Share Class
A EUR Acc • FR0010149203
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 Aug 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 104.3 %
+ 20.1 %
+ 11.7 %
- 3.6 %
+ 9.3 %
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
+ 6.4 %
- 4.4 %
+ 7.8 %
+ 4.0 %
- 4.5 %
+ 5.7 %
+ 9.5 %
0.0 %
- 11.9 %
+ 5.1 %
Net Asset Value
204.26 €
Asset Under Management
236 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 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 Jul 2024.Fund management team
![[Management Team] [Author] Bonenfant Pierre-Edouard](https://carmignac.imgix.net/uploads/NextImage/0001/18/004786462117c682eb5827e4ad7d46ea205b275b.jpeg?auto=format%2Ccompress&fit=fill&w=3840)
Pierre-Edouard Bonenfant
Fund Manager
Performance commentary
- Against this backdrop, the fund delivered a positive performance in July.
- Our portfolio of equities penalized the strategy over the period, whereas our selection of fixed-income and alternative funds was profitable.
Outlook strategy
- Our strategy aims to benefit from Carmignac's different areas of expertise. In this respect, Carmignac Expertise is invested in six in-house funds.
- On the equities side, we are invested in the Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren funds.
- On the fixed income side, we are invested in the Carmignac Portfolio Credit and Carmignac Portfolio Global Bond strategies.
- Finally, in our alternative portfolio, we are invested in the Carmignac Absolute Return Europe fund and the Carmignac Portfolio Merger Arbitrage Plus fund.
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). 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 08/09/2024
Carmignac Multi Expertise Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| Europe | 36.3 % | 47.9 % | 84.3 % |
| North America | 55.0 % | 12.1 % | 67.1 % |
| Latin America | 0.6 % | 19.6 % | 20.2 % |
| Asia | 6.0 % | 2.4 % | 8.4 % |
| Eastern Europe | - | 6.6 % | 6.6 % |
| Africa | - | 5.3 % | 5.3 % |
| Asia-Pacific | 2.0 % | 2.6 % | 4.6 % |
| Middle East | - | 3.5 % | 3.5 % |
| Total | 100.0 % | 100.0 % |
Europe84.3 %
 Germany | 6.0 % | 1.0 % |
 Austria | - | 1.8 % |
 Belgium | 0.3 % | - |
 Denmark | 5.8 % | - |
 Spain | 0.5 % | 2.7 % |
 Finland | 0.3 % | 0.7 % |
 France | 11.5 % | 9.0 % |
 Greece | 0.1 % | 2.8 % |
 Ireland | 1.2 % | 7.8 % |
 Italy | 1.6 % | 6.5 % |
 Luxembourg | 0.1 % | - |
 Norway | 0.7 % | 1.9 % |
 Netherlands | 3.7 % | 2.9 % |
 United Kingdom | 1.5 % | 6.4 % |
 Sweden | 1.5 % | 1.6 % |
 Switzerland | 1.7 % | 2.3 % |
| Jersey | - | 0.1 % |
 Portugal | - | 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 Aug 2024.Equity Investment Weight55.6 %
Net Equity Exposure49.7 %
Active Share49.9 %
Modified Duration1.5
Yield to Maturity6.3 %
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
Pierre-Edouard Bonenfant
Fund Manager
The strategy offers a balanced and diversified exposure to markets, benefiting from Carmignac's expertise in the equity, bond and alternative asset classes.”
Pierre-Edouard Bonenfant
Fund Manager
Did you enjoy the fund page?
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.
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.
Yield have declined meaning over the month both in Europe and the US, while the yield curve steepens. In the credit market, investment grade (IG) bonds outperformed high yield bonds.