Diversified strategies

Carmignac Portfolio Patrimoine Europe

SICAVEuropean marketSRI Fund Article 8
Share Class

LU2427321380

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.
Asset Allocation
Bonds39.1 %
Equities34.3 %
Other26.6 %
Data as of:  14 Jun 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
- 1.5 %
0.0 %
0.0 %
0.0 %
+ 8.1 %
From 31/12/2022
To 21/06/2024
Calendar Year Performance 2023
-
-
-
-
-
-
-
-
- 11.0 %
+ 4.1 %
Net Asset Value
98.5 $
Asset Under Management
533 M $
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  21 Jun 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 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:  31 May 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager

Market environment

  • The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.

  • Although the US economy remains firm, signs of cooling were observed in May.

  • In Europe, PMIs published during the month confirmed an improvement in economic activity.

  • This desynchronisation led to a sharp drop in US yields whereas the Eurozone trend was more upward, especially for the long end of the curve.

  • The downward trend for US interest rates helped growth stocks and narrowed spreads.

Performance commentary

  • The Fund delivered a positive return but trailed its reference indicator.

  • It benefitted from favourable conditions for risky assets, largely through our equity and credit investments.

  • Our hedging had a negative impact and explains the underperformance.

  • The rise in European yields also proved slightly detrimental.

Outlook strategy

  • European economies should hold firm over the coming months and be accompanied by more accommodative monetary policy, which is why we are keeping risky asset exposure high.

  • However, we realise that these assets have done very well this year and become somewhat saturated.

  • This calls for a degree of caution and explains why we have bought some options, which were trading very cheaply after volatility eased.

Performance Overview

Data as of:  21 Jun 2024.
​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 25/06/2024

Carmignac Portfolio Patrimoine Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  21 Jun 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
25.9 %
deGermany
21.8 %
dkDenmark
16.0 %
nlNetherlands
15.0 %
chSwitzerland
11.9 %
seSweden
5.1 %
ieIreland
2.7 %
esSpain
1.6 %

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:  21 Jun 2024.
Equity Investment Weight33.3 %
Net Equity Exposure31.8 %
Active Share88.4 %
Modified Duration2.4
Yield to Maturity4.7 %
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.

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] Denham Mark

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
View Fund's characteristics
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.