Share Class
LU1317704135
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.
- Risk management at the core of our investment process to limit volatility and downside risk.
Key documents
Risk Indicator
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Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 68.6 %
+ 69.0 %
+ 21.7 %
+ 22.8 %
+ 2.1 %
To 07/04/2026
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
+ 8.1 %
+ 14.8 %
+ 3.4 %
- 1.1 %
+ 6.3 %
+ 12.4 %
- 7.0 %
- 0.7 %
+ 17.1 %
+ 7.1 %
Net Asset Value
168.58 €
Asset Under Management
693 M €
Net Equity Exposure27/02/2026
1.0 %
SFDR - Fund Classification
Article
8
Data as of: Apr 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 Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
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](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Heiniger-Malte.png?auto=format%2Ccompress&fit=fill&w=3840)
Malte HEININGER
Delegated Fund Manager, White Creek Capital LLP
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: Mar 31, 2026.Performance commentary
- In March, the fund delivered a negative performance, primarily driven by the Long book.
- The Long book experienced a broad-based sell-off despite having no direct exposure to the Middle East. Fresenius and Siemens Healthineers—both core positions for several quarters were the largest detractors.
- Their share price weakness reflected a deterioration in short-term sentiment toward the medtech sector, rather than any change in fundamentals or long-term structural growth drivers.
- Our semiconductor holdings (including ASM International and ASML) were also impacted, as the SOX index declined by double digits.
- Investor concerns intensified around potential supply chain disruptions and cost inflation linked to the Iran conflict, alongside growing fatigue around the “AI trade.
- The Short book generated positive returns but was insufficient to offset losses in the Long book. The top contributor was GoEasy, a Canadian consumer lending company we have held in our aggressive accounting bucket for several months, based on our view that it understated loan delinquencies and charge-offs.
- The company subsequently issued a profit warning, withdrew its guidance, and lost nearly 70% of its market value in a single day.
- The Hedging book also contributed positively. However, sharp intraday market moves driven by headline risk created non-linear, multi-factor shocks, which reduced the effectiveness of the hedges at the portfolio level.
Outlook strategy
- The net exposure of the strategy was reduced to low single-digit during the first part of the month and net short during the middle part of the month, as we implemented some hedges to protect the portfolio during these extreme volatile moves.
- We remain constructive on the Long side in industries such as luxury goods, specialty engineering, specialty chemicals, medical technology, aerospace and defense, and classifieds.
- We remain constructive on Europe in 2026, as the fiscal stimulus and low rates provide an attractive tailwind.
- Germany has removed the fiscal drag which has weighted on Europe for more than a decade and the upcoming defense and infrastructure historic investment plan will have a profound impact on the overall region.
- Our portfolio remains focused on stock specific and idiosyncratic drivers, rather than macro plays.
- On the short side, we continue to find many new names in the Consumer and Industrials spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings.
Performance Overview
Data as of: Apr 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 Fund presents a risk of loss of capital.
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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/04/2026
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Feb 27, 2026.| Europe EUR | 35.8 % |
| Others | 9.0 % |
| North America | 4.3 % |
| Europe ex-EUR | -10.2 % |
| Equity Basket Derivatives | -10.5 % |
| Index Derivatives | -27.4 % |
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Key figures
Below are some key figures to help you understand the Fund's management and positioning.
Exposure Data
Data as of: Feb 27, 2026.Net Equity Exposure1.0 %
Beta+0.1
Sortino Ratio+0.1
Number of Holdings21
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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.
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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