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Equity strategies

Carmignac Portfolio Grandchildren

Luxembourg SICAV sub-fundGlobal marketArticle 9
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.
  • A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities96.6 %
Other3.4 %
Data as of:  Sep 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 118.3 %
-
+ 22.2 %
+ 37.7 %
+ 9.2 %
From 31/05/2019
To 05/11/2026
Calendar Year Performance 2025
-
-
-
+ 15.9 %
+ 19.9 %
+ 29.1 %
- 23.7 %
+ 23.8 %
+ 22.6 %
- 4.6 %
Net Asset Value
€218.34
Asset Under Management
264 M €
Net Equity Exposure30/09/2026
96.6%
SFDR - Fund Classification

Article

9
Data as of:  Nov 5, 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.

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

Mark DENHAM

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

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.
[Management Team] [Author] Denham Mark

Mark DENHAM

Head of Equities, Fund Manager
View Fund's characteristics

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:  Oct 30, 2026.
Fund management team
[Management Team] [Author] Denham Mark

Mark DENHAM

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe EJIKEME

Fund Manager, Analyst

Market environment

  • Global equity markets experienced an eventful October, against the backdrop of a busy earnings season. While the global equity index ended the month broadly flat, underlying moves were much more pronounced: high-beta segments and stocks that had benefited most from the momentum surrounding artificial intelligence corrected sharply, leading to greater dispersion across sectors and styles.
  • The earnings season remained fundamentally strong, with more than 80% of S&P 500 companies reporting so far beating EPS expectations and blended earnings growth reaching around +30% year-on-year. Against this solid backdrop, the intensification of investment by US technology giants in AI infrastructure stood out. Despite broadly strong operating results, accelerating capital expenditure and the resulting pressure on cash generation prompted greater caution. Investors are becoming increasingly demanding regarding the returns on these investments, triggering a correction in US mega-cap technology stocks that quickly spread across the broader value chain, particularly in South Korea and Taiwan.
  • This move was accompanied by a pronounced style rotation. Momentum and high-beta stocks lost ground in favour of higher-quality companies offering greater earnings visibility, with renewed interest notably in healthcare and selected financial stocks.
  • Finally, the macroeconomic backdrop remained unsupportive of further multiple expansion. Resilient US growth, persistent inflation and higher oil prices kept real yields and the term premium elevated. Against this backdrop, the Federal Reserve left policy rates unchanged, judging that the balance between economic activity and inflation did not yet warrant further monetary easing.

Performance commentary

  • In October, the Fund posted a positive absolute and relative performance.
  • Performance reflected a broadening of market leadership, with gains extending beyond Technology and AI-related names. Against this backdrop, the Fund’s diversification proved particularly beneficial, with Healthcare, Financials, Industrials and Consumer Staples all contributing positively.
  • Healthcare was the largest contributor, with several of our holdings being rewarded after a period of more muted performance. Genmab was a standout performer following highly positive Phase III data for Rina-S in ovarian cancer, significantly de-risking a key pipeline asset, while encouraging developments across its broader oncology portfolio further strengthened confidence in the company’s long-term growth prospects.
  • Financials and Industrials also contributed positively. Mastercard benefited from strong results and resilient payment volumes, while S&P Global, RELX and Equifax rebounded as robust results eased AI disruption concerns, highlighting how proprietary data and embedded workflows can position these businesses to benefit from AI adoption.
  • Consumer Staples also participated meaningfully, with Colgate-Palmolive, Procter & Gamble, Church & Dwight and L’Oréal delivering positive returns.
  • Conversely, Technology detracted, driven by Nvidia, ASML and Broadcom. However, the Fund’s underweight and diversified positioning helped offset this weakness, highlighting the benefits of maintaining exposure to multiple sources of quality rather than relying on a narrow group of market leaders.

Outlook strategy

  • During this month, we made several portfolio adjustments.
  • We exited Prysmian following strong AI-driven performance and reallocated capital to Daiichi Sankyo, a Japanese healthcare company.
  • We also took advantage of the strong performance of Equifax and Relx to reduce our position and take some profits.
  • More broadly, the month illustrated how previously overlooked quality companies can be rewarded as fundamentals regain importance, and market leadership broadens.
  • We remain constructive but disciplined. With parts of defensive growth still attractively valued, we are selectively adding exposure to companies combining strong fundamentals, pricing power and visible long-term growth.
  • The portfolio remains well balanced across AI beneficiaries, healthcare leaders, and established quality compounders, providing multiple sources of structural growth rather than relying on a single market theme.
  • Looking ahead, we remain confident in the portfolio’s underlying fundamentals, supported by resilient earnings growth, strong cash generation, high returns on capital and sound balance sheets.

Performance Overview

Data as of:  Nov 5, 2026.
View Performance in detail
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 06/11/2026

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Sep 30, 2026.
North America66.1%
Europe33.9%
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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%
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All analysis
View characteristics and risks
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.