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
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-
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
Net Asset Value
185.6 €
Asset Under Management
483 M €
Market
Global market
SFDR - Fund Classification
Article
9
Data as of: 28 Mar 2024.
Data as of: 17 Apr 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
US data continues to reflect a degree of economic resilience, with inflation figures still high. However, the disinflation trend continues in Europe. In the light of this, the Fed and the ECB are sticking to their plan and will probably start cutting interest rates this summer. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. Stock market indices rose further in March, with global equities enjoying their longest stretch of positive monthly performances since 2021. Fortunes were fairly consistent between the various regions. Energy and materials were the best performing sectors as commodity prices climbed. Oil was up 5% to $87 a barrel (Brent), while gold set a new record of more than $2,200 an ounce. The technology and consumer sectors fared worse, even if they did end the month higher. Stock markets remain on the up because they are still expecting the Fed to cut interest rates and the economy to land softly, which is good news for corporate earnings.
Performance commentary
The Fund moved higher over March, in line with its reference indicator despite the sector rotation that occurred. The absence of energy and materials stocks could stopped the Fund from progressing, but our healthcare stocks made up the difference. Novo Nordisk, which is the Fund’s biggest position, gained 8% amid strong demand for its GLP-1, Ozempic and Wegovy drugs used to treat diabetes and obesity. Lonza also performed well. Despite the mishaps of 2023, annual results did not disappoint. The company has also acquired a large production facility from Roche, which will enable it to realise strong potential for growth in the manufacture of biological products. Quality tech stocks such as Oracle, Microsoft and SAP also had a good month. However, AMD suffered from the Chinese government’s recent decisions aimed at prioritising Chinese microchips, and Adobe Systems announced disappointing sales forecasts for the next few quarters, weighing on its share price.
Outlook strategy
We are still looking to maintain a relatively cautious stance centred on quality stocks. In recent months we have been strengthening some of our consumer staples positions such as P&G and Colgate. In the semiconductor segment, NVIDIA has been performing exceptionally well since the beginning of the year, reflecting firm demand for its products and services. Although some may consider the stock to be overpriced, we do not think the valuation is excessive given the company’s solid earnings growth. However, the share price could be volatile after the progress made of late, so we took some profits. Nvidia nonetheless remains one of our top 10 positions. The month was a fairly quiet one in terms of portfolio changes.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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
US data continues to reflect a degree of economic resilience, with inflation figures still high. However, the disinflation trend continues in Europe. In the light of this, the Fed and the ECB are sticking to their plan and will probably start cutting interest rates this summer. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. Stock market indices rose further in March, with global equities enjoying their longest stretch of positive monthly performances since 2021. Fortunes were fairly consistent between the various regions. Energy and materials were the best performing sectors as commodity prices climbed. Oil was up 5% to $87 a barrel (Brent), while gold set a new record of more than $2,200 an ounce. The technology and consumer sectors fared worse, even if they did end the month higher. Stock markets remain on the up because they are still expecting the Fed to cut interest rates and the economy to land softly, which is good news for corporate earnings.