Flash Note

A promising start for Carmignac Portfolio Patrimoine Europe

13.02.2020

Carmignac Portfolio Patrimoine Europe, the multi-asset fund led by the European duo Mark Denham and Keith Ney, was created with the firm intention of unveiling Europe’s underestimated potential, for the benefit of its clients. Two years after its launch, it is off to a promising start.

31 December 2019 marked Carmignac Portfolio Patrimoine Europe’s second anniversary. The Fund was designed to offer a more “flexible” alternative to investors, in the face of a constantly mutating European environment. We had therefore opted for a “Patrimoine” investment philosophy, characterised by a flexible, multi-asset and long-term approach.

Mark Denham and Keith Ney, respectively Fund Managers of the Carmignac Portfolio Grande Europe and Carmignac Sécurité funds, had naturally been chosen to oversee this new strategy, with the following ambition: unearth promising pockets of value across European equity and fixed income markets, while adapting to changing market conditions.

Two years later, after going through a bearish and a bullish market often fraught with pitfalls, the Fund’s ambition remains unchanged, and the results speak for themselves 1: Carmignac Portfolio Patrimoine Europe beats 97% of its peers for its performance of 13.01%, and 95% of its peers for its Sharpe ratio of 1.64 2.

Performance of Carmignac Portfolio Patrimoine Europe since launch


Next review in January 2021, for Carmignac Portfolio Patrimoine Europe's third anniversary. In the meantime, for more information on the Fund, we invite you to:

*For the A EUR Acc share class. Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. 1 The Fund aims to outperform its reference indicator over 3 years minimum. 2 The Sharpe ratio measures a portfolio’s return versus a risk-free investment. When superior to 1, it indicates that the portfolio outperforms a risk-free rate and that the performance is not achieved at too high risk. Source: Carmignac, Morningstar, data from 31/12/2017 to 31/12/2019. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The peer group includes the following Morningstar categories: EUR Aggressive Allocation, EUR Cautious Allocation, EUR Flexible Allocation, EUR Moderate Allocation. © 2019 Morningstar, Inc. All rights reserved. Source and Copyright: Citywire. Mark Denham is rated AA and Keith Ney is rated A by Citywire based on their three-year risk-adjusted performances to 31/01/2020. The reference to a ranking or prize is no guarantee of the future results of the UCIS or the manager. 3 Composite index: 50% STOXX Europe 600 (reinvested net dividends) + 50% BofA Merrill Lynch All Maturity All Euro Government. Quarterly rebalanced. 4 Morningstar category: EUR Moderate Allocation.

Carmignac Portfolio Patrimoine Europe

Main risks of the Fund

EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.

INTEREST RATE: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.

CREDIT: Credit risk is the risk that the issuer may default.

CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.

The Fund presents a risk of loss of capital.