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
+ 10.1 %
- 1.6 %
+ 6.0 %
+ 11.9 %
- 7.5 %
+ 37.7 %
+ 16.0 %
+ 22.8 %
- 18.6 %
+ 17.1 %
Net Asset Value
287.04 $
Asset Under Management
820 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: Nov 29, 2024.
Data as of: Dec 5, 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.
October saw significant market volatility, as equities declined following a robust rally in the first nine months of the year.
Growth risks remained the primary concern for investors, despite signs of resilience, particularly in the US economy.
The European Central Bank (ECB) recognized a slowdown in economic momentum in Europe, especially within the manufacturing sector, while the service sector continued to exhibit strong demand.
As a result, the ECB implemented its third 25 basis point rate cut of the year, reducing the deposit facility rate to 3.25%, which met market expectations.
Performance commentary
During the month of October, the Fund recorded a negative absolute performance, below its reference indicator.
Our holding in Argenx has been the best performer in the fund after the biotech firm reported third-quarter sales for its key drug Vyvgart that exceeded market expectations.
Our biggest detractor this month has been ASML, a key player in Europe's tech scene known for its lithography tools in chipmaking. The company reported a significant drop in its order book forecast for 2025.
Having no exposure to Communication Services and Energy sectors has not been supportive during the month.
Outlook strategy
During the month, our portfolio remained relatively stable with only a few adjustments. We decided to completely sell our small holding in Edenred following their disappointing quarterly results.
Additionally, we reduced our position in L’Oreal after the company reported weaker than expected third-quarter sales, primarily due to waning demand for skincare and make-up in the Chinese market.
We also made a marginal reduction in our holdings of ArgenX, despite the biotech firm reporting third-quarter sales for its key drug Vyvgart that exceeded market expectations.
On the other hand, we initiated a new position in the skincare company Galderma and we continued to add to Ferrari, a position that we recently initiated.
The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.
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.
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