Skip to mainSkip to footer
Equity strategies

Carmignac Investissement Latitude

French mutual fund (FCP)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
Equities91.0 %
Other9.0 %
Data as of:  Aug 31, 2026.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 345.0 %
+ 75.2 %
+ 42.7 %
+ 44.7 %
+ 15.0 %
From 31/12/2004
To 07/09/2026
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
€444.95
Asset Under Management
326 M €
Net Equity Exposure31/08/2026
24.4%
SFDR - Fund Classification

Article

8
Data as of:  Sep 7, 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 A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the July 31, 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 A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the July 31, 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:  Aug 31, 2026.
Fund management team

Frédéric LEROUX

Head of Cross Asset, Fund Manager
Source and Copyright: Citywire. Frédéric LEROUX is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the July 31, 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

  • Activity remained resilient, particularly in the US. Q2 GDP grew 1.5% annualised, while private domestic demand rose a stronger 4.2%. The labour market softened, with July payrolls down 23,000 and unemployment at 4.1%, while inflation eased only marginally to 3.4%. In the euro area, Q2 GDP grew 0.4% QoQ, while August inflation rose to 3.3%, mainly on higher energy prices.
  • At Jackson Hole, Chair Warsh struck a hawkish tone, stressing that the economy remains resilient, financial conditions are not restrictive, and inflation has yet to improve sufficiently.
  • Global equities reaching new highs on resilient macro data, strong earnings and a recovery in AI/semis stocks.
  • Emerging markets outperformed developed markets, led by a strong rebound in Taiwan and Korea as semiconductor and AI-related stocks recovered from their June–July sell-off. Japan also performed strongly, while Europe lagged because of its lower Technology exposure and greater sensitivity to energy volatility.
  • The US dollar weakened, pressured by higher fiscal and policy risk premia and renewed concerns around currency debasement. Against this backdrop, gold a were among the strongest-performing assets.
  • Oil remained volatile but broadly unchanged, as persistent tensions between the US and Iran supported prices, while broader supply and demand dynamics limited the upside.

Performance commentary

  • Against this backdrop, Carmignac Investissement Latitude delivered a positive absolute and relative performance over the month, supported by the strong contribution from its master fund, Carmignac Investissement.
  • Within the master fund, technology remained the main performance driver. Asian AI-related holdings rebounded following the sharp correction seen in June and July, with Asia Vital Components, Nitto Boseki and SK Hynix among the main contributors. Atlassian was also a significant contributor, rebounding strongly after reassuring results and guidance helped ease concerns over the potential disruption from generative AI to its business model.
  • Outside technology, financial infrastructure and payments also supported performance, notably through Tradeweb, S&P Global and Adyen, while Doximity and Cencora contributed positively within healthcare. Conversely, Broadcom, Alphabet and Amazon detracted over the month, as investors remained focused on elevated AI-related capital expenditure and its potential impact on future free cash flow generation.
  • Finally, the Fund’s equity hedging strategies generated a modest negative contribution as markets advanced during the month. However, this drag remained limited and had only a marginal impact on overall performance, allowing the Fund to retain most of the upside captured through its exposure to the master fund.

Outlook strategy

  • Constructive but cautious on equities: Corporate earnings remain resilient and the AI investment cycle continues to support global activity, particularly in the US and Asia. However, elevated valuations and persistently high interest rates leave equity markets more vulnerable to disappointments. Kevin Warsh’s more hawkish tone has reinforced the risk that monetary policy remains restrictive for longer, supporting our decision to maintain a moderate net equity exposure while preserving flexibility to adjust hedges quickly.
  • Inflation remains a key market risk: The conflict with Iran and potential disruptions around the Strait of Hormuz could trigger renewed energy-price pressures. Oil prices have so far been partly contained by China drawing on strategic reserves, but the key uncertainty is how long this buffer can last. A renewed rise in oil prices could push inflation expectations and bond yields higher, creating additional pressure on equity valuations.
  • Several catalysts could drive volatility into year-end: US fiscal concerns, elevated Treasury yields and the upcoming midterm elections could generate further market swings, while uncertainty around the sustainability and returns of massive AI capex remains an important risk for US mega-cap equities.
  • Against this backdrop, we maintain a flexible and relatively cautious equity positioning, while keeping a large part of the Fund’s US dollar exposure hedged.

Performance Overview

Data as of:  Sep 7, 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 08/09/2026

Key figures

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

Exposure Data

Data as of:  Aug 31, 2026.
Net Equity Exposure24.4%
Global investment rate95.1%
Master Fund Allocation98.0%
To Access the weekly view
Register to prospace

Articles that may interest you

[Background image] [CIL] World globe
Strategies insights • July 24, 2026 • English

Carmignac Investissement Latitude: Letter from the Fund Manager - Q2 2026

3 minute(s) read
Find out more
[Background image] [CIL] World globe
Strategies insights • April 20, 2026 • English

Carmignac Investissement Latitude: Letter from the Fund Manager - Q1 2026

2 minute(s) read
Find out more
[Background image] [CI] Blue sky and buildings
Strategies insights • April 7, 2026 • English

Carmignac Investissement: Building resilience for sharp sector rotations

5 minute(s) read
Find out more
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.