Carmignac Portfolio Grandchildren: Letter from the Fund Managers - Q2 2026
Carmignac Portfolio Grandchildren (A EUR Acc) delivered a performance of +8.43% in the second quarter of 2026, underperforming its reference indicator, which had a performance of +14.64%.
Market environment during the period
Developed equity markets recovered strongly in Q2 2026 after the volatility of the first quarter. Improved risk appetite was supported by easing Middle East tensions and lower oil prices. However, markets remain vulnerable to geopolitical developments, oil price fluctuations, and their implications for inflation, growth, and monetary policy.
AI leadership reasserted itself over the quarter. After the reassessment of AI-driven growth in Q1, investors returned to companies with direct exposure to the infrastructure build-out, particularly semiconductors, memory, electrical equipment and broader hardware beneficiaries. Ongoing hyperscaler capex commitments continued to support confidence in the structural AI investment cycle, although concerns emerged towards the end of the quarter regarding the sustainability of spending and the eventual return on these investments.
However, market breadth remained narrow. Strong index returns were driven by a relatively concentrated group of AI-related stocks, leaving positioning more crowded and valuations more demanding in parts of the market. This increased sensitivity to any disappointment in earnings delivery, capex trends or AI monetisation.
Overall, the quarter marked a clear improvement in sentiment, but the macro backdrop remained complex. Markets continued to balance resilient earnings against risks from inflation, policy rates, geopolitics and softer expected growth into H2 2026 and 2027. The environment reinforced the need for selectivity, with a focus on durable earnings growth rather than broad momentum exposure.
How did we fare in this context?
During the second quarter of 2026, the Fund rebounded strongly on absolute terms but underperformed its reference indicator in what has been a particularly challenging and fragmented market environment.
During the quarter, the portfolio benefited from strong stock selection in Communication Services and Consumer names, with holdings such as Alphabet, InterContinental Hotels, Colgate and Home Depot contributing positively to relative performance. The portfolio’s structural underweight to Energy also proved beneficial as oil prices retraced following the easing of Middle Eastern tensions.
Industrials, the portfolio’s largest sector allocation also made a meaningful positive relative contribution over the quarter. This was led by strong performance from Prysmian and Schneider Electric, while the newly initiated position in Parker Hannifin also contributed positively. Alongside gains from ASML, Broadcom, Nvidia and Arista Networks, this reflected the portfolio’s continued exposure to long-term structural growth themes, including AI infrastructure, electrification, automation and digitalisation.
Despite these positive contributors, the portfolio lagged the benchmark in a market where returns became increasingly concentrated in a narrow group of AI beneficiaries. The main headwind was the portfolio’s lower exposure to semiconductors and AI infrastructure companies, which significantly outperformed as investor enthusiasm for AI-related capital expenditure accelerated. Financials and Health Care also weighed on relative performance, as investors favoured companies with more direct exposure to AI infrastructure spending and rotated away from defensive compounders, despite still resilient underlying fundamentals.
Outlook & positioning
Portfolio activity during the quarter remained disciplined and valuation driven. We selectively reduced exposure to some of the strongest-performing AI beneficiaries, including Amazon and Nvidia, where share price appreciation had led to more demanding valuations and higher portfolio concentration. Capital was redeployed into high-quality businesses where long-term fundamentals remained strong, but market expectations appeared more subdued.
Healthcare was a key area of reinvestment, with additions to AstraZeneca and EssilorLuxottica reflecting our preference for companies with durable demand, innovation-led growth and strong earnings visibility. We also added to quality compounders such as Relx, Equifax and Church & Dwight, taking advantage of temporary weakness where we saw attractive long-term return potential.
Overall, the quarter reinforced the importance of maintaining a disciplined investment approach. While benchmark returns were driven by an increasingly concentrated group of AI-related companies, the portfolio remains focused on high-quality businesses capable of delivering sustainable earnings growth across a range of market environments. As a result, the portfolio enters Q3 with a more balanced mix of AI exposure, healthcare and other quality compounders.
Importantly, the fundamentals of our holdings remain strong. The portfolio continues to exhibit resilient earnings growth, high returns on capital and robust cash flow generation, with limited balance sheet risk. The recent correction has also provided an opportunity to reinforce our highest-conviction positions at more attractive valuations.
In this context, we do not view the current environment as a structural challenge, but rather as a temporary phase where market dynamics have overshadowed fundamentals. As conditions normalise and investor focus returns to earnings quality and visibility, we expect the portfolio’s strong fundamentals and disciplined positioning to translate into improved performance.
1Reference indicator: MSCI WORLD (USD, net dividends reinvested). Past performance is no guarantee of future results. They are net of fees (excluding any entry fees applied by the distributor).
Source: Carmignac, Bloomberg, data as of 30/06/2026. Performance of the A EUR Acc share class ISIN code: LU1966631001. Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. Past performance is not necessarily indicative of future performance. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Carmignac Portfolio Grandchildren
Carmignac Portfolio Grandchildren A EUR Acc
- Duración mínima recomendada de la inversión
- 5 años
- Escala de riesgo*
- 4/7
- Clasificación SFDR**
- Artículo 9
*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
- 1,71 % 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 % cuando la clase de acciones supera el indicador de referencia durante el período de rendimiento. También se pagará en caso de que la clase de acciones haya superado el indicador de referencia pero haya tenido un rendimiento negativo. El bajo rendimiento se recupera durante 5 años. La cantidad real variará según el rendimiento de su inversión. La estimación de costos agregados anterior incluye el promedio de los últimos 5 años, o desde la creación del producto si es menos de 5 años.
- Costes de operación
- 0,30 % 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 Portfolio Grandchildren | −1,4 | −5,1 | +21,9 | +23,0 | −24,2 | +28,4 | +20,3 | +15,5 |
| Indicador de referencia | +12,7 | +6,8 | +26,6 | +19,6 | −12,8 | +31,1 | +6,3 | +15,5 |
| Carmignac Portfolio Grandchildren | +5,2 % | +3,6 % | +9,4 % |
| Indicador de referencia | +17,4 % | +12,3 % | +14,2 % |
Fuente: Carmignac a 30 de jun. de 2026.
Fecha del primer VL : 31/05/2019.
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: MSCI World NR index