Share Class
FR0011269067
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
Bonds46.1 %
Equities42.1 %
Other11.8 %
Data as of: Jan 30, 2026.
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
+ 67.6 %
+ 52.8 %
+ 19.1 %
+ 30.6 %
+ 12.5 %
To 05/03/2026
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
+ 4.8 %
+ 1.9 %
- 9.2 %
+ 13.6 %
+ 13.9 %
- 0.2 %
- 8.1 %
+ 4.2 %
+ 8.6 %
+ 13.0 %
Net Asset Value
167.58 €
Asset Under Management
6 607 M €
Net Equity Exposure30/01/2026
35.1 %
SFDR - Fund Classification
Article
8
Data as of: Jan 30, 2026.
Data as of: Mar 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 Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Carmignac 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: Feb 27, 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
- February proved to be a challenging month for the Fund, as the portfolio did not fully participate in the market upside and ended the period with a slightly positive absolute performance.
- The environment was unfavourable for two of our core convictions: the broadening of the artificial intelligence theme beyond infrastructure and our short duration positioning in the United States.
- Equity markets were marked by a reassessment of AI-related investments, as investors began questioning the impact of AI on business models. It weighed on our software exposure like Atlassian as well as on financial infrastructure companies such as S&P Global. Large-cap technology names, including Alphabet, Nvidia and Amazon, also underperformed toward the end of the month amid concerns over AI-related capital expenditure, further impacting performance.
- At the same time, our negative view on US rates, based on expectations of resilient growth and persistent inflationary pressures, detracted from returns. Bond yields moved lower as investors concerns regarding the broader implications of AI, notably on the job markets.
- Conversely, certain defensive and diversifying positions provided support. Our exposure to gold miners benefited from the renewed demand for safe-haven assets, while our equity hedging strategies and healthcare allocation contributed positively.
Outlook strategy
- Despite the underperformance in February, we have not altered our positioning and maintain our core convictions across both equities and rates.
- Recent events in Iran at the end of the month are likely to generate additional volatility, as the range of potential outcomes remains wide.
- The Fund entered this phase with diversification and downside protection already embedded in its construction, limiting the need for tactical repositioning amid heightened uncertainty.
- The portfolio combines moderate equity exposure with convex protection and defensive diversifiers. Equity exposure stands at around 35%, complemented by near-the-money put options on equity indices, which could meaningfully reduce net exposure in a downside scenario. We also maintain CDS protection to hedge both our credit and, indirectly, our equity exposure.
- In fixed income, we retain our short US duration positioning alongside a significant allocation to inflation-linked strategies.
- Over the course of February, we also rebuilt our exposure to gold miners, which stood at 2.2% at month-end, reinforcing the portfolio’s defensive characteristics. We also initiated USD option positions to protect against a potential flight to safe-haven assets.
- All eyes are now on developments in Iran. A prolonged conflict, particularly if it were to involve regional escalation or disruption in the Strait of Hormuz, would likely reinforce risk-off dynamics. In such a scenario, our existing protections and defensive allocations should help mitigate downside risk. We remain vigilant and ready to adapt as visibility improves.
Performance Overview
Data as of: Mar 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 Fund presents a risk of loss of capital.
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.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Until 31 December 2012, the reference indicators' equity indices were calculated ex-dividend. Since 1 January 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 December 2021, the Fund's reference indicator comprised 50% MSCI AC World NR (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 06/03/2026
Carmignac Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jan 30, 2026.| Bonds | 46.1 % |
| Equities | 42.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 11.8 % |
| Money Market | 0 % |
| Credit Default Swap | -14.7 % |
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 equity and bond management and positioning.
Exposure Data
Data as of: Jan 30, 2026.Equity Investment Weight42.1 %
Net Equity Exposure35.1 %
Active Share82.0 %
Modified Duration-0.5
Yield to Maturity4.6 %
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.
To Access the weekly view
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
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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