Share Class
LU0992625839
A Fund geared for a changing world
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
- Focus on secular growth profile driven by innovation, technology and a unique selling proposition.
Key documents
Asset Allocation
Equities99.2 %
Other0.8 %
Data as of: Nov 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
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 195.1 %
+ 162.6 %
+ 59.8 %
+ 78.0 %
+ 19.4 %
To 07/01/2026
Calendar 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 2024Calendar Year Performance 2025
+ 2.8 %
+ 5.4 %
- 13.5 %
+ 25.8 %
+ 35.3 %
+ 5.2 %
- 17.4 %
+ 20.2 %
+ 26.2 %
+ 17.7 %
Net Asset Value
295.06 €
Asset Under Management
283 M €
Net Equity Exposure28/11/2025
98.5 %
SFDR - Fund Classification
Article
8
Data as of: Nov 28, 2025.
Data as of: Jan 7, 2026.
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 Investissement 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: Dec 31, 2025.Fund management team
Performance commentary
- In December, the fund delivered a positive performance while the reference indicator was in negative territory, ending the year with a very strong performance, well ahead of its benchmark.
- The outperformance over the month was driven by stock selection in the tech sector. Emerging Markets exposure, as well as active management of U.S. position sizing, were key contributors.
- Top contributors within the technology sector included SK Hynix, TSMC, Salesforce and Nvidia.
- Exposure to the financial sector also supported performance, with stocks such as UBS and S&P Global contributing positively.
- The main negative contributor was stock selection within the Healthcare sector.
Outlook strategy
- Widening dispersion in 2026: Differences in performance should increase both within technology and versus the rest of the market, as increasingly rapid and reversible investor arbitrage across stocks and sectors amplifies volatility and dispersion.
- Disruption as the key driver: Performance will depend on being positioned on the right side of disruption, including cases of internal disruption within the tech complex, notably in hardware.
- Re-rating “AI casualties”: We are building exposure to companies wrongly perceived as AI losers, particularly in software and financial infrastructure.
- Diversifying beyond AI: Non-AI risk is being reinforced through other lagging segments, including selected biotechnology names.
- More selective AI exposure: We are concentrating on high quality part of AI, still underappreciated by consensus (e.g., SK Hynix, TSMC), while reducing exposure to fully priced, high-beta AI names such as data-center-related stocks.
Performance Overview
Data as of: Jan 8, 2026.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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/01/2026
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Nov 28, 2025.| North America | 57.4 % |
| Asia | 24.1 % |
| Europe | 15.0 % |
| Latin America | 2.4 % |
| Asia-Pacific | 0.7 % |
| Eastern Europe | 0.3 % |
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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: Nov 28, 2025.Equity Investment Weight99.2 %
Net Equity Exposure98.5 %
Number of Equity Issuers78
Active Share77.7 %
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
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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.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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