Equity strategies

Carmignac Portfolio Human Xperience

ThematicArticle 9
Share Class

LU2601234839

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.
  • Material upside potential : research performed on all factors to backtest investability and alpha potential.
Key documents
Asset Allocation
Equities96.4 %
Other3.6 %
Data as of:  May 30, 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 23.7 %
-
-
-
+ 1.4 %
From 14/04/2023
To 04/07/2025
Calendar Year Performance 2024
-
-
-
-
-
-
-
-
+ 10.6 %
+ 12.7 %
Net Asset Value
123.65 £
Asset Under Management
120 M €
Net Equity Exposure30/05/2025
91.5 %
SFDR - Fund Classification

Article

9
Data as of:  Jul 4, 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.

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:  Jun 30, 2025.
Fund management team
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • June witnessed a renewed appetite for risk, driving US equity indices to fresh all-time highs.
  • Investor sentiment was buoyed by the continued resilience of the US economy, easing political uncertainty, and signs of diminishing pressure on interest rates.

  • Technology and AI-related stocks led the rally, with standout performances from Nvidia, Alphabet, and Amazon.

  • While Wall Street outperformed other developed markets, it was surpassed by emerging markets, which benefited from a weaker US dollar.

  • However, European value sectors, particularly banks and industrials, outperformed the European market.

Performance commentary

  • Over the month of June, the fund had both a negative return in absolute and relative terms.
  • Our overweight to consumer staples was our primary driver of underperformance. Over the month our positions in Costco, Unilever, Nestle and Procter & Gamble were among our largest detractors.

  • On the other hand, our overweight to technology and underweight to healthcare limited our underperformance. Nvidia, Oracle, Cisco and TSMC were among our largest contributors in June.

Outlook strategy

  • In June, we undertook very few changes to the portfolio. We continued building our position in Tencent following strong conviction from our analyst based on its opportunities related to AI and the long runway for advertising monetisation.
  • We also sold out of our position in UBS during the month. This decision was driven by the company’s deteriorating CHX score.

  • We remain cautious in positioning our portfolio and continue to focus on higher quality companies.

Performance Overview

Data as of:  Jul 4, 2025.
​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. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/07/2025

Carmignac Portfolio Human Xperience Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  May 30, 2025.
North America58.4 %
Europe29.2 %
Asia8.5 %
Asia-Pacific4.0 %
View details

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:  May 30, 2025.
Equity Investment Weight96.4 %
Net Equity Exposure91.5 %
Number of Equity Issuers39
Active Share76.7 %

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] 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

Market AnalysisMay 9, 2025English

Building customer loyalty in the digital age

Find out more
Thematic equitiesApril 28, 2025English

Carmignac Portfolio Human Xperience: Letter from the Fund Manager

3 minute(s) read
Find out more
Thematic equitiesJanuary 29, 2025English

Carmignac Portfolio Human Xperience: Letter from the Fund Manager

3 minute(s) read
Find out more
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.