Diversified strategies

Carmignac Portfolio Patrimoine Europe

European marketArticle 8
Share Class

LU1744628287

An all-weather European Fund
  • Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
  • Dynamic and flexible management to quickly adapt to market movements.
  • A socially responsible Fund that aims to positively contribute to the environment and society.
Asset Allocation
Other39.5 %
Bonds34.7 %
Equities25.8 %
Data as of:  May 30, 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 38.4 %
-
+ 16.3 %
+ 9.7 %
+ 4.3 %
From 29/12/2017
To 07/07/2025
Calendar Year Performance 2024
-
-
-
- 4.8 %
+ 18.7 %
+ 13.9 %
+ 9.5 %
- 12.7 %
+ 2.1 %
+ 7.3 %
Net Asset Value
138.37 €
Asset Under Management
503 M €
Net Equity Exposure30/05/2025
32.2 %
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.

Carmignac Portfolio Patrimoine Europe 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
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager

Market environment

• In June, risky assets rebounded—particularly in the US—despite mixed economic indicators and persistent geopolitical tensions.• Tensions with Iran briefly pushed oil prices higher, but equity markets remained resilient, focusing instead on US budgetary and trade deals. • Wall Street outperformed other developed markets, driven by the technology sector, but was ultimately outpaced by emerging markets, which benefited from a weaker dollar. • Ongoing concerns over the US deficit, declining consumption, repatriation flows from foreign investors, and increased currency hedging continued to weigh on the dollar. • On the interest rate front, US Treasury yields declined across the curve, while German yields rose following the adoption of a record investment plan aimed at revitalizing Europe’s largest economy. • The Fed kept rates unchanged but revised its inflation forecasts upward, while the ECB eased monetary policy by 25 basis points but remained vigilant regarding inflationary risks.

Performance commentary

• The fund ended the month lower, in line with its reference indicator.• Performance was impacted by the decline in European equity markets, with growth sectors continuing to underperform across the continent. • In the bond segment, our cautious positioning had a broadly neutral effect on performance. • Credit exposures delivered positive returns, although some of these gains were offset by our CDS hedges. • Conversely, our diversification assets—such as silver, palladium, and our short position on the dollar—stood out and made positive contributions to the fund’s overall performance.

Outlook strategy

• We remain broadly positive; the stabilization of the situation in the Middle East encourages us to maintain significant exposure to equity markets.• We are optimistic about global growth prospects, both in the US and Europe. • Recent investment announcements in Germany are expected to provide an additional boost to European growth over the next two years. • As a result, we are favoring equities to capitalize on this favorable environment, while maintaining caution regarding interest rates given the potential risks of fiscal slippage. • We have also implemented inflation hedges, as the situation in the Middle East has demonstrated that the European economy remains particularly sensitive to fluctuations in commodity prices. • Diversification strategies across commodities and currencies further enhance our ability to manage risks within the portfolio.

Performance Overview

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). Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The performances are presented using the chaining method.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.
Source: Carmignac at 09/07/2025

Carmignac Portfolio Patrimoine Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Bonds34.7 %
Money Market31.9 %
Equities25.8 %
Cash, Cash Equivalents and Derivatives Operations7.6 %
View details

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  May 30, 2025.
Equity Investment Weight25.8 %
Net Equity Exposure32.2 %
Active Share87.4 %
Modified Duration0.8
Yield to Maturity3.2 %
Average RatingA
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.

Jacques Hirsch

Fund Manager
View Fund's characteristics

Related articles

Patrimoine StrategyFebruary 4, 2025English

Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers

3 minute(s) read
Find out more
Patrimoine StrategyOctober 15, 2024English

Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers

3 minute(s) read
Find out more
Patrimoine StrategyApril 18, 2024English

Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers

3 minute(s) read
Find out more
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.
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.