Alternative strategies
Carmignac Portfolio Long-Short European Equities
Luxembourg SICAV sub-fundEuropean marketArticle 8Share 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.
Key documents
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 60.9 %
0.0 %
+ 34.1 %
+ 6.0 %
+ 17.2 %
To 07/10/2024
Calendar Year Performance 2014Calendar 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 2023
-
- 0.2 %
+ 8.1 %
+ 14.8 %
+ 3.4 %
- 1.1 %
+ 6.3 %
+ 12.4 %
- 7.0 %
- 0.7 %
Net Asset Value
160.90 €
Asset Under Management
534 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 7 Oct 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: 30 Sep 2024.Performance commentary
In September, the fund posted a positive performance, driven by our Long book.
Our positions in defensive stocks performed particularly well, with Schibsted, Deutsche Telekom or Fresenius contributing to our alpha.
Our position in Prada did particularly well since the stock is listed in Hong Kong and benefited from the Chinese stimulus announcement.
On the Short side, we benefited from the profit warnings of Aston Martin and Gerresheimer, but the overall portfolio generated negative returns due to the market rally.
We also benefited from the automotive profit warning avalanche as we have a large basket in the top auto OEMs in Europe.
Outlook strategy
- The net exposure of the strategy increased to 37% throughout the month; as we continued to build our strong convictions on the Long side.
- Our gross exposure has been stable in the 140-160% range.
- On the long side of the book, we continued to reposition the portfolio to defensive names with attractive idiosyncratic catalysts, particularly in the Telecommunications and Healthcare spaces.
- 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, the portfolio has a defensive tilt and we have built some strong convictions ahead of the Q3 reporting season.
Performance Overview
Data as of: 7 Oct 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 08/10/2024
Carmignac Portfolio Long-Short European Equities Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Sep 2024.| Europe EUR | 39.6 % |
| Europe ex-EUR | 9.3 % |
| Others | 4.1 % |
| North America | -2.1 % |
| Index Derivatives | -3.3 % |
| Equity Basket Derivatives | -10.2 % |
| Total % of alternative | 37.4 % |
Europe EUR39.6 %
 Germany | 25.9 % |
 Italy | 7.5 % |
 Netherlands | 4.0 % |
 France | 2.7 % |
 Spain | 1.8 % |
 Portugal | 1.6 % |
 Luxembourg | -0.9 % |
 Finland | -3.1 % |
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: 30 Sep 2024.Net Equity Exposure37.4 %
Beta+0.1 %
Sortino Ratio+2.3
Number of Holdings24
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.0
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
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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.
Market environment
Investor sentiment flipped from cautious into a seasonally weak month to optimistic on the back of a clearer picture on US monetary policy and China.Investor positioning remains pro-Defensive, with conviction behind consensual trades being tested and the China exposure emerging as the ‘Pain Trade’.
Macro data was mixed, with the US and China surprising positively while Europe continues to struggle, with PMIs surprising negatively yet again.
This month, we experienced an auto OEM warning avalanche, as the industry faces a bumpy transition to electric vehicles.