Equity strategies

Carmignac Portfolio Grandchildren

SICAVGlobal marketSRI Fund Article 9
Share 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.
Asset Allocation
Equities91.1 %
Other8.9 %
Data as of:  28 Mar 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Net Asset Value
95.1 $
Asset Under Management
481 M €
Market
Global market
SFDR - Fund Classification

Article

9
Data as of:  18 Apr 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

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:  29 Mar 2024.
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

US data continues to reflect a degree of economic resilience, with inflation figures still high. However, the disinflation trend continues in Europe. In the light of this, the Fed and the ECB are sticking to their plan and will probably start cutting interest rates this summer. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. Stock market indices rose further in March, with global equities enjoying their longest stretch of positive monthly performances since 2021. Fortunes were fairly consistent between the various regions. Energy and materials were the best performing sectors as commodity prices climbed. Oil was up 5% to $87 a barrel (Brent), while gold set a new record of more than $2,200 an ounce. The technology and consumer sectors fared worse, even if they did end the month higher. Stock markets remain on the up because they are still expecting the Fed to cut interest rates and the economy to land softly, which is good news for corporate earnings.

Performance commentary

The Fund moved higher over March, in line with its reference indicator despite the sector rotation that occurred. The absence of energy and materials stocks could stopped the Fund from progressing, but our healthcare stocks made up the difference. Novo Nordisk, which is the Fund’s biggest position, gained 8% amid strong demand for its GLP-1, Ozempic and Wegovy drugs used to treat diabetes and obesity. Lonza also performed well. Despite the mishaps of 2023, annual results did not disappoint. The company has also acquired a large production facility from Roche, which will enable it to realise strong potential for growth in the manufacture of biological products. Quality tech stocks such as Oracle, Microsoft and SAP also had a good month. However, AMD suffered from the Chinese government’s recent decisions aimed at prioritising Chinese microchips, and Adobe Systems announced disappointing sales forecasts for the next few quarters, weighing on its share price.

Outlook strategy

We are still looking to maintain a relatively cautious stance centred on quality stocks. In recent months we have been strengthening some of our consumer staples positions such as P&G and Colgate. In the semiconductor segment, NVIDIA has been performing exceptionally well since the beginning of the year, reflecting firm demand for its products and services. Although some may consider the stock to be overpriced, we do not think the valuation is excessive given the company’s solid earnings growth. However, the share price could be volatile after the progress made of late, so we took some profits. Nvidia nonetheless remains one of our top 10 positions. The month was a fairly quiet one in terms of portfolio changes.

Performance Overview

Data as of:  18 Apr 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 20/04/2024

Performance data not yet available

Due to European regulations, we are not permitted to show the performance of the Funds as it does not have a one year track record yet.

Subscribe to Be Notified

Subscribe to alerts and receive the net asset values of the funds that interest you

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
North America65.0 %
Europe35.0 %
Total % Equities100.0 %
North America65.0 %
usUSA
65.0 %

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:  28 Mar 2024.
Equity Investment Weight91.1 %
Net Equity Exposure91.1 %
Number of Equity Issuers41
Active Share83.1 %

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
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.

Related articles

Global equities8 December 2023English

Building the world of tomorrow with Carmignac Portfolio Grandchildren

5 minute(s) read
Find out more
Global equities27 November 2023English

Investing for future generations with Carmignac Portfolio Grandchildren

6 minute(s) read
Find out more