Calendar Year Performance 2014Calendar 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 2023
+ 7.1 %
- 16.8 %
+ 22.6 %
+ 6.8 %
- 15.6 %
+ 17.9 %
+ 18.9 %
+ 2.6 %
- 20.3 %
+ 5.4 %
Net Asset Value
105.8 $
Asset Under Management
198 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
8
Data as of: 28 Mar 2024.
Data as of: 22 Apr 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Global equities had a good month with the MSCI World index up 3%. Bond performance was also positive in March. However, a clear trend emerged: risky assets beat quality investments. This can be attributed to the US economy’s resilience and to signs of recovery in Europe. Despite these positive developments, uncertainties remain as inflation seems to be settling above the central banks’ 2% target. The best performing region in March was Europe, where the MSCI Europe gained 3.5%. This resulted from encouraging inflation figures and an overall macroeconomic situation that suggests financial conditions will probably be eased. Moreover, recession fears subsided after the European market received some good news on the economy, various economic indicators improved in the United States, and rate cuts were delayed owing to the economy’s relative strength. The stock markets reflected all of this. However, uncertainties remain, especially due to tight valuations, upcoming elections and mounting debt. Despite this, the S&P 500 returned slightly over 3%. Commodity markets also climbed in March, with the Bloomberg Commodity Index up 3.7%. This was because of higher oil prices following a steady decrease in supply, and geopolitical tensions offsetting the drop in gas prices.
Performance commentary
Our Fund delivered a positive return in March, though trailed its reference indicator. Energy solution enablers weighed on the Fund’s performance, with Sterling & Wilson the month’s biggest drag amid rumours that an investor was planning to sell its stake in the company. Semiconductor materials supplier Soitec also hit the Fund’s performance after predicting that its revenue will stagnate in 2025, and announcing high inventory levels. However, we benefited from our overweighting and careful selection of technology and energy stocks. The month’s biggest contributors were Samsung Electronics and Taiwan Semiconductor (TSMC), confirming strong demand for processors used in artificial intelligence. The energy transition sub-theme was also profitable, with GeoPark among the top 10 sources of performance after reporting solid Q4 results and share buybacks.
Outlook strategy
We took advantage of the market’s rally in March to take some profits and readjust our portfolio. We tweaked the weighting of energy transition stocks by trimming our position in GeoPark after a fine start to the month. We also shuffled our green technology holdings, opening a position in SK Hynix, a South Korean supplier of dynamic random-access memory chips and flash memory chips. Our strong conviction about semiconductors remains intact and we think that our diversification through sub-themes will make it easier to navigate the market.
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.
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Market environment
Global equities had a good month with the MSCI World index up 3%. Bond performance was also positive in March. However, a clear trend emerged: risky assets beat quality investments. This can be attributed to the US economy’s resilience and to signs of recovery in Europe. Despite these positive developments, uncertainties remain as inflation seems to be settling above the central banks’ 2% target. The best performing region in March was Europe, where the MSCI Europe gained 3.5%. This resulted from encouraging inflation figures and an overall macroeconomic situation that suggests financial conditions will probably be eased. Moreover, recession fears subsided after the European market received some good news on the economy, various economic indicators improved in the United States, and rate cuts were delayed owing to the economy’s relative strength. The stock markets reflected all of this. However, uncertainties remain, especially due to tight valuations, upcoming elections and mounting debt. Despite this, the S&P 500 returned slightly over 3%. Commodity markets also climbed in March, with the Bloomberg Commodity Index up 3.7%. This was because of higher oil prices following a steady decrease in supply, and geopolitical tensions offsetting the drop in gas prices.