Equity strategies
Carmignac Portfolio Grandchildren
Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 9Share Class
LU2782951763
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
Equities95.1 %
Other4.9 %
Data as of: 30 Sep 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 4.4 %
0.0 %
0.0 %
0.0 %
0.0 %
To 07/10/2024
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
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Net Asset Value
104.43 $
Asset Under Management
540 M €
Market
Global market
SFDR - Fund Classification
Article
9
Data as of: 30 Sep 2024.
Data as of: 7 Oct 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: 30 Aug 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 positive, outperforming its reference indicator during both the early August drawdown and the subsequent rebound.
The decision to have a defensive stance of the portfolio have paid off this week with Colgate and Procter & Gamble were the biggest contributors during the month;
Our investments in the healthcare sector, which is also a defensive sector, performed well in the current market environment.
Conversely, our technology stocks, particularly those in the software segment with relatively high beta, faced significant challenge
Outlook strategy
The summer volatility combined with US economic slowdown and central banks expected rates cut response should continue to favor defensive over cyclical stocks.
In line with this view, we are keeping our defensive bias in the portfolio and are comfortable with our current positioning favoring companies with high visibility and low earnings volatility.
We also view the potential increase in volatility as an opportunity to consider investing in/increasing quality stocks that were previously trading at higher multiples.
Another sector we favor is financial(mainly exchange not banks). This sector stands to benefit from a more favorable interest-rate environment.
Performance Overview
Data as of: 3 Oct 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 07/10/2024
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Sep 2024.| North America | 67.1 % |
| Europe | 32.9 % |
| Total % Equities | 100.0 % |
North America67.1 %
 USA | 67.1 % |
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 Sep 2024.Equity Investment Weight95.1 %
Net Equity Exposure95.1 %
Number of Equity Issuers42
Active Share81.8 %
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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Market environment
The equity markets experienced a volatile month in August 2024: despite the ferocity and depth of the sell-off in early August, equity markets were quick to recover, with many indices back at their previous highs at the end of the month.
Several forces triggered the sell-off in early August, including weak US macro data which exacerbated expectations for rate cuts, the implosion of the Yen carry trade as well as other technical market factors.
The month was also marked by the earnings season during which elevated market volatility in response to a few Q2 reports were masking the reality of better-than-expected earnings season.
At the end of the month, all eyes were on Nvidia ‘s earnings report which revealed earnings that fell short of expectations, even though revenue more than doubled in the last quarter.
Overall, August saw a "defensive" sector rotation with utilities, staples, healthcare outperforming.