Share Class
FR0011269406
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
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 34.4 %
+ 34.8 %
+ 7.3 %
- 2.3 %
- 2.4 %
To 13/10/2025
Calendar Year Performance 2015Calendar 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 2024
- 8.0 %
+ 9.1 %
+ 14.6 %
+ 4.3 %
- 1.3 %
+ 5.3 %
+ 12.6 %
- 8.6 %
0.0 %
+ 3.6 %
Net Asset Value
124.71 €
Asset Under Management
158 M €
Net Equity Exposure30/09/2025
24.1 %
SFDR - Fund Classification
Article
8
Data as of: Oct 13, 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 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: Sep 30, 2025.Fund management team
Johan Fredriksson
Fund Manager
Dean Smith
Fund Manager
Performance commentary
- Positive returns from the long book were offset by losses in short positions and from the index hedging program used for beta management, resulting in a flat overall performance for the month.
- At the sector level, Technology, Financials, and Consumer Discretionary contributed positively, while Materials, Utilities, and Real Estate detracted.
- Several of August’s negative trends reversed, notably within Semiconductors, where strong AI-driven order momentum led to a sharp recovery. Financials also rebounded after August’s profit taking.
- Top Positive Stock Contributors:
- Prosus (Long) – Continued re-rating supported by strength in its key holding, Tencent.
- ASM International (Long) – Rising expectations for semiconductor capex linked to AI infrastructure rollouts.
- SK Hynix (Long) – Significant order flow for high-bandwidth memory products.
- TSMC (Long) – Positive sentiment following major new order announcements from OpenAI, driving revenue acceleration.
- Klarna (Long) – Successful IPO of the Swedish consumer credit company.
- Key Detractors:
- German Steel (Short) – Losses following reports of a potential disposal of its loss-making carbon steel business.
- Deutsche Telekom (Long) – Pressure from speculation that Starlink’s spectrum acquisitions could intensify competition for T-Mobile US.
- Euronext (Long) – Weakness across exchange operators amid concerns over the impact of AI on trading volumes.
- DSV (Long) – Cautious sentiment around freight volumes due to tariff-related risks.
- Banca Monte dei Paschi (Long) – Profit taking after a strong run of outperformance.
- Portfolio Activity:
- With corporate news flow muted, portfolio activity focused on tactical repositioning to capture opportunities created by sector rotations.
- Financials: Increased exposure following August’s profit taking, adding Erste Bank and Noba Bank — both offering strong growth potential ahead of Q3 results.
- Consumer Discretionary: Increased net exposure by reducing short positions and initiating a position in Adidas, where we see scope for a rerating after a prolonged period of underperformance.
- Interest-Rate Sensitives: Trimmed exposure to Telecoms, Utilities, and Real Estate, which are likely to remain under pressure while 10-year yields stay elevated.
Outlook strategy
- Two themes continue to dominate equity markets:
- AI momentum – underpinned by an ongoing wave of partnerships and investment announcements (e.g., OpenAI’s latest collaborations).
- Expectations of further Fed easing – with markets increasingly pricing in an additional rate cut before year-end.
- Attention now turns to the Q3 reporting season, which is often the most influential of the year as investors calibrate full-year earnings expectations.
- Early sell-side previews are already reshaping sentiment, but with indices trading near highs, actual corporate results will be the key test.
- Our focus remains on earnings delivery, AI-driven growth trends, and maintaining disciplined exposure to macro-sensitive sectors.
- While short-term volatility is likely, we believe the portfolio remains well positioned to capture opportunities emerging from ongoing structural themes in technology and financials.
Performance Overview
Data as of: Oct 13, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 15/10/2025
Carmignac Absolute Return Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2025.| Europe EUR | 25.6 % |
| Europe ex-EUR | 11.3 % |
| North America | 8.3 % |
| Others | 6.5 % |
| Index Derivatives | -27.6 % |
To Access the weekly view
Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Sep 30, 2025.Net Equity Exposure24.1 %
Issuer equity derivative short44
Issuer equity derivative long69
To Access the weekly view
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 a long-term absolute capital growth thanks to our dynamic and opportunistic take on European equities.
Dean Smith
Fund Manager
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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 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.
Market environment