Alternative strategies

Carmignac Portfolio Long-Short European Equities

SICAVEuropean marketArticle 8
Share Class

LU0992627538

A high-conviction long/short approach to European equities
  • A bottom-up fundamental approach to maximise long and short alpha generation.
  • Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
Key documents
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 94.3 %
+ 87.8 %
+ 48.1 %
+ 23.1 %
+ 22.7 %
From 15/11/2013
To 21/06/2024
Calendar Year Performance 2023
+ 1.7 %
- 7.4 %
+ 10.8 %
+ 19.0 %
+ 6.6 %
+ 3.1 %
+ 8.4 %
+ 13.9 %
- 4.2 %
+ 2.7 %
Net Asset Value
194.3 $
Asset Under Management
589 M $
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  21 Jun 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 Long-Short European Equities 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:  31 May 2024.
Fund management team
[Management Team] [Author] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP

Market environment

  • Along with better-than-expected Q1 earnings, investors’ optimism for the economy shored up risky assets in May.

  • European large caps such as ASML and SAP beat their profit forecasts, fuelling their performance.

  • The possibility of the European Central bank cutting interest rates further brightened the outlook for European equities.

  • Despite difficult conditions ahead of European elections, Europe’s industrial champions continued to grow.

Performance commentary

  • In May, the fund posted a positive performance, driven by our Core Long book and our positions in the Technology sector.
  • Overall, the surge in Tech stocks was driven by robust earnings, AI optimism, and the ongoing digital transformation.
  • Our semi-conductor positions performed particularly well, as Nvidia exceeded earnings estimates, reinforcing the AI-driven rally’s momentum.
  • On the Short side, our short in Lululemon continued to work well as they reported slower growth than expected and guidance below expectations.

Outlook strategy

  • The net exposure of the strategy remains stable; and our gross exposure stayed stable above 200%.
  • As fundamentals are back at driving stock prices, we continued to reinforce our convictions on both the long and short side and our portfolio is back to a normal level of convictions.
  • On the long side of the book, our portfolio in our Core Long book has been stable with strong convictions in Prada in the Luxury sector and several positions in the Technology sector like Nova Limited, Hynix or SAP; as well as some defensive positions like Novo Nordisk and Deutsche Telekom.
  • On the short side, we continue to find many new names in the Consumer, Industrials and Technology spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
  • Overall, we keep strong convictions in our Core Long book and have sized up these positions accordingly. We feel the current environment is quite conducive to our conviction-led portfolio.

Performance Overview

Data as of:  21 Jun 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.From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
Source: Carmignac at 25/06/2024

Carmignac Portfolio Long-Short European Equities Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  21 Jun 2024.
Europe EUR35.4 %
Other countries18.3 %
Europe ex-EUR12.6 %
North America9.1 %
Equity Basket Derivatives-21.0 %
Index Derivatives-31.5 %
Total % of alternative23.0 %
Europe EUR35.4 %
deGermany
20.1 %
nlNetherlands
8.5 %
itItaly
7.1 %
esSpain
2.2 %
frFrance
1.0 %
beBelgium
-0.3 %
Luxembourg
-0.4 %
atAustria
-1.2 %
fiFinland
-1.5 %

Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  21 Jun 2024.
Net Equity Exposure23.0 %
Beta+0.1 %
Sortino Ratio+5.3
Number of Holdings25

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] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
[Management Team] [Author] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.