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.
Key documents
Asset Allocation
Equities98.1 %
Other1.9 %
Data as of: Feb 27, 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
+ 170.9 %
+ 190.5 %
+ 51.5 %
+ 72.9 %
+ 39.0 %
To 08/04/2026
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
270.95 $
Asset Under Management
285 M €
Net Equity Exposure27/02/2026
87.5 %
SFDR - Fund Classification
Article
8
Data as of: Feb 27, 2026.
Data as of: Apr 8, 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: Mar 31, 2026.Fund management team
Performance commentary
- In this context, our strategy delivered a negative performance, slightly below that of its reference indicator over the period.
- This performance was primarily driven by a negative beta effect, in an environment where global and emerging equity markets declined.
- The main detractor was our technology portfolio, particularly SK Hynix and SK Square. Although Korean memory manufacturers have limited exposure to rising energy prices, their share prices corrected significantly due to profit-taking following strong gains since the beginning of the year. TSMC also declined over the month.
- Our positions in the healthcare sector also weighed on performance, notably McKesson and Cencora, while our underweight in energy stocks further penalised relative performance in a context of rising energy prices.
- Finally, our option strategies contributed positively to performance over the period.
Outlook strategy
- Looking ahead, uncertainty is likely to remain elevated as long as tensions in the Middle East persist, with market dispersion expected to stay high. At this stage, markets appear to be pricing in an inflation shock, but not yet a meaningful slowdown in growth. The duration of the conflict will be key, as a prolonged disruption could increase the risk of more persistent economic damage.
- Any market dislocation unconnected to underlying fundamentals can create an attractive entry point. More broadly, we remain tilted towards high-quality factors while maintaining a cautious stance on the portfolio’s overall valuation.
- In technology, recent corrections have been significant. We remain constructive on semiconductors, supported by resilient demand dynamics, while adopting a more selective approach given valuation levels (TSMC, SK Hynix).
- In financials, we have reinforced exposure to companies we believe are overly discounted in the context of AI disruption concerns, while also maintaining defensive exposure through names such as Berkshire Hathaway.
- In industrials, we continue to focus on long-term structural themes such as electrification and aerospace, taking advantage of market weakness to build positions (Schneider Electric, Airbus).
- Finally, in healthcare, we maintain a balanced exposure across defensive segments and high-quality biotech companies supported by solid fundamentals. (Mckesson, Cencora, Vertex Pharmaceuticals)
Performance Overview
Data as of: Apr 8, 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 09/04/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Feb 27, 2026.| North America | 57.3 % |
| Asia | 25.8 % |
| Europe | 13.0 % |
| Latin America | 2.3 % |
| Asia-Pacific | 1.0 % |
| Middle East | 0.3 % |
| Eastern Europe | 0.2 % |
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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: Feb 27, 2026.Equity Investment Weight98.1 %
Net Equity Exposure87.5 %
Number of Equity Issuers80
Active Share78.6 %
To Access the weekly view
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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