Diversified strategies

Carmignac Patrimoine

French mutual fund (FCP)Global marketSRI Fund Article 8
Share Class

FR0011269588

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
Asset Allocation
Bonds50.6 %
Equities42.7 %
Other6.7 %
Data as of:  Nov 29, 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 27.0 %
+ 13.8 %
+ 13.0 %
- 0.2 %
+ 10.6 %
From 18/06/2012
To 05/12/2024
Calendar Year Performance 2023
+ 8.8 %
+ 0.7 %
+ 3.9 %
+ 0.1 %
- 11.3 %
+ 10.5 %
+ 12.4 %
- 0.9 %
- 9.4 %
+ 2.2 %
Net Asset Value
115.48 €
Asset Under Management
6 218 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  Dec 5, 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 Patrimoine 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:  Nov 29, 2024.
Fund management team

Market environment

  • Trump's decisive victory in the US election is expected to provide him with significant leverage to advance his policy agenda.

  • US indices hit record highs as investors anticipated the potential growth benefits of the Trump 2.0 tax cuts and deregulation policies.

  • In contrast, stock markets in China, Europe and Latin America suffered from the risks of tariffs being introduced by the incoming US administration.

  • The US Federal Reserve once again cut its key rate by 25bp, despite inflation stagnating at 2.6% year-on-year and 3.3% for the core component of consumer price indices.

  • Inflation in Europe rose to +2.3% in November, while underlying inflation remained anchored at +2.7%. On the other hand, economic publications showed signs of slowing down.

  • Despite an environment of strong growth and resurgent inflation, yields fell on both sides of the Atlantic this month, notably following the appointment of Scott Bessent as the future US Treasury Secretary.

Performance commentary

  • During the period, the Fund posted a positive performance, although it lagged its reference indicator.

  • The primary driver of our performance was our exposure to equities. However, our investments in emerging markets, gold positions, and hedging strategies negatively impacted the performance.

  • Top equity contributors included pharmaceutical distributor McKesson, Amazon, and oil services company Schlumberger.

  • In a market characterized by a coordinated fall in long-term interest rates, our low modified duration weighed on relative performance. Conversely, our inflation-linked strategies positively contributed to performance, benefiting from the rebound in producer and consumer price indices.

Outlook strategy

  • US growth is expected to remain resilient, bolstered by Fed rate cuts and the forthcoming Trump 2.0 administration. In contrast, European growth is likely to remain sluggish.

  • Disinflation continues, but the trend remains uncertain due to the arrival of Trump and the widening of deficits. In this context, the Fed may consider pausing rate adjustments in early 2025.

  • We maintain a positive outlook on equities, particularly in the US. However, given current valuation levels, we are exercising caution by implementing hedging strategies.

  • Regarding interest rates, we are maintaining a low sensitivity and anticipate steeper yield curves.

  • To enhance the overall construction of our portfolio, we have implemented several decorrelation strategies, including exposure to emerging local rates, gold miners, South American currencies, and the Yen.

Performance Overview

Data as of:  Dec 5, 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. 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 (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 08/12/2024

Carmignac Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Nov 29, 2024.
North America64.2 %
Asia16.7 %
Europe12.3 %
Latin America5.1 %
Asia-Pacific1.8 %
Total % Equities100.0 %
North America64.2 %
usUSA
61.0 %
caCanada
3.3 %

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:  Nov 29, 2024.
Equity Investment Weight42.7 %
Net Equity Exposure39.2 %
Active Share84.4 %
Modified Duration0.5
Yield to Maturity5.0 %
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 Managers.
Fund Management Team

Jacques Hirsch

Fund Manager

Christophe Moulin

Deputy Head of Cross Asset, Fund Manager
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager

Kristofer Barrett

Head of Global Equities, Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

Fund Manager
View Fund's characteristics

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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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.