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Alternative strategies

Carmignac Absolute Return Europe

French mutual fund (FCP)European marketArticle 8
Share Class

FR0010149179

An opportunistic and style agnostic long/short approach to European equities
  • A diversified portfolio, based on a top-down and bottom-up approach, to take advantage of market inefficiencies.
  • Active management of the net equity exposure (-20% to +50%).
  • Strong discipline of portfolio risk management to contain the downside.
Key documents
Monthly FactsheetKID
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 132.4 %
+ 49.5 %
+ 6.0 %
+ 5.7 %
+ 2.0 %
From 02/01/2003
To 11/05/2026
Calendar Year Performance 2025
+ 8.9 %
+ 14.6 %
+ 4.4 %
- 1.3 %
+ 5.2 %
+ 12.6 %
- 6.4 %
0.0 %
+ 3.6 %
- 0.6 %
Net Asset Value
419.92 €
Asset Under Management
136 M €
Net Equity Exposure31/03/2026
15.1 %
SFDR - Fund Classification

Article

8
Data as of:  May 11, 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.
Alternative strategiesCarmignac Absolute Return Europe
Alternative strategiesCarmignac Absolute Return Europe
Share Class

FR0010149179

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team

Johan FREDRIKSSON

Fund Manager

Dean SMITH

Fund Manager
Our objective is to provide long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.

Dean SMITH

Fund Manager
View Fund's characteristics

Carmignac Absolute Return 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:  Apr 30, 2026.
Fund management team

Johan FREDRIKSSON

Fund Manager

Dean SMITH

Fund Manager

Market environment

  • Markets continued to be driven primarily by geopolitical developments and macroeconomic forces, with volatility shaped by the evolving news flow surrounding the Middle East conflict and its impact on oil prices.
  • Equity markets rebounded strongly from oversold levels in March following President Trump’s announcement of a ceasefire on 7 April and the start of peace talks with Iran.
  • The rally, however, remained relatively narrow in breadth, concentrated in previously underperforming areas of the market and a limited number of structural growth themes, most notably AI beneficiaries and electrification.
  • Systematic strategies re-risked while retail investors actively bought the dip, further supporting momentum.
  • US equities outperformed European markets, driven by substantial gains in mega-cap AI beneficiaries and the strongest rally in semiconductor stocks since February 2000.
  • Within Europe, the best-performing sectors were Technology, Media, Banks, Industrials, and Energy, while Healthcare and consumer-facing sectors such as Travel & Leisure, Retail, and Autos lagged.

Performance commentary

  • The fund generated a positive return during the month.
  • Performance was driven primarily by strong stock selection within Financials, where our bank holdings rebounded sharply following profit-taking in March.
  • Elsewhere, Industrials and Technology holdings delivered positive returns, supported by accelerating demand linked to electrification trends and continued investment in AI infrastructure.
  • The main detractors were defensive sectors, including Communication Services, Healthcare, and Consumer Staples.
  • These areas came under pressure from rising bond yields and were used as a source of funding as investors rotated back into oversold cyclical sectors.
  • Key stock selection winners included long positions in ASM International (after they reported a strong order book and earnings), SK Hynix (benefited from accelerating demand for high-bandwidth memory products) and Nokia (secured new optical communications contracts).
  • Detractors included our long in Fresenius (amid broader market rotation away from defensive sectors), Meta (concerns regarding the scale of planned capex increases) and a short position in a French semiconductor company.

Outlook strategy

  • Following two months of elevated volatility driven by persistent and often conflicting headlines surrounding the Middle East conflict, markets appear to be stabilising.
  • Within the long book, we increased exposure to semiconductors and selectively added to oversold banks, where we continue to see an attractive combination of undervalued earnings growth and strong shareholder returns through dividends and buybacks.
  • Looking ahead, securing a durable agreement that restores stability to the Strait of Hormuz remains critical. At the same time, the uncertain outlook for oil prices, particularly given the risk of longer-term infrastructure disruption, is likely to remain central to the debate around inflation, growth, and the trajectory of central bank policy.
  • Corporate earnings continue to provide support, with most consumer-facing businesses yet to report any material impact from the conflict, although this could evolve over the coming months.
  • As earnings season progresses and company reporting becomes less of a market driver, investor focus is likely to shift back towards geopolitics and macroeconomic developments.
  • Against this backdrop and given the potential for a relief-driven catch-up trade in Europe relative to the US technology-led market, we are selectively increasing exposure to European industrials and banks, where earnings momentum remains robust.
  • Markets are likely to remain highly sensitive to developments in the peace negotiations and the upcoming Xi–Trump meeting.

Performance Overview

Data as of:  May 11, 2026.
View Performance in detail
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.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 12/05/2026

Carmignac Absolute Return Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Apr 30, 2026.
Europe EUR16.3 %
North America4.8 %
Others3.7 %
Europe ex-EUR2.9 %
Index Derivatives-13.9 %
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Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  Mar 31, 2026.
Net Equity Exposure15.1 %
Issuer equity derivative short35
Issuer equity derivative long57
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All analysis
View characteristics and risks
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.