Calendar 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 2023Calendar Year Performance 2024
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-
-
-
-
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+ 19.8 %
- 21.3 %
+ 23.4 %
+ 18.4 %
Net Asset Value
122.27 €
Asset Under Management
109 M €
Net Equity Exposure31/03/2025
98.8 %
SFDR - Fund Classification
Article
9
Data as of: Apr 17, 2025.
Data as of: Apr 24, 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.
The US markets had their worst month since December 2022. This decline is mainly attributed to the imminent announcement of new tariffs.
Technology equities have suffered particularly. On the other hand, defensive sectors such as healthcare have performed positively.
European and emerging markets continue to outperform the US. However, they have not been spared by concerns about customs barriers.
Investors increasingly fear a scenario in which the US economy enters a sharp slowdown as inflation accelerates.
Performance commentary
Over the month of March, the fund had a negative return both in absolute and relative terms.
Our exposure to Consumer Discretionary was the primary reason for our underperformance over the month. In addition to our overweight to the sector which hurt our performance, a few names in the sector, such as Hilton, Marriott, Amazon and Adidas were among our largest detractors.
Simultaneously, our underweight to Financials and lack of exposure to Energy stocks was also a contributor to our underperformance.
Nevertheless, our overweight to Consumer Staples and stock selection in IT, through names like Samsung and Intuit were beneficial to the funds returns over the month.
Outlook strategy
In March, we added back into higher beta names, particularly in the US as we think they have been oversold. We added back to Nvidia, Servicenow, Salesforce and Amazon, as well as Sony and TSMC.
We reduced our weight in some lower beta names such as Nestle, Colgate-Palmolive, L’Oreal and Roche.
Over the month we exited Diageo, a lower conviction position in which our investment case deteriorated with the current business headwinds the firm is facing.
The exit in Diageo funded a new position in JP Morgan which demonstrates good customer and employee scores.
We remain cautious in positioning our portfolio and continue to focus on higher quality companies.
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.
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.
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Market environment