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Equity strategies

Carmignac Portfolio Tech Solutions

Luxembourg SICAV sub-fundThematicArticle 9
Share Class

LU2809794659

Capturing technology-driven growth across the value chain
  • Investing in companies that are driving innovation that represent a solution to a changing world.
  • An opportunistic approach capturing attractive trends worldwide across the value chain.
  • A strategy that goes beyond investing in the tech sector by capturing technology in a wider spectrum.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities94.9 %
Other5.1 %
Data as of:  Sep 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 77.0 %
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+ 17.2 %
From 21/06/2024
To 05/11/2026
Calendar Year Performance 2025
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+ 3.3 %
+ 47.1 %
Net Asset Value
$176.99
Asset Under Management
681 M €
Net Equity Exposure30/09/2026
84.1%
SFDR - Fund Classification

Article

9
Data as of:  Nov 5, 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

The strategy in a nutshell

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

Kristofer BARRETT

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer BARRETT is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 2026. 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.
Now that technology is accelerating at a faster pace, we aim to capitalise on the significant impact it is having on global equity markets.

Kristofer BARRETT

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer BARRETT is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 2026. 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.
View Fund's characteristics

Carmignac Portfolio Tech Solutions 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:  Oct 30, 2026.
Fund management team

Kristofer BARRETT

Head of Global Equities, Fund Manager
Source and Copyright: Citywire. Kristofer BARRETT is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 2026. 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.

Market environment

  • Global equity markets experienced an eventful October, against the backdrop of a busy earnings season. While the global equity index ended the month broadly flat, underlying moves were much more pronounced: high-beta segments and stocks that had benefited most from the momentum surrounding artificial intelligence corrected sharply, leading to greater dispersion across sectors and styles.
  • The earnings season remained fundamentally strong, with more than 80% of S&P 500 companies reporting so far beating EPS expectations and blended earnings growth reaching around +30% year-on-year. Against this solid backdrop, the intensification of investment by US technology giants in AI infrastructure stood out. Despite broadly strong operating results, accelerating capital expenditure and the resulting pressure on cash generation prompted greater caution. Investors are becoming increasingly demanding regarding the returns on these investments, triggering a correction in US mega-cap technology stocks that quickly spread across the broader value chain, particularly in South Korea and Taiwan.
  • This move was accompanied by a pronounced style rotation. Momentum and high-beta stocks lost ground in favour of higher-quality companies offering greater earnings visibility, with renewed interest notably in healthcare and selected financial stocks.
  • Finally, the macroeconomic backdrop remained unsupportive of further multiple expansion. Resilient US growth, persistent inflation and higher oil prices kept real yields and the term premium elevated. Against this backdrop, the Federal Reserve left policy rates unchanged, judging that the balance between economic activity and inflation did not yet warrant further monetary easing.

Performance commentary

  • Against this difficult backdrop for technology stocks, our portfolio delivered negative absolute and relative performance over the month.
  • AI-related stocks corrected sharply following hyperscaler earnings releases. Despite solid results, accelerating capital expenditure and the resulting pressure on cash generation renewed concerns around the financing of the investment cycle. Although we remain significantly underweight this segment, the correction spread across the broader value chain.
  • Semiconductor, memory and equipment manufacturers were therefore penalised despite still-robust earnings prospects. Celestica, MKS Instruments, TSMC and SK Hynix were among the main detractors over the period. End-demand nevertheless remains strong: SK Hynix reported results above expectations, supported by HBM memory, while Celestica continues to benefit from growth in data-centre infrastructure.
  • Conversely, our software exposure supported performance. After being heavily penalised by concerns over AI-driven disruption, the sector benefited from a reassessment of these risks and more favourable earnings expectations. GitLab, Atlassian and Autodesk were among the main contributors over the month.

Outlook strategy

  • Limited visibility on the monetisation of data-centre investment continues to weigh on investor sentiment, sustaining elevated volatility across technology stocks. Against this backdrop, we remain highly selective, with a particular focus on valuation levels and on AI companies’ ability to generate sustainable cash flows.
  • We continue to favour hardware companies, which directly benefit from the substantial investment being deployed into infrastructure. We are positioned across several bottlenecks in the value chain — memory, semiconductors, equipment, connectivity and cooling.
  • We remain significantly underweight hyperscalers and have exited our remaining positions in Alphabet and Amazon. We nevertheless maintain exposure to Microsoft, whose core businesses remain solid, notably Azure and Copilot, and which we believe offers a more resilient cash-generation profile than its main peers.
  • Over the month, we also took profits in Nvidia and TSMC, where we now see more limited upside potential given their already substantial market capitalisations.
  • Conversely, we increased our exposure to memory, particularly in South Korea. We viewed the recent corrections as excessive relative to fundamentals: SK Hynix continues to deliver strong earnings momentum, supported by demand for advanced memory, while also benefiting from a supportive shareholder-return policy.
  • Finally, within software, we took profits in GitLab and Atlassian following their strong rebound. Both stocks benefited from a reassessment of AI-related disruption concerns and a recovery in valuation multiples.

Performance Overview

Data as of:  Nov 5, 2026.
View Performance in detail
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.
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.
​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/11/2026

Carmignac Portfolio Tech Solutions Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Sep 30, 2026.
North America41.8%
Asia41.2%
Asia-Pacific10.4%
Europe6.0%
Middle East0.6%
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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 management and equity positioning.

Exposure Data

Data as of:  Sep 30, 2026.
Equity Investment Weight94.9%
Net Equity Exposure84.1%
Number of Equity Issuers52
Active Share63.5%
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All analysis
View characteristics and risks
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.
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.