Skip to mainSkip to footer
Equity strategies

Carmignac Portfolio Human Xperience

ThematicESG Thematic Fund Article 9
Share Class

LU2295992247

A thematic Fund focused on customer and employee experience
  • Social thematic Fund : a thematic strategy that focuses both on customer and employee satisfaction.
  • Leveraging the power of social data : quantitative expertise and experience in using ‘alternative’ sources of data.
Key documents
Monthly Factsheet
Asset Allocation
Equities98.3 %
Other1.7 %
Data as of:  Feb 28, 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 28.2 %
-
-
+ 26.6 %
+ 1.3 %
From 31/03/2021
To 13/03/2025
Calendar Year Performance 2024
-
-
-
-
-
-
+ 19.8 %
- 21.3 %
+ 23.4 %
+ 18.4 %
Net Asset Value
128.21 €
Asset Under Management
114 M €
Net Equity Exposure28/02/2025
93.4 %
SFDR - Fund Classification

Article

9
Data as of:  Mar 13, 2025.
​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.
Equity strategiesCarmignac Portfolio Human Xperience
Equity strategiesCarmignac Portfolio Human Xperience
Share Class

LU2295992247

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Human Xperience 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:  Feb 28, 2025.
Fund management team
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • US equities were down as Trump policy caused confusion around tariffs. DOGE cuts and immigration added to uncertainty amid recent weakness in incoming data.
  • European and Chinese equities were a bright spot though as they managed to deliver positive returns even as Trump’s aggressive tariff stance towards the month end shaved off some performance.
  • Investors are pulling back from the AI-related mania that has dominated the last two years. Even stellar earnings from industry leaders like Nvidia have failed to lift equity markets. This retreat is fuelled by a mix of factors, including new LLM models, rising competition from China, fears of looming tariffs, escalating geopolitical tensions, overextended market positions & valuations, and high expectations for company earnings.
  • The S&P 500 reported growth in earnings of 17.8% - the highest growth since Q4 2024.

Performance commentary

  • Over the month of February, the fund had a slightly negative return in absolute terms, but outperformed its reference indicator in relative terms
  • Our stock selection in the Consumer Discretionary and Technology sectors were our largest contributors. Lenovo, Sony and Cisco were among our largest contributors over the month.
  • While we saw a pickup in performance among consumer staple names over the month, our overweight to the sector was beneficial, and our holdings such as Costco, Nestle and Colgate Palmolive were positive contributors to the fund.

Outlook strategy

  • In February, we added slightly to Salesforce in the US software space and Nestle in the consumer staples sector
  • We continued to reduce our weight in TSMC, which we started the previous month.
  • Over the month we exited Hyundai in order to reduce our exposure to consumer discretionary names given the weakening consumer data. We also exited our position in Adobe on the basis of a deteriorating CHX score.
  • On the other hand we added two new names. Sherwin Williams in the materials sector who are the largest global coatings company demonstrating a strong consumer score and resilient growth prospects, as well as Michelin in the auto parts sector which benefits from its strong brand image and best in class CHX score.
  • We remain cautious in positioning our portfolio and continue to focus on quality, less cyclical companies.

Performance Overview

Data as of:  Mar 13, 2025.
View Performance in detail
​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 17/03/2025

Carmignac Portfolio Human Xperience Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Feb 28, 2025.
North America60.5 %
Europe30.1 %
Asia5.7 %
Asia-Pacific3.7 %
View details
To Access the weekly view
Register to prospace
View Portfolio allocation

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:  Feb 28, 2025.
Equity Investment Weight98.3 %
Net Equity Exposure93.4 %
Number of Equity Issuers39
Active Share80.1 %

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] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
The social theme is one of the most disregarded areas within ESG. Yet we believe that companies providing positive experiences to both their customers and employees are better positioned to achieve superior returns over the long run.
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
View Fund's characteristics

Related articles

Thematic equities • January 29, 2025 • English

Carmignac Portfolio Human Xperience: Letter from the Fund Manager

3 minute(s) read
Find out more
Find out more
All analysis
View characteristics and risks
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.