Share Class
LU0807689079
A high conviction, sustainable European equity strategy
- Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
- On the lookout for long-term growth, built on robust fundamentals and strong business models.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Equities99.2 %
Other0.8 %
Data as of: Apr 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 176.2 %
+ 142.7 %
+ 23.0 %
+ 14.5 %
- 1.2 %
To 11/05/2026
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
+ 6.0 %
+ 11.9 %
- 7.5 %
+ 37.7 %
+ 16.0 %
+ 22.8 %
- 18.6 %
+ 17.1 %
+ 13.0 %
+ 1.2 %
Net Asset Value
276.19 $
Asset Under Management
375 M €
Net Equity Exposure31/03/2026
99.4 %
SFDR - Fund Classification
Article
9
Data as of: Apr 30, 2026.
Data as of: May 11, 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.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
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
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
Mark DENHAM
Head of Equities, Fund Manager
Carmignac Portfolio Grande 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: Apr 30, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Performance commentary
- Over the month of April, the fund delivered both a positive absolute return and outperformed its reference indicator.
- Our overweight and stock selection in Industrials was the largest driver of performance. Particularly, our stocks related to the electrification theme, namely Schneider Electric and Prysmian were our largest performance contributors propelled by a combination of strong Q1 earnings beats and structural tailwinds from the AI infrastructure supercycle.
- Similarly, Relx and Experian, both names that suffered from a view of being AI losers recovered from deeply oversold levels following February lows. Both names delivered reassuring newsflow that helped rebuild investor confidence.
- During the month ASML also continued to deliver strong returns driven by the wider AI theme driving global markets.
- We also saw strong stock selection on a few of our financials names like UBS and Finecobank. UBS delivered a blockbuster Q1 earnings beat with the stock surging over 4% on results day alone. Finecobank was driven by strong net inflow and a highly defensive business model.
- On the other hand, our stock selection within software names continued to hurt performance and a few of our healthcare names like Essilorluxottica and Sartorius suffered over the month. Neither name benefit from the AI theme that powered this month’s outperformance and face currency headwinds from euro strength that compresses USD reported figures.
Outlook strategy
- In April, we made a few adjustments as new opportunities emerged.
- We initiated a position in Astrazeneca, which we believe is undervalued, has a deep pipeline and is more insulated to US tariffs, as well as in Interpump Group, the mid-cap industrial name on the back of recent material pullback which created a good opportunity to start building a position.
- We have added modestly to Essilorluxottica on weakness and trimmed banks to take profits following strong run in market rebound.
- We remain constructive on the outlook for 2026. We believe high quality European equities are heavily oversold and now trade on appealing valuations, offering an attractive entry point for long term investors.
- The broad de rating of quality across sectors has taken place despite generally robust earnings delivery, indicating that recent underperformance has overshot what fundamentals would warrant. These businesses continue to benefit from solid balance sheets, resilient earnings streams and compelling long term growth prospects.
Performance Overview
Data as of: May 11, 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.
Source: Carmignac at 12/05/2026
Carmignac Portfolio Grande Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Apr 30, 2026.| Europe | 100.0 % |
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 management and equity positioning.
Exposure Data
Data as of: Mar 31, 2026.Equity Investment Weight99.4 %
Net Equity Exposure99.4 %
Number of Equity Issuers45
Active Share83.4 %
To Access the weekly view
Articles that may interest you
Strategies insights • April 15, 2026 • English
Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q1 2026
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Carmignac Portfolio Grande Europe: Letter from the Fund Manager - Q4 2025
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Our views • December 15, 2025 • English
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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