Equity strategies
Carmignac Portfolio Grandchildren
Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 9Share 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
Equities95.8 %
Other4.2 %
Data as of: 30 Aug 2024.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 99.4 %
0.0 %
+ 81.3 %
+ 17.1 %
+ 18.8 %
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
-
-
-
-
-
+ 15.9 %
+ 19.9 %
+ 29.1 %
- 23.7 %
+ 23.8 %
Net Asset Value
199.44 €
Asset Under Management
538 M €
Market
Global market
SFDR - Fund Classification
Article
9
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 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: 31 Jul 2024.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's performance was nearly flat, falling short of its reference indicator due to sector rotation.
Two of our biggest convictions, Novo Nordisk and Microsoft, underperformed due to external factors such as Roche entering the obesity segment and the negative impact of the CrowdStrike cyber-panic.
On the other hand, our convictions in the Healthcare sector, particularly in life sciences companies like Lonza and Thermo Fischer, performed well.
Our convictions in the Financial sector, such as ICE or S&P Global and Mastercard, experienced strong performance, with returns in the range of +4% to +10%.
Outlook strategy
Our macro-overlay framework continues to indicate a defensive stance towards equity markets, aligning with our cautious macroeconomic outlook.
In line with this perspective, we have increased the defensive bias of the portfolio in recent months and are comfortable with our current positioning.
Colgate Palmolive and Procter & Gamble delivered solid results over the last 6 months, surpassing expectations. We have gradually increased our exposure to these stocks, and they now rank among the top 3 holdings of the fund, alongside Microsoft.
We significantly reduced our exposure to Semiconductors and Nvidia in particular. We decided to take some profits after strong YTD performance’ with a view to adding back on momentum reversal.
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). 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 Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| North America | 66.0 % |
| Europe | 34.0 % |
| Total % Equities | 100.0 % |
North America66.0 %
 USA | 66.0 % |
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: 30 Aug 2024.Equity Investment Weight95.8 %
Net Equity Exposure95.8 %
Number of Equity Issuers42
Active Share84.1 %
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.
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Sustainable investing • 10 July 2024 • English
Carmignac’s Article 9 funds: a sustainable investment?
3 minute(s) read
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.
The Q2 earnings season has started and brought a mix of both positive and negative surprises, leading to increased market volatility. In summary, the results have been strong on EPS beats but weak on sales. Tech sectors have raised concerns after some disappointment about the pace and timing of AI revenue.