
Carmignac Patrimoine: Letter from the Fund Managers - Q3 2026
Carmignac Patrimoine (A EUR Acc) returned +3.12% in the third quarter of 2026, outperforming its reference indicator, which was flat at +0.10%.
Market environment during the period
The third quarter was marked by a growing disconnect between resilient economic activity and increasingly challenging rates environment. Global growth remained supported by robust corporate investment, particularly in artificial intelligence, while geopolitical tensions in the Middle East pushed energy prices sharply higher. Combined with persistent inflationary pressures, this resilience prompted central banks to maintain a restrictive stance, with both the Federal Reserve and the ECB raising interest rates over the quarter.
Fixed income markets came under significant pressure as rising inflation expectations, tighter monetary policy and concerns over fiscal sustainability drove sovereign yields higher. Long-term rates rose sharply across developed markets, while investors became increasingly selective towards sovereign issuers. In Europe, French government bonds were particularly affected by political uncertainty and deteriorating fiscal prospects, leading to a widening of spreads against Germany. Fed hawkish tone also supported the US dollar towards the end of the quarter.
Despite the challenging macro backdrop, global equities remained relatively resilient, but the headline performance masked increasingly divergent trends beneath the surface. US technology stocks and emerging-market semiconductor companies continued to lead, supported by strong AI-related investment and earnings momentum. Importantly, earnings growth in many of these companies outpaced share-price gains, allowing valuations to compress despite positive returns. Elsewhere, the picture was more challenging. European equities came under pressure as rising energy prices and higher yields weighed on valuations. At the same time, market leadership remained unusually unstable, rotating between high-growth technology, defensive and value-oriented stocks.
How did we fare in this context?
The Fund delivered a solid quarter, rising by more than 3%, in a difficult environment for multi asset funds given the rise of rates. Importantly, performance was well diversified across asset classes, with equities, bonds and forex all contributing positively.
Equity positioning was a key source of performance. A more selective approach to high-beta technology, combined with greater exposure to quality companies in healthcare and financials, helped the Fund navigate the sharp summer correction. Portfolio adjustments made ahead of the summer, including profit-taking in SK Hynix and increased exposure to quality technology companies and opportunities beyond hardware. Technology remained the main performance driver, led by Atlassian, Nvidia and Asia Vital Components, while defensive healthcare and financial holdings such as Cencora, McKesson and Intercontinental Exchange provided valuable diversification during periods of market volatility. As markets recovered, selected semiconductor and technology convictions also contributed strongly, allowing the portfolio to combine resilience during the sell-off with participation in the rebound.
The standout contributor was fixed income. In a quarter marked by a broad and severe sell-off in sovereign bond markets, the Fund did more than simply withstand the rise in yields: its flexible positioning allowed it to benefit from it. Increased exposure to inflation-linked bonds and inflation swaps contributed positively as inflation expectations repriced higher, while active duration management proved particularly effective. Short positions at the long end of both US and European yield curves generated gains as curves bear-steepened. Towards quarter-end, following the sharp repricing of ECB expectations, we also increased exposure to short-dated euro rates. This leaves the portfolio positioned to navigate two-sided risks: inflation remaining persistent, but also the possibility that tighter financial conditions eventually weigh on economic activity.
Currencies and commodities provided a further layer of diversification. Positions in the Japanese yen and Korean won contributed alongside exposure to commodity-sensitive currencies such as the Australian dollar. Gold and copper miners also added value over the quarter, with active management of these exposures allowing the Fund to capture part of their rebound in August.
Outlook & positioning
The global economy continues to show resilience, but many of the forces supporting growth are also inflationary. Geopolitical and climate-related disruptions are putting upward pressure on commodity prices, while higher defence, infrastructure and climate-related spending are adding to demand. The AI investment cycle reinforces this dynamic: while it should generate significant productivity gains over time, the scale of investment required is already creating additional demand and bottlenecks across semiconductors, power infrastructure and industrial metals.
This combination of resilient nominal growth, persistent inflation and large fiscal deficits should keep long-term yields under pressure. Central banks therefore face an increasingly difficult trade-off between inflation and growth, while bond markets are becoming less tolerant of fiscal imbalances. Europe illustrates this well: resilient activity and the ECB’s focus on price stability remain supportive, but fiscal and political risks are driving greater differentiation across sovereign markets. We see the widening in French spreads primarily as a repricing of fiscal fundamentals rather than the beginning of a broader European sovereign crisis.
Against this backdrop, we remain constructive on equities as resilient nominal growth continues to support corporate earnings. We retain strong conviction in the structural AI theme, particularly semiconductors, but are increasingly diversifying our sources of growth. We have selectively reduced some technology exposure in favour of opportunities across consumer-related sectors, financials and healthcare. We also added volatility hedges, taking advantage of low headline volatility at a time when dispersion across individual stocks remains elevated.
In fixed income, higher yields are creating more attractive entry points. We currently favour the front end of the European curve, where markets appear overly pessimistic on the extent of future ECB tightening, while remaining cautious on longer-dated bonds given persistent inflation risks, large fiscal deficits and rebuilding term premia. We continue to see value in inflation-linked bonds, particularly Italian linkers at intermediate maturities, where real yields remain attractive. In the US, we maintain our short duration given the potential deficit increase post mid terms. We also maintain a defensive stance on credit, with limited exposure to the most speculative segments, while retaining the flexibility to redeploy capital if spreads widen.
Finally, currencies remain an important source of diversification. We maintain a structural underweight to the US dollar: renewed European uncertainty may support its safe-haven role in the short term, but does not alter our more cautious long-term view. We also maintain a long position in the Japanese yen for its defensive characteristics, alongside selective exposure to emerging-market currencies, including the Brazilian real.
Carmignac Patrimoine A EUR Acc
- Duración mínima recomendada de la inversión
- 3 años
- Escala de riesgo*
- 3/7
- Clasificación SFDR**
- Artículo 8
*Escala de riesgo del KID (Documento de datos fundamentales). El riesgo 1 no implica una inversión sin riesgo. Este indicador podría evolucionar con el tiempo. **Reglamento SFDR (Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, por sus siglas en inglés) 2019/2088. La clasificación SFDR de los Fondos puede evolucionar con el tiempo.
Principales riesgos del Fondo
Gastos
- Costes de entrada
- 4,00 % del importe que pagará usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. Carmignac Gestion no cobra costes de entrada. La persona que le venda el producto le comunicará cuánto se le cobrará realmente.
- Costes de salida
- No cobramos una comisión de salida por este producto.
- Comisiones de gestión y otros costes administrativos o de funcionamiento
- 1,80 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año.
- Comisiones de rendimiento
- 20,00 % max. del exceso de rentabilidad, siempre que la rentabilidad desde el inicio del año supere la rentabilidad del indicador de referencia y no deba recuperarse ninguna rentabilidad inferior pasada. El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación de los costes agregados anterior incluye la media de los últimos 5 años, o desde la creación del producto si se produjo hace menos de 5 años.
- Costes de operación
- 0,32 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos.
Rentabilidades
| Carmignac Patrimoine | +7,4 | +12,1 | +7,1 | +2,2 | −9,4 | −0,9 | +12,4 | +10,5 | −11,3 | +0,1 |
| Indicador de referencia | +6,7 | +1,1 | +11,4 | +7,7 | −10,3 | +13,3 | +5,2 | +18,2 | −0,1 | +1,5 |
| Carmignac Patrimoine | +10,2 % | +3,2 % | +2,9 % |
| Indicador de referencia | +7,8 % | +4,0 % | +5,5 % |
Fuente: Carmignac a 30 de sep. de 2026.
Las rentabilidades históricas no garantizan rentabilidades futuras. La rentabilidad es neta de comisiones (excluyendo las eventuales comisiones de entrada aplicadas por el distribuidor) El fondo no garantiza la preservación del capital.
La rentabilidad puede aumentar o disminuir como consecuencia de las fluctuaciones de las divisas, en el caso de las acciones que no estén cubiertas por divisas.
Indicador de referencia: 40% MSCI AC World NR index + 40% ICE BofA Global Government Index + 20% €STR Capitalized Index. Frecuencia de rebalanceo: Trimestral
