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
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 23.8 %
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-
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+ 1.9 %
To 03/07/2025
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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+ 10.6 %
+ 12.7 %
Net Asset Value
123.75 £
Asset Under Management
119 M €
Net Equity Exposure30/05/2025
91.5 %
SFDR - Fund Classification
Article
9
Data as of: May 30, 2025.
Data as of: Jul 3, 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: May 30, 2025.Fund management team
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
Performance commentary
- Over the month of May, the fund had a positive absolute performance in line with its benchmark.
Our overweight to Technology was our primary driver of performance. Over the month our positions in Nvidia, Microsoft, Intuit and Cisco were among our largest performance contributors.
Our underweight to healthcare also supported returns over the month.
While we saw large contributors in the consumer staples space with a pick up on stocks like Costco, this was muted by European personal care names like Beiersdorf and L’Oreal among our largest detractors over the month.
Outlook strategy
- In May, following the recent rally we decided to reduce the beta by reducing our weight in Amazon, Salesforce and Servicenow.
We also reduced our weight in Colgate-Palmolive as the Human Xperience score was deteriorating.
We sold out of LVMH on fundamentals and to reduce cyclicality.
We initiated a position in Tencent a strong conviction for our analyst based on its opportunities related to AI and the long runway for advertising monetisation.
We remain cautious in positioning our portfolio and continue to focus on higher quality companies.
Performance Overview
Data as of: Jul 3, 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 06/07/2025
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 America | 58.4 % |
| Europe | 29.2 % |
| Asia | 8.5 % |
| Asia-Pacific | 4.0 % |
To Access the weekly view
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 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
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.
Obe Ejikeme
Fund Manager, Analyst
Related articles
Thematic equities • April 28, 2025 • English
Carmignac Portfolio Human Xperience: Letter from the Fund Manager
3 minute(s) read
Thematic equities • January 29, 2025 • English
Carmignac Portfolio Human Xperience: Letter from the Fund Manager
3 minute(s) read
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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.
Market environment
The recovery was fueled in particular by easing trade tensions and a solid earnings season.
The US rebound was mainly driven by large technology companies. More specifically, more than two-thirds of the gains came from just seven equities: Nvidia, Microsoft, Meta, Broadcom, Amazon, Tesla and Alphabet.
Taiwan (+12.5%) and Korea (+7.8%) stood out with particularly strong gains.