Diversified strategies

Carmignac Portfolio Patrimoine

Global marketArticle 8
Share Class

LU0992627611

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
  • Combine long-term growth and resilience with a socially responsible approach
Asset Allocation
Equities43.5 %
Bonds39.9 %
Other16.6 %
Data as of:  May 30, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 41.2 %
+ 19.1 %
+ 17.1 %
+ 20.8 %
+ 6.8 %
From 15/11/2013
To 04/07/2025
Calendar Year Performance 2024
+ 1.3 %
+ 4.4 %
+ 0.5 %
- 10.8 %
+ 11.2 %
+ 13.4 %
- 0.3 %
- 8.8 %
+ 2.7 %
+ 7.6 %
Net Asset Value
141.24 €
Asset Under Management
1 517 M €
Net Equity Exposure30/05/2025
36.3 %
SFDR - Fund Classification

Article

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Data as of:  Jul 4, 2025.
​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.

Carmignac Portfolio Patrimoine 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:  Jun 30, 2025.
Fund management team

Market environment

• In June, risky assets rebounded—particularly in the US—despite mixed economic indicators and persistent geopolitical tensions.• Tensions with Iran briefly pushed oil prices higher, but equity markets remained resilient, focusing instead on US budgetary and trade deals. • Wall Street outperformed other developed markets, driven by the technology sector, but was ultimately outpaced by emerging markets, which benefited from a weaker dollar. • Ongoing concerns over the US deficit, declining consumption, repatriation flows from foreign investors, and increased currency hedging continued to weigh on the dollar. • On the interest rate front, US Treasury yields declined across the curve, while German yields rose following the adoption of a record investment plan aimed at revitalizing Europe’s largest economy. • The Fed kept rates unchanged but revised its inflation forecasts upward, while the ECB eased monetary policy by 25 basis points but remained vigilant regarding inflationary risks.

Performance commentary

• The fund ended the month higher, outperforming its reference indicator.• Stock selection was the main contributor to performance. • Our US technology holdings—such as Broadcom, Nvidia, Amphenol, and Arista Networks—fully benefited from a favorable sector environment. • Likewise, our emerging market technology positions were among the top contributors, particularly our biggest holding TSMC, as well as South Korea’s SK Hynix. • Our decision to neutralize dollar exposure was the second main performance driver, enabling us to capitalize on the outperformance of the euro and emerging market currencies (BRL, MXN). • However, our cautious stance on interest rates, especially in the US, and our put options on equity indices slightly detracted performance over the month.

Outlook strategy

• We remain broadly optimistic about US growth, despite recent signs of weakness in the labor market.• A more stable environment in the Middle East and solid corporate fundamentals support our decision to maintain significant exposure to equity markets. • However, with risky assets offering limited risk premiums, we believe it is essential to remain vigilant and implement hedging measures via options. • The fund maintains a 40% allocation to equities, focusing on high-quality growth companies in the US, as well as select opportunities in emerging markets and Europe. • On the fixed income side, we remain cautious given the recent tightening of credit spreads and have increased our protection in the high-yield segment. • We continue to hold a bearish view on US, European, and Japanese sovereign rates. • In currencies, we maintain a preference for the euro and emerging market currencies over the US dollar, which is likely to face headwinds from unfavorable investor capital flows.

Performance Overview

Data as of:  Jul 4, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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 08/07/2025

Carmignac Portfolio Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Equities43.5 %
Bonds39.9 %
Money Market8.6 %
Cash, Cash Equivalents and Derivatives Operations8 %
View details

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  May 30, 2025.
Equity Investment Weight43.5 %
Net Equity Exposure36.3 %
Active Share83.5 %
Modified Duration-0.6
Yield to Maturity4.4 %
Average RatingBBB
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

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

Kristofer Barrett

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer Barrett is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume Rigeade is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager
Source and Copyright: Citywire. Eliezer Ben Zimra is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Jacques Hirsch

Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

Fund Manager
View Fund's characteristics

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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.
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.