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Equity strategies

Carmignac Portfolio Investissement

Global marketArticle 8
Share Class

LU1299311677

A Fund geared for a changing world
  • An unconstrained approach in terms of sectors, regions, or investment style.
  • Stock selection based on companies that excel, are undervalued, and display a long-term potential.
  • Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities96.4 %
Other3.6 %
Data as of:  May 30, 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 132.5 %
-
+ 69.1 %
+ 55.0 %
+ 6.2 %
From 19/11/2015
To 07/07/2025
Calendar Year Performance 2024
- 1.8 %
+ 3.5 %
+ 6.5 %
- 11.8 %
+ 28.0 %
+ 36.3 %
+ 5.1 %
- 15.8 %
+ 21.6 %
+ 26.8 %
Net Asset Value
232.47 $
Asset Under Management
238 M €
Net Equity Exposure30/05/2025
91.9 %
SFDR - Fund Classification

Article

8
Data as of:  Jul 7, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Equity strategiesCarmignac Portfolio Investissement
Equity strategiesCarmignac Portfolio Investissement
Share Class

LU1299311677

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Investissement 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:  Jun 30, 2025.
Fund management team

Kristofer Barrett

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer Barrett is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

  • June witnessed a renewed appetite for risk, driving US equity indices to fresh all-time highs.

  • 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.

Performance commentary

  • The Fund significantly outperformed its reference indicator.

  • 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.

Outlook strategy

  • The fund remains broadly unchanged, focused on companies with profitable growth, while maintaining heightened vigilance on valuations.

  • 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.

Performance Overview

Data as of:  Jul 7, 2025.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/07/2025

Carmignac Portfolio Investissement Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  May 30, 2025.
North America63.1 %
Asia21.0 %
Europe11.1 %
Latin America3.2 %
Asia-Pacific1.3 %
Eastern Europe0.3 %
View details
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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:  May 30, 2025.
Equity Investment Weight96.4 %
Net Equity Exposure91.9 %
Number of Equity Issuers80
Active Share79.0 %
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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

Kristofer Barrett

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer Barrett is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
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.
View Fund's characteristics

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All analysis
View characteristics and risks
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.
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.