Diversified strategies

Carmignac Multi Expertise

FCPGlobal marketArticle 8
Share Class
A EUR AccFR0010149203
Benefit from Carmignac’s diverse expertise through a single Fund
  • A multi-strategy solution capitalising on Carmignac’s expertise across asset classes.
  • Capturing opportunities on global equity, bond and alternative investments.
Key documents
Asset Allocation
Other100 %
Data as of:  30 Apr 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 102.6 %
+ 23.4 %
+ 12.7 %
- 1.8 %
+ 10.2 %
From 02/01/2002
To 23/05/2024
Calendar Year Performance 2023
+ 6.4 %
- 4.4 %
+ 7.8 %
+ 4.0 %
- 4.5 %
+ 5.7 %
+ 9.5 %
-
- 11.9 %
+ 5.1 %
Net Asset Value
202.6 €
Asset Under Management
252 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  23 May 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

Carmignac Multi Expertise 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:  30 Apr 2024.
Fund management team

Market environment

April was a difficult month for equities and bonds due to higher-than-anticipated US inflation and persistently solid growth. This led the markets to lower their expectations of imminent rate cuts at the Federal Reserve, pushing up bond yields and pressurising share prices. The US 10-year yield reached its highest level (4.70%) since the end of 2023 as the market adjusted to the “higher for longer” scenario for interest rates. Global equities were down but credit markets performed relatively well. Investment grade spreads tightened further in both the United States and Europe. The month also brought announcements of Q1 results. Although most companies beat forecasts, the markets were more willing than usual to punish those who fell short. The wider spread between the interest rates of Japan and other developed countries exerted downside pressure on the yen and raised concerns about the effect of imported inflation on Japanese domestic demand. Conversely, higher commodity exposure and investors’ renewed interest in cheap Chinese equities meant emerging markets delivered positive returns over the month.

Performance commentary

The Fund posted a negative performance in April. Equity markets’ misfortunes dealt a blow to our selected equity funds, namely Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren. On the fixed income side, the Carmignac Portfolio Credit fund was up while the Carmignac Portfolio Global Bond fund was down. Our alternative investment funds could not raise the Fund’s overall performance over the period.

Outlook strategy

We remain convinced that US economic growth will be strong and more sustained than in other countries, even if such resilience is starting to become more commonplace, as reflected in European data. This will probably lead to monetary policy differences in the developed world, in which the Fed may keep its interest rates higher for longer. This development, and the strength of the US economy, explains the Fund’s long stance on the dollar. Equity markets’ new lease of life also prompted us to readjust the Fund’s positioning. We re-exposed it to risky assets, increasing our equity exposure and reducing our credit hedging. We doubt whether financial markets’ path will be as straight and narrow as it has been over the last four to six months. This is particularly important given that current valuations leave little room for disappointment, as the S&P 500 index’s P/E ratio of more than 20x illustrates. We are therefore adjusting our portfolio gradually, in preparation for more volatile conditions. After benefitting greatly from the AI and obesity themes, we have taken profits and reallocated the proceeds to better quality, more defensive stocks. Modified duration remains low, but we are still long on the short end and short on the long end of the curve.

Performance Overview

Data as of:  23 May 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31 December 2012, the reference indicators’ equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund’s reference indicator comprised 50% MSCI AC WORLD NR and 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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.
Source: Carmignac at 25/05/2024

Carmignac Multi Expertise Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
Europe43.2 %43.9 %87.1 %
North America49.0 %18.5 %67.6 %
Latin America0.4 %19.2 %19.6 %
Asia4.3 %3.9 %8.2 %
Asia-Pacific3.0 %3.0 %6.0 %
Africa-5.1 %5.1 %
Eastern Europe-3.4 %3.4 %
Middle East0.1 %3.1 %3.2 %
Total100.0 %100.1 %
Europe87.1 %
deGermany
8.0 %0.2 %
atAustria
-0.7 %
dkDenmark
6.6 %-
esSpain
0.6 %1.8 %
fiFinland
0.3 %0.5 %
frFrance
13.3 %8.2 %
grGreece
0.2 %2.9 %
ieIreland
1.1 %10.2 %
itItaly
0.9 %4.2 %
Luxembourg
0.1 %-
noNorway
0.4 %1.9 %
nlNetherlands
7.0 %2.3 %
gbUnited Kingdom
0.8 %7.2 %
seSweden
1.4 %2.1 %
chSwitzerland
2.6 %1.0 %
Jersey
-0.1 %
ptPortugal
-0.6 %

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  30 Apr 2024.
Equity Investment Weight52.4 %
Net Equity Exposure46.6 %
Active Share49.9 %
Modified Duration1.2
Yield to Worst2.7 %
Average RatingBBB

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
The strategy offers a balanced and diversified exposure to markets, benefiting from Carmignac's expertise in the equity, bond and alternative asset classes.”
View Fund's characteristics
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.