Share Class
LU2490324683
Key documents
Asset Allocation
Other40.8 %
Bonds31.6 %
Equities27.6 %
Data as of: Apr 30, 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
+ 8.8 %
-
-
-
+ 5.1 %
To 05/06/2025
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
-
-
-
-
-
-
-
- 3.1 %
+ 1.6 %
+ 6.8 %
Net Asset Value
108.85 €
Asset Under Management
508 M €
Net Equity Exposure30/04/2025
36.7 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2025.
Data as of: Jun 5, 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.
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: May 30, 2025.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 ended the month higher, but delivered a performance below its reference indicator.• In an overall environment favorable to risky assets, our selection of securities, both in equities and credit, contributed positively to performance. • Our exposure to domestic equities through derivatives also had a positive impact on the fund’s performance. • On the other hand, in the fixed income segment, our credit protection strategies and our positive duration weighed on the fund’s overall performance.
Outlook strategy
• Europe currently benefits from many strengths: an accommodative monetary policy from the ECB, historic fiscal stimulus plans, lower energy prices, attractive valuations, and record household savings, all creating a particularly favorable environment for investing in the region.• In this context, we favor a balance between quality/growth stocks and domestic champions, with a strong exposure to Spain and Italy, as well as German mid-caps. • We remain cautious on interest rates, believing that the market may be expecting too many cuts while economic indicators remain strong. • We maintain a dedicated exposure to inflation strategies, convinced that fiscal policies will continue to fuel inflationary pressures.
Performance Overview
Data as of: Jun 5, 2025.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 07/06/2025
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: Apr 30, 2025.| Bonds | 31.6 % |
| Money Market | 31.6 % |
| Equities | 27.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 9.2 % |
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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: Apr 30, 2025.Equity Investment Weight27.6 %
Net Equity Exposure36.7 %
Active Share85.6 %
Modified Duration1.9
Yield to Maturity3.3 %
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
Fund Management Team
Mark Denham
Head of Equities, Fund Manager
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
• May 2025 saw a strong rebound in global stock markets, erasing the lows from April. This recovery was helped by easing trade tensions (especially between the US and China) and better consumer confidence.• Growth stocks performed better than others, supported by a positive earnings season. In the US, earnings growth reached 12.4%, which increased investor confidence. • In Europe, optimism was also strong, even though there were some trade tensions between the US and the European Union. Expectations of government support and higher earnings forecasts continued to help regional sentiment, reducing fears of a recession. • For bonds, the situation was more mixed: sovereign markets suffered from worries about US government finances and weak demand at auctions in both the US and Japan. However, there was a rebound at the end of the month, thanks to the easing of trade tensions. • On the currency market, the US dollar was very volatile: it fell at first, then recovered a bit at the end of the month, reflecting ongoing economic and political uncertainties.