Equity strategies

Carmignac Portfolio Investissement

SICAVGlobal marketSRI Fund Article 8
Share Class


A Fund geared for a changing world
  • An international equity Fund offering an exposure to companies that thrive in an evolving global world.
  • An opportunistic approach aiming at benefiting from the most promising market dynamics and trends.
Key documents
Asset Allocation
Equities93.5 %
Other6.5 %
Data as of:  30 Apr 2024.
Risk Indicator
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 109.7 %
+ 88.3 %
+ 21.1 %
+ 31.6 %
From 19/11/2015
To 23/05/2024
Calendar Year Performance 2023
- 1.8 %
+ 3.5 %
+ 6.5 %
- 11.8 %
+ 28.0 %
+ 36.3 %
+ 5.1 %
- 15.8 %
+ 21.6 %
Net Asset Value
209.7 $
Asset Under Management
257 M €
Global market
SFDR - Fund Classification


Data as of:  23 May 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

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:  30 Apr 2024.
Fund management team

Kristofer Barrett

Fund Manager

Market environment

April was a difficult month for equities and bonds due to higher-than-anticipated US inflation and persistently solid growth. This led the markets to lower their expectations of imminent rate cuts at the Federal Reserve, pushing up bond yields and pressurising share prices. The month also brought announcements of Q1 results. Although most companies beat forecasts, the markets were more willing than usual to punish those who fell short. Investors are trying to decide whether earnings growth justifies the rise in prices over the last six months. European equities have held up better than their US peers, benefitting from brighter growth prospects and a less worrisome inflation trend. However, Japanese equities underwent a correction after posting gains in each of the five previous months. The wider spread between the interest rates of Japan and other developed countries exerted downside pressure on the yen and raised concerns about the effect of imported inflation on domestic demand. Chinese equities rallied strongly, brought to life initially by government stimulus, then a slight improvement in sentiment and their particularly attractive valuations.

Performance commentary

The Fund posted a negative performance, trailing its reference indicator. The main drag was Meta, the parent company of Facebook and Instagram. Although its results were good, the company is planning to raise spending and, in particular, accelerate investment in generative AI, reviving concerns about Meta’s ability to control its costs. Technology stocks as a whole suffered. These included AI players like AMD, Microsoft and Nvidia. However, we are still taking a constructive approach to growth in the semiconductor industry and the beneficiaries of this theme. The other sector to struggle in April was finance, with UBS and Block notable fallers. The Fund did benefit from the appreciation of Danish giant Novo Nordisk, which leads the booming market for obesity treatments, and Chinese markets’ rally through positions in DiDi and Alibaba.

Outlook strategy

The beginning of the year was good for equity markets due to the global economic recovery and expectations of monetary easing. However, volatility has now reared its head as the markets look to strike a balance between economic growth and concerns about high inflation and interest rates. We think the economic recovery will continue, but with greater divergence between central banks’ respective monetary policies. Financial markets’ trajectory will therefore be less predictable. Moreover, valuations are currently high, leaving little room for disappointment. We are therefore adjusting our portfolio gradually, in preparation for more volatile conditions. After benefitting greatly from the AI and obesity themes, we have taken profits and reallocated the proceeds to better quality, more defensive stocks in different sectors. In IT, we are diversifying our semiconductor exposure to companies that offer predictable growth at a reasonable price. In healthcare, we are taking profits on investments in the GLP-1 giants and diversifying with a similar strategy.

Performance Overview

Data as of:  23 May 2024.
​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.
Source: Carmignac at 26/05/2024

Carmignac Portfolio Investissement Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
North America59.6 %
Europe23.7 %
Asia13.5 %
Asia-Pacific1.8 %
Latin America1.4 %
Total % Equities100.0 %
North America59.6 %
57.8 %
1.8 %

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:  30 Apr 2024.
Equity Investment Weight93.5 %
Net Equity Exposure93.5 %
Number of Equity Issuers60
Active Share77.8 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team

Kristofer Barrett

Fund Manager
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.
View Fund's characteristics
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.