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
Equities99.0 %
Other1.0 %
Data as of: Jun 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
+ 216.2 %
+ 212.7 %
+ 72.8 %
+ 90.5 %
+ 32.3 %
To 06/08/2026
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
$316.21
Asset Under Management
426 M €
Net Equity Exposure30/06/2026
89,7 %
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Aug 6, 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: Jul 31, 2026.Fund management team
Performance commentary
- Against this backdrop, the fund delivered positive performance in both absolute and relative terms. The barbell strategy proved effective, combining exposure to technology segments with high-quality companies in healthcare, financial infrastructure and more defensive software businesses.
- Financial infrastructure holdings supported performance, notably Intercontinental Exchange and Mastercard. In healthcare, McKesson, Cencora and Regeneron were also among the leading contributors.
- Conversely, hardware, component and equipment companies exposed to Asia’s AI value chain underperformed. SK Hynix was the largest detractor, followed by Nitto Boseki, TSMC, Asia Vital Components, Lotes and ASML. These stocks were affected by profit-taking amid concerns over the returns on AI investment and growing Chinese competition.
- Profit-taking in selected high-beta stocks, particularly within the hardware segment, supported the fund’s relative performance in the technology sector. Meanwhile, software companies such as Atlassian and Microsoft benefited from the resilience of their recurring-revenue business models, helping them hold up well and, in some cases, rebound after a more challenging start to the year.
- Equity derivative hedges helped cushion the impact of market declines over the period.
Outlook strategy
- Following the volatility seen in July, we remain constructive on global equities while maintaining a selective approach. The portfolio continues to follow a barbell strategy, combining long-term beneficiaries of AI with high-quality companies operating in more defensive or still-undervalued segments.
- We maintain limited exposure to hyperscalers. Competition in cloud computing and AI compels them to continue investing, but rising infrastructure spending is weighing on free cash flow, while visibility on monetisation and end-use cases remains limited. Their valuations may appear attractive on earnings multiples, but are less compelling on an enterprise value-to-free-cash-flow basis. We therefore substantially reduced our positions in Alphabet, Meta and Microsoft.
- Conversely, we used market weakness to add gradually and selectively to several semiconductor and technology hardware companies, including SK Hynix, DISCO, Sumitomo Electric, Nitto Boseki and Lotes. Their earnings remain robust, and they should continue to benefit from the build-out of AI infrastructure, regardless of the pace at which hyperscalers ultimately monetise their investments.
- Following their strong recent performance, we also trimmed McKesson and Cencora to lock in part of the gains. These portfolio adjustments enabled us to redeploy capital towards opportunities that, in our view, offer a more attractive risk-return profile, while preserving the balance between structural growth, valuation discipline and resilience.
Performance Overview
Data as of: Aug 6, 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 07/08/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| North America | 61.0% |
| Asia | 21.6% |
| Europe | 11.8% |
| Asia-Pacific | 3.1% |
| Latin America | 2.2% |
| Eastern Europe | 0.3% |
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: Jun 30, 2026.Equity Investment Weight99.0%
Net Equity Exposure89.7%
Number of Equity Issuers84
Active Share79.1%
To Access the weekly view
Articles that may interest you
![[Background image] [CI] Blue sky and buildings](https://carmignac.imgix.net/uploads/NextImage/0001/05/CI_WEB.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Strategies insights • July 20, 2026 • English
Carmignac Investissement: Letter from the Fund Manager - Q2 2026
3 minute(s) read
Strategies insights • June 17, 2026 • English
Carmignac Investissement: Three routes to structural growth
6 minute(s) read
Notice to shareholders • May 8, 2026 • English
Merger of “Human Xperience” into “Investissement” in Carmignac Portfolio
2 minute(s) read
Did you enjoy the fund page?
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