31, 2025.
Data as of: Feb 5, 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.
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Carmignac Portfolio Patrimoine 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: Jan 30, 2026.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
Jacques HIRSCH
Fund Manager
Performance commentary
- The fund started the year with a positive performance, broadly in line with its reference indicator. All asset classes contributed positively to returns over the period.
- Commodity-related exposures were the main driver of performance during the month. Gold mining stocks fully benefited from the rise in gold prices, while our exposure to basic resources through futures gained from higher energy prices.
- By contrast, our quality growth stock selection underperformed over the month. Companies such as SAP, Euronext and Nemetschek were pressured by market concerns around potential substitution risks linked to the development of artificial intelligence.
- On the rates side, our cautious positioning on U.S. interest rates, combined with inflation-linked strategies and carry on credit, provided support to performance.
- Finally, active currency diversification also contributed positively, in particular our exposure to Latin American currencies against the euro.
Outlook strategy
- We remain relatively optimistic on European markets, not because we expect a sharp acceleration in growth, but because we believe the prevailing pessimism towards the region is excessive. Market sentiment continues to underestimate the resilience of the European economy.
- One indicator we monitor closely is bank lending growth in Europe, which continues to accelerate and points to a more resilient economic backdrop than commonly perceived. In addition, early signals from Germany suggest that the federal government has begun to effectively deploy fiscal support through initial investment spending.
- Against this backdrop, we remain constructive on European risk assets, particularly equities. These could benefit from a relative re-rating versus other markets, as well as from a broadening of performance drivers beyond the technology sector alone. In this context, we hold positions such as futures on the FTSE 100 and exposure to the construction sector.
- We also took profits on gold at the beginning of January, significantly reducing our exposure. Recent volatility leads us to remain cautious in the short term, while maintaining a positive medium-term view on the asset.
- In fixed income, we remain cautious on German government bonds and continue to maintain protection on credit markets. This stance does not reflect a bearish view on credit fundamentals, which remain broadly sound, but rather a disciplined risk-management approach. The protection offers attractive convexity and serves as an efficient hedge for the portfolio’s risk assets in the event that our central scenario does not materialise.
Performance Overview
Data as of: Feb 5, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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 09/02/2026
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Dec 31, 2025.| Bonds | 36.1 % |
| Equities | 28.6 % |
| Money Market | 25.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.2 % |
| Credit Default Swap | -22.2 % |
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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 Weight28.6 %
Net Equity Exposure43.6 %
Active Share92.5 %
Modified Duration1.3
Yield to Maturity3.2 %
Average RatingA
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
Mark DENHAM
Head of Equities, Fund Manager
Jacques HIRSCH
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques HIRSCH
Fund 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