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Equity strategies

Carmignac Investissement Latitude

Global marketArticle 8
Share Class
A EUR Acc • FR0010147603
Capturing long-term global equity trends with strong downside risk management
  • A core equity portfolio invested in the most promising current market trends and dynamics.
  • A Feeder Fund of international equity Fund Carmignac Investissement.
  • A flexible and actively managed equity exposure (0% to 100%).
Key documents
Monthly FactsheetKID
Asset Allocation
Equities96.8 %
Other3.2 %
Data as of:  Jun 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 333.7 %
+ 70.6 %
+ 39.9 %
+ 45.1 %
+ 12.7 %
From 31/12/2004
To 06/08/2026
Calendar Year Performance 2025
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
+ 10.2 %
+ 16.9 %
Net Asset Value
€433.7
Asset Under Management
324 M €
Net Equity Exposure30/06/2026
70,9 %
SFDR - Fund Classification

Article

8
Data as of:  Aug 6, 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.
Equity strategiesCarmignac Investissement Latitude
Equity strategiesCarmignac Investissement Latitude
Share Class
A EUR Acc • FR0010147603

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 Manager.
Fund Management Team

Frédéric LEROUX

Head of Cross Asset, Fund Manager
Source and Copyright: Citywire. Frédéric LEROUX is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.

Frédéric LEROUX

Head of Cross Asset, Fund Manager
Source and Copyright: Citywire. Frédéric LEROUX is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

Carmignac Investissement Latitude 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:  Jul 31, 2026.
Fund management team

Frédéric LEROUX

Head of Cross Asset, Fund Manager
Source and Copyright: Citywire. Frédéric LEROUX is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

  • July was marked by renewed inflation concerns and growing scrutiny of the AI investment cycle, leading to greater differentiation across equity markets.
  • Higher energy prices and resilient macroeconomic data pushed long-term yields higher, weighing on highly valued growth stocks. Early US-Iran tensions briefly added to market uncertainty before attention shifted towards the Q2 earnings season.
  • Q2 earnings moved investors’ focus from AI enthusiasm towards AI monetization. Hyperscalers remained relatively resilient, while semiconductor stocks and other AI beneficiaries came under pressure amid stretched valuations, export control concerns and continued technological progress in China.
  • Positioning dynamics amplified the correction, as hedge fund deleveraging accelerated the unwind of crowded AI trades, contributing to a more than 20% decline in the SOX index over the month.
  • Against this backdrop, equity market leadership broadened, with value and quality stocks outperforming in developed markets. Emerging markets lagged, largely reflecting their greater exposure to the semiconductor value chain.

Performance commentary

  • Against this backdrop, the fund delivered positive performance in both absolute and relative terms. The barbell strategy implemented within the master fund, Carmignac Investissement, proved beneficial, combining exposure to technology segments with high-quality companies in healthcare, financial infrastructure and more defensive software businesses.
  • Financial infrastructure holdings supported performance, notably Intercontinental Exchange and Mastercard. In healthcare, McKesson, Cencora and Regeneron were also among the leading contributors.
  • Conversely, hardware, component and equipment stocks exposed to Asia’s AI value chain underperformed. SK Hynix was the largest detractor, followed by Nitto Boseki, TSMC, Asia Vital Components, Lotes and ASML. These stocks were affected by profit-taking amid concerns over the returns on AI investment and growing Chinese competition.
  • Profit-taking in selected high-beta stocks, particularly within the hardware segment, supported the fund’s relative performance in the technology sector. Meanwhile, software companies such as Atlassian and Microsoft benefited from the resilience of their recurring-revenue business models, enabling them to hold up well and, in some cases, rebound after a more challenging start to the year.
  • Finally, our equity hedging strategies detracted slightly from the fund’s performance.

Outlook strategy

  • Following the volatility seen in July, we remain constructive on global equities while maintaining a selective approach. The portfolio continues to follow a barbell strategy, combining long-term beneficiaries of AI with high-quality companies operating in more defensive or still-undervalued segments.
  • We maintain limited exposure to hyperscalers. Competition in cloud computing and AI compels them to continue investing, but rising infrastructure spending is weighing on free cash flow, while visibility on monetisation and end-use cases remains limited. Their valuations may appear attractive on earnings multiples, but are less compelling on an enterprise value-to-free-cash-flow basis. We therefore substantially reduced our positions in Alphabet, Meta and Microsoft.
  • Conversely, we used market weakness to add gradually and selectively to several semiconductor and technology hardware companies, including SK Hynix, DISCO, Sumitomo Electric, Nitto Boseki and Lotes. Their earnings remain robust, and they should continue to benefit from the build-out of AI infrastructure, regardless of the pace at which hyperscalers ultimately monetise their investments.
  • Following their strong recent performance, we also trimmed McKesson and Cencora to lock in part of the gains. These portfolio adjustments enabled us to redeploy capital towards opportunities that, in our view, offer a more attractive risk-return profile, while preserving the balance between structural growth, valuation discipline and resilience.

Performance Overview

Data as of:  Aug 6, 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.
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.
​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/08/2026

Key figures

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

Exposure Data

Data as of:  Jun 30, 2026.
Net Equity Exposure70.9%
Global investment rate98.8%
Master Fund Allocation98.0%
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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 Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) 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.