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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%).
Asset Allocation
Equities94.5 %
Other5.5 %
Data as of:  Apr 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 332.4 %
+ 77.0 %
+ 39.6 %
+ 45.5 %
+ 15.4 %
From 31/12/2004
To 04/06/2026
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
€432.42
Asset Under Management
313 M €
Net Equity Exposure30/04/2026
75,3 %
SFDR - Fund Classification

Article

8
Data as of:  Jun 4, 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 April 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 A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the April 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:  May 29, 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 April 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

  • May was marked by renewed inflationary pressure, a more hawkish central-bank backdrop and signs of geopolitical de-escalation. In particular, a credible attempt to reach an agreement between the US and Iran emerged towards month-end, helping oil prices decline sharply and fall below USD 100.
  • Equity-market sentiment remained constructive. Investors continued to look through inflation and monetary-policy concerns, supported by hopes of geopolitical easing and strong earnings momentum in AI-related infrastructure.
  • Global equities reached new highs in May, initially led by a narrow group of US technology, semiconductor and AI beneficiaries. Later in the month, expectations of a US-Iran agreement triggered a rebound in previous laggards and “war losers”, allowing European equities to partially catch up.
  • Emerging markets outperformed developed markets, led by Korea and Taiwan, which benefited from their exposure to the AI supply chain and continued hyperscaler capex demand.
  • US market leadership remained highly concentrated, with technology and especially semiconductors standing out, while broader market participation stayed weak.

Performance commentary

  • In this environment, our strategy delivered a positive return during the month, albeit slightly underperforming its reference indicator.
  • Our technology holdings continued to benefit from the enthusiasm surrounding artificial intelligence and the ongoing increase in hyperscaler capital expenditure, which shows no sign of slowing at this stage.
  • Companies positioned at the heart of this value chain, particularly those occupying critical technological bottlenecks, continued to outperform. SK Hynix, SK Square and TSMC were among the Fund’s leading contributors during the month.
  • After initially being perceived as some of the main losers from the rise of generative AI, a number of software companies experienced a strong rebound in their share prices. Investors have increasingly turned their attention to the second-order beneficiaries of AI adoption, particularly software platforms that could leverage the productivity gains enabled by the technology. While the commercial benefits of AI remain difficult to quantify at this stage, the market has adopted a more constructive view on companies such as Atlassian and ServiceNow. These positions contributed positively to the Fund’s performance during the month, although their share prices remain well below their 2025 highs.
  • Finally, our investments in the financial sector (Wise, Tradeweb) and healthcare sector (Cencora, McKesson) detracted from performance.
  • Finally, despite the continued tensions in the Middle East and the lack of any meaningful improvement in the global geopolitical backdrop, our equity market hedges weighed on the Fund’s performance during the month.

Outlook strategy

  • In a market environment that remains highly momentum-driven, non-AI stocks continue to struggle as flows concentrate in the AI trade, a trend that could be further supported by upcoming mega IPOs.
  • Against this backdrop, we continue to strengthen the portfolio’s resilience, with the aim of better navigating a potential rise in volatility.
  • We have been taking some profits on high-beta semiconductor names, such as SK Hynix and selected Taiwanese mid-caps, while reinforcing our exposure to higher-quality leaders such as Nvidia and Broadcom.
  • In parallel, we are adding to defensive stocks like the US drug distributors Cencora and McKesson or healthcare companies like Astra Zeneca.
  • Financials remain the fund’s second-largest sector allocation after technology. Our exposure is diversified across financial services, including exchanges and payments, emerging-market banks, and selected turnaround stories.
  • Within financials, Tradeweb remains one of our key convictions. The investment case is straightforward: fixed income markets remain significantly under-electronified. Voice trading continues to lose ground to electronic platforms, particularly in rates and swaps, creating a structural growth opportunity for Tradeweb.
  • We continue to actively manage the equity exposure and maintain USD hedges.

Performance Overview

Data as of:  Jun 4, 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 06/06/2026

Key figures

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

Exposure Data

Data as of:  Apr 30, 2026.
Net Equity Exposure75.3%
Global investment rate97.7%
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.