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The main driver of performance was our Taiwanese, Korean and US technology stocks. These included SK Hynix, TSMC, Nvidia and Elite Material.
Our stock selection within the industrial sector also contributed positively, with Prysmian, Comfort Systems and Eaton among the top performers.
Geographic, sector and market capitalisation diversification were assets for the fund over the period.
We took advantage of the market rebound to take profits on certain technology stocks, notably Nvidia and Broadcom. We also reduced our exposure to other non-technology stocks that are among the best contributors.
At the same time, we initiated new positions in stocks that are at an inflection point in their growth cycle and trading at historically low valuations (AirBnB, Salesforce, Airbus, Alcon).
Within the top 10, we strengthened our position in Alphabet, taking advantage of a valuation close to its 2022 lows. We believe the market is underestimating its competitive advantage in advertising and the depth of its advertiser base.
North America | 63.1 % |
Asia | 21.0 % |
Europe | 11.1 % |
Latin America | 3.2 % |
Asia-Pacific | 1.3 % |
Eastern Europe | 0.3 % |
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
Market environment
Investor sentiment was buoyed by the continued resilience of the US economy, easing political uncertainty, and signs of diminishing pressure on interest rates.
Technology and AI-related stocks led the rally, with standout performances from Nvidia, Alphabet, and Amazon.
While Wall Street outperformed other developed markets, it was surpassed by emerging markets, which benefited from a weaker US dollar.
However, European value sectors, particularly banks and industrials, outperformed the European market.