Diversified strategies
Carmignac Portfolio Patrimoine Europe
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 8Share 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.
Key documents
Asset Allocation
Bonds40.4 %
Equities34.1 %
Other25.5 %
Data as of: 30 Aug 2024.
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
- 0.5 %
0.0 %
0.0 %
0.0 %
+ 9.1 %
To 05/09/2024
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
-
-
-
-
-
-
-
-
- 11.0 %
+ 4.1 %
Net Asset Value
99.55 $
Asset Under Management
511 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 30 Aug 2024.
Data as of: 5 Sep 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 Jul 2024.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
The Fund's performance was positive in July, but slightly underperformed its reference indicator.
The sector rotation and lower duration explain most of the relative underperformance over the month.
Not having cyclical sectors in the portfolio cost us in relative, but this was offset by our stock selection in the healthcare sector and our exposure to gold.
Our low modified duration did not allow us to take full advantage of the sharp decline in interest rates.
However, the fund benefit from our carry strategies, benefiting from tighter credit spreads.
Outlook strategy
Our conviction strengthens around a soft landing of global economies, where growth slows without a recession being triggered.
In light of the performance of the first two quarters and the prevailing uncertainties surrounding growth, disinflation, and politics, we have adopted a cautiously optimistic approach and made the decision to partially de-risk the portfolio in comparison to recent months.
We continue to build up protection via option strategies, particularly on volatility, equities, currencies and credit. These strategies enable us to naturally reduce exposure if we enter a correction phase.
Performance Overview
Data as of: 5 Sep 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 08/09/2024
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| Europe | 100.0 % |
| Total % Equities | 100.0 % |
Europe100.0 %
 France | 26.7 % |
 Germany | 22.4 % |
 Denmark | 15.1 % |
 Switzerland | 13.8 % |
 Netherlands | 12.4 % |
 Sweden | 5.1 % |
 Ireland | 2.7 % |
 Spain | 1.5 % |
 Italy | 0.3 % |
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: 30 Aug 2024.Equity Investment Weight34.1 %
Net Equity Exposure35.1 %
Active Share86.6 %
Modified Duration1.7
Yield to Maturity4.5 %
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
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
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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
In Europe, growth surprised to the upside at +0.3% in the second quarter, while inflation picked up slightly. In the US, the economy is slowly paving the way for a soft landing, with job creation and retail sales easing over the month. At the same time, inflation continued to trend lower.
As expected, the Fed left short-term rates unchanged during their July meeting. However, the combination of a less dynamic job growth and lower inflation sets the stage for the Fed to potentially lower rates in September.
In July, political volatility came from the US. Trump survived an assassination attempt, Biden ended his 2024 candidacy, and Harris' nomination boosted Democrats' standing in the polls, hinting at a closely contested election.
Equity market underwent a significant rotation during the month, with small cap and value stocks performing well and outperforming mega cap and growth stocks.
Yield have declined meaning over the month both in Europe and the US, while the yield curve steepens. In the credit market, investment grade (IG) bonds outperformed high yield bonds.