Share Class
LU2004385667
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.
Key documents
Asset Allocation
Equities91.1 %
Other8.9 %
Data as of: Feb 28, 2025.
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
+ 105.9 %
-
+ 80.5 %
+ 33.5 %
+ 8.2 %
To 05/03/2025
Calendar 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 2023Calendar Year Performance 2024
-
-
-
-
+ 15.9 %
+ 19.9 %
+ 29.1 %
- 23.7 %
+ 23.8 %
+ 22.6 %
Net Asset Value
205.91 €
Asset Under Management
548 M €
Net Equity Exposure28/02/2025
91.1 %
SFDR - Fund Classification
Article
9
Data as of: Feb 28, 2025.
Data as of: Mar 5, 2025.
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 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: Jan 31, 2025.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
Performance commentary
- The fund began the year with a positive performance, surpassing its reference indicator.
- The healthcare sector, emerging from two years of relative underperformance, was the primary contributor to the month's performance. Our stock selection proved successful, as evidenced by the performances of Thermo Fisher Scientific (+14%) and Vertex (+14%).
- Despite the DeepSeek announcement, our stock selection managed to avoid the high dispersion within the technology sector during the month. Consequently, the sector positively contributed to our performance in January.
- Our European technology companies more than compensated for the decline in some US technology companies such as Nvidia. SAP and ASML were among the fund's main contributors.
- Similarly, the luxury goods sector rebounded well following the European markets, benefiting our main conviction in the sector: Hermès.
- Conversely, our consumer staples companies underperformed in the context of a still robust global economy.
Outlook strategy
- The 2024 earnings season has strated. Given the high valuations in the US, tolerance for disappointment is limited. Therefore, it seems crucial for us to focus on quality companies with strong profitability.
- This cautious approach is reflected in our portfolio adjustments and sector allocations, which continue to lean towards a defensive strategy.
- We continue to hold a significant proportion of our fund in pharmaceuticals, medical devices, and life sciences, confident in their long-term potential despite two years of underperformance relative to the market.
- During the month, we also added two new positions to our fund: Equifax and Prysmian. These companies are perfectly aligned with our investment process, both in extra-financial and financial criteria. They provide us with exposure to the credit agencies and energy and telecoms cable production sub-sectors.
Performance Overview
Data as of: Mar 5, 2025.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.
Source: Carmignac at 07/03/2025
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: Feb 28, 2025.| North America | 69.7 % |
| Europe | 30.3 % |
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: Feb 28, 2025.Equity Investment Weight91.1 %
Net Equity Exposure91.1 %
Number of Equity Issuers47
Active Share81.9 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
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
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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 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