Share Class
LU1744630424
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
- A socially responsible Fund that aims to positively contribute to the environment and society.
Key documents
Asset Allocation
Bonds35.2 %
Other34.1 %
Equities30.7 %
Data as of: Sep 30, 2025.
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
+ 47.5 %
-
+ 17.9 %
+ 17.2 %
+ 4.8 %
To 09/10/2025
Calendar 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 2023Calendar Year Performance 2024
-
-
-
- 4.3 %
+ 19.3 %
+ 14.5 %
+ 10.3 %
- 12.3 %
+ 2.7 %
+ 8.0 %
Net Asset Value
147.54 €
Asset Under Management
495 M €
Net Equity Exposure30/09/2025
45.7 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2025.
Data as of: Oct 9, 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.
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Carmignac Portfolio Patrimoine Europe 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: Sep 30, 2025.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Jacques Hirsch
Fund Manager
Performance commentary
- In September, the Fund delivered a positive return, although it slightly underperformed its reference indicator.
- As since the beginning of the year, the relative weakness of quality stocks continued to weigh on performance.
- Within sectors, industrials and healthcare names such as Siemens, DSV, and Alcon detracted from returns.
- In contrast, commodities exposure proved highly supportive, with strong gains in gold and silver prices driving outperformance.
- On the fixed income side, sovereign rates performance were neutral, while corporate bond exposure contributed positively. However, our CDS positions were a modest drag on total performance.
- Diversification benefits also came through, particularly from our BRL/EUR currency exposure, which supported returns on the FX side.
Outlook strategy
- European growth is expected to stay weak in the near term, with a cyclical rebound likely only from late 2025 into 2026, supported by reduced policy uncertainty, improved credit conditions, and fiscal stimulus in Germany.
- Disinflation should continue through year-end, as base effects fade and wage pressures ease.
- Market expectations are no longer dovish, with the yield curve already pricing in rate hikes by late 2026. The asymmetry lies in the ECB’s position: it stands ready to cut rates if needed. A cautious stance is maintained on the long end of the curve.
- Inflation-linked strategies remain attractive, with real rates at their highest levels in a decade.
- Equity exposure remains constructive, supported by the current macro environment.
- Quality companies continue to offer compelling valuations, with particular opportunities in sectors tied to structural themes such as electrification and reindustrialisation. The Fund has also reinforced its allocation to banks, underpinned by strong fundamentals.
- In credit, spreads appear expensive and provide a useful hedge against equities. However, carry remains attractive and dispersion across issuers offers potential for alpha generation
Performance Overview
Data as of: Oct 9, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The 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 11/10/2025
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2025.| Bonds | 35.2 % |
| Equities | 30.7 % |
| Money Market | 29.4 % |
| Cash, Cash Equivalents and Derivatives Operations | 4.7 % |
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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: Sep 30, 2025.Equity Investment Weight30.7 %
Net Equity Exposure45.7 %
Active Share90.2 %
Modified Duration0.7
Yield to Maturity3.1 %
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.
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Mark Denham
Head of Equities, Fund Manager
Jacques Hirsch
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques Hirsch
Fund Manager
Articles that may interest you
Patrimoine Strategy • February 4, 2025 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
Patrimoine Strategy • October 15, 2024 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
Patrimoine Strategy • April 18, 2024 • English
Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
3 minute(s) read
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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.
Market environment