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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
Equities94.3 %
Other5.7 %
Data as of:  Sep 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 352.7 %
+ 91.1 %
+ 47.6 %
+ 51.6 %
+ 8.0 %
From 31/12/2004
To 05/11/2026
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
€452.73
Asset Under Management
327 M €
Net Equity Exposure30/09/2026
45.6%
SFDR - Fund Classification

Article

8
Data as of:  Nov 5, 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.

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
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
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:  Oct 30, 2026.
Fund management team

Frédéric LEROUX

Head of Cross Asset, Fund Manager

Market environment

  • Global equity markets experienced an eventful October, against the backdrop of a busy earnings season. While the global equity index ended the month broadly flat, underlying moves were much more pronounced: high-beta segments and stocks that had benefited most from the momentum surrounding artificial intelligence corrected sharply, leading to greater dispersion across sectors and styles.
  • The earnings season remained fundamentally strong, with more than 80% of S&P 500 companies reporting so far beating EPS expectations and blended earnings growth reaching around +30% year-on-year. Against this solid backdrop, the intensification of investment by US technology giants in AI infrastructure stood out. Despite broadly strong operating results, accelerating capital expenditure and the resulting pressure on cash generation prompted greater caution. Investors are becoming increasingly demanding regarding the returns on these investments, triggering a correction in US mega-cap technology stocks that quickly spread across the broader value chain, particularly in South Korea and Taiwan.
  • This move was accompanied by a pronounced style rotation. Momentum and high-beta stocks lost ground in favour of higher-quality companies offering greater earnings visibility, with renewed interest notably in healthcare and selected financial stocks.
  • Finally, the macroeconomic backdrop remained unsupportive of further multiple expansion. Resilient US growth, persistent inflation and higher oil prices kept real yields and the term premium elevated. Against this backdrop, the Federal Reserve left policy rates unchanged, judging that the balance between economic activity and inflation did not yet warrant further monetary easing.

Performance commentary

  • Against this highly dispersed market backdrop, the strategy delivered positive absolute and relative performance. Portfolio diversification played its role: weakness in our positions exposed to the AI value chain was more than offset by our investments in financials and healthcare, as well as by our equity hedges.
  • Technology was the main detractor, notably through SK Hynix, Nvidia, TSMC and BizLink. These stocks were caught up in the broader correction among AI beneficiaries, driven by concerns over accelerating hyperscaler capital expenditure rather than any deterioration in fundamentals. SK Hynix, for instance, reported results above expectations, supported by robust demand for HBM memory. Our significant underweight to hyperscalers also supported the Fund’s relative performance.
  • Conversely, our performance drivers outside technology played their role. Tradeweb, S&P Global and ICE contributed strongly, as did McKesson and Cencora in healthcare. Genmab was a notable outperformer following very encouraging phase 3 results for petosemtamab in the treatment of certain head and neck cancers.
  • Finally, our equity hedges made a significant positive contribution over the month, helping the strategy benefit from the sharp increase in market volatility.

Outlook strategy

  • In a market that remains highly concentrated and increasingly characterised by frequent rotations, flexibility remains essential. We therefore seek to build a portfolio that can adapt quickly to shifts in market leadership, without relying on a single investment theme.
  • Within AI, we continue to favour hardware companies, which directly benefit from the substantial investment being deployed into infrastructure. We are notably positioned across several bottlenecks in the value chain — memory, semiconductors, equipment, connectivity and cooling.
  • We also see opportunities in high-quality companies that we believe have been excessively penalised by AI-related concerns, notably within payment services. At the same time, we continue to diversify our performance drivers towards areas that are less dependent on the AI cycle, including biotechnology, pharmaceutical distributors, selected industrials and emerging-market financials.
  • Given persistent geopolitical tensions and continued uncertainty around inflation, we maintain equity hedges to reduce the portfolio’s sensitivity to periods of heightened market volatility.
  • We also continue to hedge part of the underlying fund’s US dollar exposure, limiting the impact of currency fluctuations on performance.

Performance Overview

Data as of:  Nov 5, 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 06/11/2026

Key figures

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

Exposure Data

Data as of:  Sep 30, 2026.
Net Equity Exposure45.6%
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.