Share Class
LU1966631001
An intergenerational Fund focused on quality, sustainable companies
- A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
- A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Asset Allocation
Equities96.6 %
Other3.4 %
Data as of: Sep 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 106.8 %
-
+ 21.7 %
+ 33.8 %
+ 6.6 %
To 22/10/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
+ 21.9 %
- 5.1 %
Net Asset Value
€206.82
Asset Under Management
264 M €
Net Equity Exposure30/09/2026
96,6 %
SFDR - Fund Classification
Article
9
Data as of: Sep 30, 2026.
Data as of: Oct 22, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark DENHAM
Head of Equities, Fund Manager
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe EJIKEME
Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
Mark DENHAM
Head of Equities, Fund Manager
Carmignac Portfolio Grandchildren 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: Sep 30, 2026.Fund management team
Mark DENHAM
Head of Equities, Fund Manager
Obe EJIKEME
Fund Manager, Analyst
Performance commentary
- In September, the Fund posted a negative absolute and relative performance.
- Industrials was the biggest relative detractor. Equifax came under pressure following increased regulatory scrutiny of the US mortgage credit-reporting model. While this weighed on sentiment, underlying business momentum remained resilient, with the company maintaining confidence in its long-term growth framework.
- Financials also detracted, particularly payment and financial-information companies. Adyen was pressured by uncertainty around the CFO transition and renewed competitive concerns following Stripe’s latest initiatives. Similar weakness affected other high-quality financial franchises, including Mastercard and S&P Global, as higher rates weighed on valuations across the sector.
- Technology was a strong absolute contributor, although the Fund’s more selective exposure and underweight to the sector limited relative performance.
- Nvidia, our biggest position, benefited from sustained AI infrastructure spending and strong earnings momentum, reinforcing its leadership across the rapidly expanding AI compute ecosystem.
- While healthcare contributed negatively overall, with EssilorLuxottica and Alcon weighing on performance amid continued pressure on consumer-facing healthcare names, some of our holdings showed encouraging performance following a period of muted returns.
- Thermo Fisher benefited from improving pharma and biotech demand and increased confidence in a recovery in life-sciences spending, while Genmab was supported by growing optimism around its late-stage oncology pipeline and upcoming clinical readouts, alongside strong commercial and financial momentum.
Outlook strategy
- During this month, we made several portfolio adjustments.
- We continued building our positions in Epiroc and Tradeweb, two high-quality franchises exposed to structural growth trends. We also added to Adyen as we remain constructive on the company’s long-term growth prospects.
- On the other hand, we completely exited our position in UBS as the risk/reward became less compelling, with uncertainty around higher Swiss capital requirements potentially weighing on capital efficiency and future returns.
- We also took some profits in Schneider Electric and ASML after strong performance.
- We believe many defensive growth names remain oversold, and we are selectively looking to add exposure where valuations have become more compelling, and fundamentals remain strong as investors start to revisit companies with strong brands, pricing power and visible long-term compounding characteristics.
- Our portfolio is diversified across sectors and sources of structural growth, reducing reliance on any single theme or market factor and providing resilience across different economic and market environments.
- The fund consists of a balanced mix of AI exposure, healthcare and quality compounders. Fundamentals remain robust, supported by resilient earnings growth, strong cash generation, high returns on capital, and limited balance-sheet risk.
Performance Overview
Data as of: Oct 22, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 23/10/2026
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2026.| North America | 66.1% |
| Europe | 33.9% |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.
Exposure Data
Data as of: Sep 30, 2026.Equity Investment Weight96.6%
Net Equity Exposure96.6%
Number of Equity Issuers40
Active Share79.2%
To Access the weekly view
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The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment