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:  14 Jun 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 105.6 %
+ 22.7 %
+ 12.3 %
- 2.5 %
+ 10.4 %
From 02/01/2002
To 20/06/2024
Calendar Year Performance 2023
+ 6.4 %
- 4.4 %
+ 7.8 %
+ 4.0 %
- 4.5 %
+ 5.7 %
+ 9.5 %
0.0 %
- 11.9 %
+ 5.1 %
Net Asset Value
205.5 €
Asset Under Management
243 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  20 Jun 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:  31 May 2024.
Fund management team

Market environment

  • The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.

  • Although the US economy remains firm, signs of cooling were observed in May.

  • In Europe, PMIs published during the month confirmed an improvement in economic activity.

  • This desynchronisation led to a sharp drop in US yields whereas the Eurozone trend was more upward, especially for the long end of the curve.

  • The downward trend for US interest rates helped growth stocks and narrowed spreads.

  • Nvidia continued to benefit from investors’ excitement about artificial intelligence after publishing its results.

Performance commentary

  • Our Fund of Funds delivered a positive return for May, in line with its reference indicator.
  • Our selection of equity, bond and alternative investment funds benefitted the strategy.

Outlook strategy

  • Our strategy aims to take advantage of Carmignac’s wide-ranging expertise. This is why Carmignac Expertise is invested in six house funds.
  • We are invested in the Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren funds for equities, and the Carmignac Portfolio Credit and Carmignac Portfolio Global Bond funds for bonds.
  • Our alternative investments are held through Carmignac Absolute Return Europe and Carmignac Portfolio Merger Arbitrage Plus.

Performance Overview

Data as of:  20 Jun 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 24/06/2024

Carmignac Multi Expertise Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  14 Jun 2024.
Europe36.1 %52.4 %88.6 %
North America53.6 %9.5 %63.1 %
Latin America0.5 %18.5 %19.1 %
Asia6.9 %4.4 %11.3 %
Africa-5.1 %5.1 %
Eastern Europe-4.9 %4.9 %
Asia-Pacific2.7 %1.3 %4.1 %
Middle East0.2 %3.8 %4.0 %
Total100.0 %100.0 %
Europe88.6 %
deGermany
6.2 %0.2 %
atAustria
-1.2 %
beBelgium
0.1 %-
dkDenmark
5.9 %-
esSpain
0.6 %2.7 %
fiFinland
0.3 %0.6 %
frFrance
11.2 %8.4 %
grGreece
0.1 %3.2 %
ieIreland
0.6 %9.4 %
itItaly
0.8 %9.6 %
Luxembourg
0.5 %-
noNorway
0.9 %2.1 %
nlNetherlands
4.8 %2.9 %
gbUnited Kingdom
0.9 %8.7 %
seSweden
1.4 %1.9 %
chSwitzerland
2.0 %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:  14 Jun 2024.
Equity Investment Weight54.9 %
Net Equity Exposure48.6 %
Active Share49.9 %
Modified Duration1.4
Yield to Maturity7.0 %
Average RatingBBB-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

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.