Alternative strategies
Carmignac Investissement Latitude
French mutual fund (FCP)Global marketSRI Fund Article 8Share 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.
Key documents
Asset Allocation
Equities90.6 %
Other9.4 %
Data as of: 30 Aug 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 243.8 %
+ 36.1 %
+ 49.0 %
+ 11.3 %
+ 11.4 %
To 05/09/2024
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
+ 5.1 %
- 4.9 %
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
Net Asset Value
343.80 €
Asset Under Management
141 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 30 Aug 2024.
Data as of: 5 Sep 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.
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: 31 Jul 2024.Fund management team
Frédéric Leroux
Head of Cross Asset, Fund Manager
Performance commentary
- Against this backdrop, the fund delivered a negative performance for the month.
- Against this backdrop, the fund delivered a negative performance in July.
- While the strengthening of our defensive positions in the healthcare sector (Centene, United Health) buoyed performance, increased competition in the field of obesity treatments led to a fall in Novo Nordisk, the main detractor from performance in July.
- Despite good results, potential trade restrictions for China in the semiconductor sector weighed on TSMC, SK Hynix and ASML holdings.
- At the time of its results publication, Microsoft disappointed investors with its Azure cloud division, and announced a more cautious outlook for the medium term, casting doubt on the benefits of artificial intelligence in the short term.
Outlook strategy
- The master fund, Carmignac Investissement, identifies promising long-term trends, particularly in technology, healthcare, infrastructure and consumer goods.
- The master fund is pursuing its portfolio diversification strategy by investing across the entire value chain, in order to seize opportunities offered by large caps as well as small and medium-sized companies.
- Carmignac Investissement Latitude continues to actively manage the Fund's exposure to equities.
- In terms of currencies, we continue to actively manage the euro/dollar exchange rate.
Performance Overview
Data as of: 5 Sep 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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.
Source: Carmignac at 08/09/2024
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: 30 Aug 2024.Net Equity Exposure19.8 %
Beta+1.4 %
Sortino Ratio+1.2
Number of Holdings0
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
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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.
Market environment
In the US, the economy is slowly paving the way for a soft landing, with job creation and retail sales easing over the month. At the same time, inflation continued to trend lower. In Europe, growth surprised to the upside at +0.3% in the second quarter, while inflation picked up slightly.
As expected, the Fed left short-term rates unchanged during their July meeting. However, the combination of a less dynamic job growth and lower inflation sets the stage for the Fed to potentially lower rates in September.
The Bank of Japan raised interest rates for the first time in 15 years and unveiled a detailed plan to slow its massive bond buying, taking another step towards normalization.
In July, political volatility came from the US. Trump survived an assassination attempt, Biden ended his 2024 candidacy, and Harris' nomination boosted Democrats' standing in the polls, hinting at a closely contested election.
Equity market underwent a significant rotation during the month, with small cap and value stocks performing well and outperforming mega cap and growth stocks.
The Q2 earnings season has started and brought a mix of both positive and negative surprises, leading to increased market volatility. In summary, the results have been strong on EPS beats but weak on sales. Tech sectors have raised concerns after some disappointment about the pace and timing of AI revenue.