Calendar Year Performance 2014Calendar 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 2023
+ 10.2 %
- 0.4 %
+ 1.4 %
+ 4.2 %
- 14.6 %
+ 24.2 %
+ 33.1 %
+ 3.6 %
- 18.7 %
+ 16.2 %
Net Asset Value
230.26 CHF
Asset Under Management
3 847 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: Nov 29, 2024.
Data as of: Dec 9, 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Trump's decisive victory in the US election is expected to provide him with significant leverage to advance his policy agenda.
In November, the US stock market experienced robust gains, with major indices, including the Nasdaq, reaching new record highs.
This impressive rally was largely attributed to Trump's victory, as investors anticipated potential benefits from his proposed tax cuts and deregulation policies.
Conversely, stock markets in China, Europe, and Latin America experienced declines due to concerns over potential tariffs.
The healthcare sector underperformed, driven by concerns following the nomination of Robert F. Kennedy, who has expressed skepticism about vaccines and aims to cap the prices of expensive drugs.
Nvidia released its quarterly results in November. While investors were generally satisfied with the results, the company's outlook for the fourth quarter fell short of some analysts' expectations.
Performance commentary
In this context, the fund posted a positive performance over the month, aligning with its reference indicator.
The fund was bolstered by the outstanding performance of McKesson, a US pharmaceutical company, which erased its second-quarter losses. The company reported impressive results driven by an increase in prescription volumes and subsequently raised its earnings per share guidance for 2025.
The technology sector also contributed positively to the strategy, with Amazon experiencing robust growth in its AWS cloud division. Nvidia also performed well, publishing third-quarter results that met expectations and showing an impressive year-on-year growth of 93.6%.
Lastly, financial stocks reaped significant benefits from the upward trend in the equities markets. For instance, Block saw a substantial increase in its share price following the release of strong results and the announcement of a billion-dollar share buyback plan.
Outlook strategy
One of the primary risks we identify for equities is the potential decline in valuations, a concern heightened by recent interest rate movements. Consequently, we have reduced the average valuation of our portfolio over the past six months.
Regarding the impact of Trump's election on the market, the market has largely responded to anticipated changes proposed by the Trump administration. However, it remains to be seen which changes will actually be implemented. It is probable that the markets have overreacted to the uncertainty, making drastic distinctions between the perceived 'winners' and 'losers' of Trump's policies. As a result, we have not made any significant adjustments to our strategy.
The healthcare sector may experience varied impacts depending on the specific segment. We are mitigating this risk through diversification within the sector, including pharmaceuticals, health insurance, pharmaceutical distribution, and medical devices.
In the technology sector, our strategy is to diversify our investments along the value chain, focusing on niche companies with high performance potential that are sometimes under the radar. Many critical components of the technology value chain are located in Taiwan and South Korea, such as TSMC, memory chip maker SK Hynix, and small to mid-cap companies like Elite Material and Lotes.
In the United States, we maintain a diversified portfolio that balances high-growth stocks with relatively high valuations (e.g., Nvidia, Amazon, Microsoft) and stocks with lower growth prospects but high visibility and attractive valuations (e.g., McKesson).
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.
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Market environment