Equity strategies

Carmignac Portfolio Grandchildren

Global marketArticle 9
Share Class

LU2427320655

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
Equities90.9 %
Other9.1 %
Data as of:  May 30, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 13.3 %
-
-
+ 41.1 %
+ 1.6 %
From 31/12/2021
To 04/07/2025
Calendar Year Performance 2024
-
-
-
-
-
-
-
- 19.5 %
+ 20.7 %
+ 16.7 %
Net Asset Value
113.28 £
Asset Under Management
449 M €
Net Equity Exposure30/05/2025
90.9 %
SFDR - Fund Classification

Article

9
Data as of:  Jul 4, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. 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:  Jun 30, 2025.
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

  • June witnessed a renewed appetite for risk, driving US equity indices to fresh all-time highs.
  • Investor sentiment was buoyed by the continued resilience of the US economy, easing political uncertainty, and signs of diminishing pressure on interest rates.

  • Technology and AI-related stocks led the rally, with standout performances from Nvidia, Alphabet, and Amazon.

  • While Wall Street outperformed other developed markets, it was surpassed by emerging markets, which benefited from a weaker US dollar.

  • However, European value sectors, particularly banks and industrials, outperformed the European market.

Performance commentary

• In June, the Fund delivered a negative return in both absolute and relative terms.• Nvidia was the biggest contributor as the company’s GPUs remains the backbone of AI infrastructure, used by major players like Amazon, Microsoft, Google, and Meta. • Oracle has been among our Top 3 contributors driven by a combination of exceptional earnings, rapid cloud growth, and major AI partnerships. • In the Industrials sector, Prysmian continued its strong momentum from May. The company is capitalizing on robust demand in electrification and digital infrastructure reinforcing its leadership in the power and telecom cable markets. • The underperformance relative to our benchmark was primarily driven by the Healthcare and Consumer sectors. • Procter & Gamble and Colgate were the biggest detractors as investors rotated out of defensive consumer staples in favour of cyclical and growth sectors which were benefiting from AI-driven optimism and infrastructure spending. • Despite its strong fundamentals and robust numbers, Hermès was not immune to a broader deceleration in the luxury sector and finished the month in negative territory.

Outlook strategy

• Our macroeconomic framework continues to advocate for a defensive approach to equity markets.• During the month, we made some adjustments to our portfolio. We initiated a new position in Alcon post recent underperformance and following a reaffirmation of the stock’s potential by our healthcare analyst. • To fund this, we exited smaller holdings including Analog Devices and Autodesk—both of which had delivered solid returns—as well as Synopsys and Amadeus. • We increased exposure to select Industrials, most notably Prysmian, which is well positioned to benefit from the Trump administration’s reported plans to expand electricity infrastructure to support AI growth. • In Healthcare, we trimmed our position in Novo Nordisk amid sector-wide pressure on GLP-1 developers following strong competitor trial results, reallocating capital to more defensive names such as McKesson and Cencora.

Performance Overview

Data as of:  Jul 4, 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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/07/2025

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  May 30, 2025.
North America65.8 %
Europe34.2 %
View details

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:  May 30, 2025.
Equity Investment Weight90.9 %
Net Equity Exposure90.9 %
Number of Equity Issuers48
Active Share78.3 %

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

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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.