Carmignac Patrimoine: Q2 2020 overview
Carmignac Patrimoine gained +8.76% in the second quarter of 2020, taking its full-year return to +1.99%. Our equity portfolio accounted for +3.60% of the quarterly total, while our bond portfolio reduced our overall performance by -1.61%.1
What happened?
The handling of the Covid-19 pandemic triggered the greatest shock to growth ever recorded. After contracting by nearly 16% in the first quarter, the global economy appears to be recovering – thanks to life support for consumer spending.
The speed, scope and form of the authorities’ response to the emergency were truly unprecedented. Central banks and governments took concerted action to ensure that enough money would continue to flow to economic agents – businesses and households – to keep them going and to regulate the debt financing of economic activity via the financial markets and banking system.
The rally in financial assets currently under way flies in the face of what are still patchy economic fundamentals and a most uncertain outlook.
How did we manage the Fund?
Our asset allocation gave us the agility we needed to get through the period, and we feel reasonably upbeat as we enter the second half of the year.
The crisis we are experiencing is accelerating a number of major underlying trends: digital transformation, with all the disruptions it may entail; an increasingly decarbonized economy, with non-financial criteria forming an integral part of how businesses are analysed; and perhaps for the first time, a big political step forward in Europe.
Those meaningful advances have driven our core equity allocation themes, from tech stocks selected from around the world – in the US, Europe and China – to healthcare stocks. Just when it looked like central banks had run out of ammunition, they pivoted swiftly to a degree of cooperation with governments that was previously unheard-of, or even taboo. This barely disguised monetisation of debt has given gold an enduring presence in our equity portfolio and enabled us to balance our risks.
The corporate credit market was hit with a solvency shock – amplified by a liquidity shock – that impacted our performance. In response, we began in March to seize on emerging opportunities to strengthen our allocation, building up a carry portfolio we believe will boost our returns in the next few quarters. We have increased that allocation with three basic themes in mind: quality issuers hurt by unfair spreads since the coronavirus struck, subordinated bank bonds, and those segments of the tourism industry that find themselves at the epicentre of the pandemic. We financed that larger allocation by rebalancing our holdings of sovereign bonds, which have become less attractive.
Carmignac Patrimoine: A Fine Balance of Opposing Forces
Our asset allocation thus reflects a fairly constructive take on market trends in the months to come. The outlook for the virus shows signs of improving, monetary and fiscal policies are providing extraordinary support for the economy and investors are still basically playing it safe.
We combine an equity portfolio heavily invested in secular growth companies (described in our Carmignac Investissement report), an allocation to gold stocks, coupled with a yield-oriented fixed-income portfolio centred on carefully chosen names whose solvency risk has been amply assessed.
Our US dollar currency risk is adequately hedged.
Discover the Fund’s webpage:
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. **El 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 es un reglamento europeo que requiere a los gestores de activos clasificar sus fondos, en particular entre los que responden al «artículo 8», que promueven las características medioambientales y sociales, al «artículo 9», que realizan inversiones sostenibles con objetivos medibles, o al «artículo 6», que no tienen necesariamente un objetivo de sostenibilidad. Para más información, visite: https://eur-lex.europa.eu/eli/reg/2019/2088/oj?locale=es.
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
- 1.50% 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
- 0.78% 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 | 3.9 | 0.1 | -11.3 | 10.5 | 12.4 | -0.9 | -9.4 | 2.2 | 7.1 | 13.0 |
| Indicador de referencia | 8.1 | 1.5 | -0.1 | 18.2 | 5.2 | 13.3 | -10.3 | 7.7 | 11.4 | 2.1 |
| Carmignac Patrimoine | + 9.0 % | + 3.6 % | + 2.5 % |
| Indicador de referencia | + 6.0 % | + 5.5 % | + 5.4 % |
Fuente: Carmignac a 31 de oct. de 2025.
Las rentabilidades históricas no garantizan rentabilidades futuras. La rentabilidad es neta de comisiones (excluyendo las eventuales comisiones de entrada aplicadas por el distribuidor)
Indicador de referencia: 40% MSCI AC World NR index + 40% ICE BofA Global Government index + 20% €STR Capitalized index. Reponderato trimestralmente.