Equity strategies

Carmignac Portfolio Grande Europe

SICAVEuropean marketSRI Fund Article 9
Share Class

LU0807689079

A high conviction, sustainable European equity strategy
  • Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
  • On the lookout for long-term growth, built on robust fundamentals and strong business models.
Asset Allocation
Equities99.1 %
Other0.9 %
Data as of:  28 Mar 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 169.4 %
+ 134.6 %
+ 75.0 %
+ 16.1 %
+ 13.9 %
From 19/07/2012
To 17/04/2024
Calendar 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
269.4 $
Asset Under Management
859 M €
Market
European market
SFDR - Fund Classification

Article

9
Data as of:  17 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 Grande Europe 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

Market environment

March proved to be another good month for several asset classes with equities up, bonds up, commodities up ex iron ore and a stronger dollar. Within equity markets, developed markets outperformed emerging markets, Europe outperformed the US, with large cap and small/mid cap returns being broadly equal reflecting a broadening out of the overall market from the narrow leadership earlier in the year. In Europe, there was certainly evidence of rotational forces at work with the best performing sectors being Retail, Banks, Real Estate, Chemicals and Energy, all of which except for banks were firmly in the bottom half of the performance table in the previous month. The laggards were, Travel and Leisure, Consumer products & services and Technology all of which were among last month’s winners. The key macro debate remains focused on the timing and scale of interest rate cuts in US and Europe. The European market received a boost from positive economic news this week, as various indicators of economic sentiment showed improvement. Both the ZEW survey and PMIs indicated a rise in economic sentiment, signaling a positive outlook for the European market. This news comes as a welcome relief, as these indicators had previously been at depressed levels.

Performance commentary

During the month of March, the Fund recorded a positive absolute performance, though below its reference indicator. Our overweight positions in Information Technology and Healthcare were the biggest drivers of performance over the month. Notably, SAP was among the best three performers after announcing new commerce cloud payment solution to help retailers stay ahead of changing customer expectations. In the Healthcare sector, Novo Nordisk, specializing in obesity drugs, demonstrated remarkable resilience with strong prescription numbers throughout the month. Additionally, Lonza made a strategic move by acquiring a manufacturing facility in the US, thereby expanding its production capacity in the rapidly expanding field of biologic medicines. As a result of this acquisition, Lonza has raised its medium-term sales guidance, reflecting the positive impact of the deal on its future growth prospects. During the period, the Financials sector was the biggest detractor, and Deutsche Borse had the weakest performance among all the names in the Fund. Our relative performance was most impacted by not having any exposure to Banks, as European bank shares reached their highest level in six year safter announcing record shareholder returns and profits surged thanks to rising interest rates. Having under exposure to Industrials and Consumer Discretionary penalised the Fund this month, while the lack of investments in the Energy and Communication Services sectors also had a negative effect on our performance.

Outlook strategy

During the month of March, we capitalized on the market's positive momentum to secure profits and adjust our portfolio. We increased our exposure to Information Technology and Industrials by making modest additions to our holdings in Capgemini and Experian. Additionally, we introduced a new company to our portfolio, Elis, which is a French corporation operating in the Industrials sector, specifically in the corporate cleaning services space. We also continued to increase our position in Adyen and Hermes, position that we initiated at the end of January. The Fund continues to rely on bottom-up fundamental analysis with a medium term horizon. Our perspective remains cautious of the potential impact of weaker corporate and economic data. We remain open to the possibility of a cyclical recovery and are actively exploring opportunities to incorporate cyclicality into our investment strategy. However, we have not made any significant changes in this regard at this time. The potential for greater visibility in the market is expected to yield favourable outcomes. We anticipate that as economic growth slows down, inflation will also decrease, leading to a gradual decline in interest rates this. Consequently, we aim to mitigate any potential risks associated with net cyclicality, beta, momentum, and illiquidity.

Performance Overview

Data as of:  17 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.​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
Source: Carmignac at 19/04/2024

Carmignac Portfolio Grande Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
Europe105.1 %
Total % Equities105.1 %
Europe105.1 %
frFrance
23.3 %
deGermany
23.1 %
nlNetherlands
19.0 %
chSwitzerland
13.7 %
dkDenmark
12.3 %
beBelgium
5.1 %
seSweden
4.5 %
ieIreland
2.4 %
esSpain
1.8 %

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 Weight94.3 %
Net Equity Exposure94.3 %
Number of Equity Issuers35
Active Share82.7 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
[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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.