Share Class
LU0992627967
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
Key documents
Asset Allocation
Bonds43.8 %
Equities42.5 %
Other13.7 %
Data as of: Apr 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
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
+ 67.9 %
+ 51.2 %
+ 20.8 %
+ 31.7 %
+ 13.4 %
To 11/05/2026
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
+ 5.2 %
+ 1.4 %
- 10.0 %
+ 12.3 %
+ 13.4 %
+ 0.1 %
- 7.9 %
+ 4.0 %
+ 8.9 %
+ 13.1 %
Net Asset Value
167.94 £
Asset Under Management
1 689 M €
Net Equity Exposure31/03/2026
35.5 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: May 11, 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
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
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: Apr 30, 2026.Fund management team
Performance commentary
- The fund delivered a positive return, outperforming its reference indicator.
- Absolute performance was supported by equities across both developed and emerging markets, with the AI value chain remaining the key common theme across regions.
- Most of the outperformance came from our rates positioning, with inflation strategies among the main contributors. Exposure to Emerging Market debt and currencies also contributed positively.
- Equity hedges and commodity exposure slightly detracted from performance.
Outlook strategy
- The war in Iran is creating three key shocks: an inflation shock, with underappreciated second-round effects; a growth shock, currently viewed as mild by markets but likely to prove more severe in Europe than in the US; and a fiscal shock, which should disproportionately affect highly indebted countries.
- In this environment, our preferred asset classes remain equities and Emerging Market currencies, especially in Latin America.
- A strong earnings backdrop and continued optimism around AI remain powerful tailwinds for equity markets, leading equity investors to look through the energy shock and higher interest rates. So far, the energy shock does not appear severe enough to derail the AI investment cycle, which continues to exceed expectations. This supports a high equity exposure, currently at 40%, while maintaining a diversified underlying portfolio.
- Over the month, our main equity strategy was to take regular, incremental profits on our semiconductor exposure, especially in higher-beta names, while reinforcing our “diversifiers”. This included, on the one hand, a defensive bucket composed of US drug distributors and names such as Berkshire Hathaway, and, on the other hand, a growing allocation to Emerging Market banks.
- On rates, we maintain a very modestly positive duration stance. We are positioned long in short-term maturities, as markets tend to underestimate the impact of the inflation shock on growth. We remain cautious on long-duration bonds, given rising fiscal pressures, elevated deficits, and still-limited demand for sovereign debt. On inflation, we have shifted our U.S. breakeven exposure toward longer maturities and recently trimmed positions after taking profits following the move.
- Our exposure to gold miners stands around 1%.
- Our strongest FX conviction is that the war is eroding US credibility, which reinforces our bearish long-term view on the dollar. We therefore maintain a low allocation to the greenback, with options in place to reduce it further should the dollar weaken.
Performance Overview
Data as of: May 11, 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.
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 12/05/2026
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Bonds | 43.8 % |
| Equities | 42.5 % |
| Money Market | 10.9 % |
| Cash, Cash Equivalents and Derivatives Operations | 2.8 % |
| Credit Default Swap | -18.7 % |
To Access the weekly view
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: Mar 31, 2026.Equity Investment Weight38.8 %
Net Equity Exposure35.5 %
Active Share84.3 %
Modified Duration1.1
Yield to Maturity4.4 %
Average RatingA-
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.
To Access the weekly view
Articles that may interest you
Strategies insights • April 8, 2026 • English
Carmignac Patrimoine: Letter from the Fund Managers - Q1 2026
3 minute(s) read
Strategies insights • March 30, 2026 • English
Carmignac Patrimoine: The Key to Effective Diversification
4 minute(s) read
Did you enjoy the fund page?
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.
Market environment