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:  28 Mar 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 102.4 %
+ 26.0 %
+ 11.6 %
- 3.2 %
+ 9.3 %
From 02/01/2002
To 11/04/2024
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
202.3 €
Asset Under Management
257 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  11 Apr 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:  29 Mar 2024.
Fund management team

Market environment

US data continues to reflect a degree of economic resilience, with inflation figures still high. However, the disinflation trend continues in Europe. In the light of this, the Fed and the ECB are sticking to their plan and will probably start cutting interest rates this summer. The Bank of Japan bucked the trend: it put an end to eight years of negative interest rates, even amid increasing signs of substantial pay rises. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. The S&P 500 is having its best start to a year since 2019. Although the rally has mainly been fuelled by the Magnificent Seven, it spread to more corners of the market at the end of the month when cyclical sectors rebounded as commodity prices climbed. Oil was up 5% to $87 a barrel (Brent), while gold set a new record of more than $2,200 an ounce. Equity markets seem to have accepted the optimistic scenario under which central banks lower interest rates and the economy slows moderately, meaning that valuations are high though supported by earnings growth. Credit also continued to perform well. European yields eased in March, while the growth differential between the United States and the Eurozone persists.

Performance commentary

The Fund delivered a positive return, and beat its reference indicator. Our equity component made a substantial contribution to the Fund’s performance, mainly through Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren. At a fixed income level, our positions in Carmignac Portfolio Global Bond and Carmignac Portfolio Credit were also profitable. Our diversified investments appreciated too, through a position in Carmignac Portfolio Patrimoine. We are currently exposed to alternative investment funds through positions in Carmignac Absolute Return Europe and Carmignac Portfolio Merger Arbitrage Plus, which raised the performance of Carmignac Multi Expertise in March.

Outlook strategy

Over the next few months, we expect global growth to stabilise as the manufacturing cycle picks up. The combination of slower but firmer economic growth and more accommodative central banks should keep macroeconomic conditions favourable for risky assets. However, as financial markets have already priced it in, with indices at record levels, a selective approach and profit-taking are necessary. We remain optimistic about artificial intelligence and obesity treatments, while also strengthening positions in sectors that had been lagging and diversifying others, especially in industrials. Credit still has strong upside potential as a result of carry. At a sovereign debt level, our exposure to interest rate movements remains limited as, despite signs of central banks pivoting, solid inflation and economic data call for caution, especially at the long end of the yield curve. On 18 March 2024, the Carmignac Profil Réactif 75 and Carmignac Profil Réactif 100 funds were merged into the Carmignac Profil Réactif 50 fund, renamed Carmignac Multi Expertise. The investment philosophy, which consists of creating a selection of funds and strategies representative of the company as a whole, stays the same. However, its application will change and the Fund will have a more stable allocation with less flexibility over exposure. The Fund now comprises three asset classes (equities, bonds, alternative), and is invested in six funds at present.

Performance Overview

Data as of:  11 Apr 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 14/04/2024

Carmignac Multi Expertise Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
Europe42.3 %48.2 %90.5 %
North America49.0 %15.7 %64.7 %
Latin America0.4 %15.3 %15.7 %
Eastern Europe-7.8 %7.8 %
Asia-Pacific4.2 %2.7 %6.9 %
Asia4.0 %2.8 %6.7 %
Africa-4.6 %4.6 %
Middle East0.2 %3.0 %3.1 %
Total100.0 %100.1 %
Europe90.5 %
deGermany
7.8 %0.2 %
beBelgium
0.4 %-
dkDenmark
6.1 %-
esSpain
0.6 %1.6 %
fiFinland
0.1 %0.5 %
frFrance
13.8 %7.9 %
grGreece
0.3 %2.5 %
ieIreland
1.5 %11.2 %
itItaly
1.2 %6.1 %
noNorway
0.3 %2.2 %
nlNetherlands
5.9 %2.3 %
gbUnited Kingdom
0.9 %9.2 %
seSweden
0.8 %1.8 %
chSwitzerland
2.8 %1.2 %
atAustria
-0.8 %
Jersey
-0.1 %
Luxembourg
-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:  28 Mar 2024.
Equity Investment Weight53.0 %
Net Equity Exposure46.9 %
Active Share49.9 %
Modified Duration1.2
Yield to Worst2.6 %
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 access to the whole Carmignac Fund range, assembled together according to market conditions and in line with the client's desired risk profile.
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.