Share Class
LU1299311677
Global equities - broad in perspective, selective by conviction
- 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.
Asset Allocation
Equities98.1 %
Other1.9 %
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
+ 203.6 %
+ 213.2 %
+ 71.0 %
+ 84.9 %
+ 33.3 %
To 04/06/2026
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
+ 3.5 %
+ 6.5 %
- 11.8 %
+ 28.0 %
+ 36.3 %
+ 5.1 %
- 15.8 %
+ 21.6 %
+ 26.8 %
+ 17.9 %
Net Asset Value
$303.64
Asset Under Management
319 M €
Net Equity Exposure30/04/2026
98,8 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: Jun 4, 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
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.
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: May 29, 2026.Fund management team
Performance commentary
- The Fund delivered a strong performance in May, modestly outperforming its reference indicator.
- Our technology holdings continued to benefit from the enthusiasm surrounding artificial intelligence and the ongoing increase in hyperscaler capital expenditure, which shows no sign of slowing at this stage.
- Companies positioned at the heart of this value chain, particularly those occupying critical technological bottlenecks, continued to outperform. SK Hynix, SK Square and TSMC were among the Fund’s leading contributors during the month.
- After initially being perceived as some of the main losers from the rise of generative AI, a number of software companies experienced a strong rebound in their share prices. Investors have increasingly turned their attention to the second-order beneficiaries of AI adoption, particularly software platforms that could leverage the productivity gains enabled by the technology. While the commercial benefits of AI remain difficult to quantify at this stage, the market has adopted a more constructive view on companies such as Atlassian and ServiceNow. These positions contributed positively to the Fund’s performance during the month, although their share prices remain well below their 2025 highs.
- Finally, our investments in the financial sector (Wise, Tradeweb) and healthcare sector (Cencora, McKesson) detracted from performance.
Outlook strategy
- In a market environment that remains highly momentum-driven, non-AI stocks continue to struggle as flows concentrate in the AI trade, a trend that could be further supported by upcoming mega IPOs.
- Against this backdrop, we continue to strengthen the portfolio’s resilience, with the aim of better navigating a potential rise in volatility.
- We have been taking some profits on high-beta semiconductor names, such as SK Hynix and selected Taiwanese mid-caps, while reinforcing our exposure to higher-quality leaders such as Nvidia and Broadcom.
- In parallel, we are adding to defensive stocks like the US drug distributors Cencora and McKesson or healthcare companies like AstraZeneca.
- Financials remain the fund’s second-largest sector allocation after technology. Our exposure is diversified across financial services, including exchanges and payments, emerging-market banks, and selected turnaround stories.
- Within financials, Tradeweb remains one of our key convictions. The investment case is straightforward: fixed income markets remain significantly under-electronified. Voice trading continues to lose ground to electronic platforms, particularly in rates and swaps, creating a structural growth opportunity for Tradeweb.
Performance Overview
Data as of: Jun 4, 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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 06/06/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Apr 30, 2026.| North America | 57.8% |
| Asia | 22.2% |
| Europe | 14.1% |
| Latin America | 3.2% |
| Asia-Pacific | 2.2% |
| Middle East | 0.3% |
| Eastern Europe | 0.2% |
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: Apr 30, 2026.Equity Investment Weight98.1%
Net Equity Exposure98.8%
Number of Equity Issuers91
Active Share78.0%
To Access the weekly view
Articles that may interest you
Notice to shareholders • May 8, 2026 • English
Merger of “Human Xperience” into “Investissement” in Carmignac Portfolio
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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.
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.
Market environment