Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
Carmignac Portfolio Patrimoine Europe A EUR Acc lost -2.32% in the third quarter of 2023, compared with a performance of -1.53% for its reference indicator.
Markets environment
After a strong performance of fixed income and equities in the first half of the year, markets experienced a decline in the third quarter. Although the second quarter earnings reporting season was relatively uneventful and consistent with full year expectations of little profit growth overall, global pressure on assets once again came from ever-rising bond yields. Despite falling inflation and weak growth in the region, German 10-year bund yields rose from 2.4% to 2.8% during the period, continuing an ascent from zero at the start of 2022. Indeed, over the period, central bankers maintained an hawkish tone, as illustrated by the additional tightening of the European Central Bank. In addition, the main monetary policymakers reconfirmed an inflation target of 2%, thereby advocating a level of rates "high for longer", which led to a substantial rise in long-term rates since mid-July: 10-year yields are now at their highest levels for over 15 years in Eurozone.
How did we fare in this context ?
Over the third quarter of the year, the main detractor to the performance of the Fund has been our long duration bias. Indeed, after more than 2 years of sell-off in sovereign bonds, the fund has adopted a strategy aimed at taking advantage of a less favorable economic outlook for the second half of 2023, due to the growing effects of monetary and fiscal tightening on the real economy. Nevertheless, the stickiness of inflation led European central banks to keep an hawkish tone leading to a negative dynamic on the rates front. In such context our exposure to sovereign bonds and to equity had been negative.
On our equity bucket our performance has been affected by some idiosyncratic stories such as Lonza or Adyen whereas the rate environment has been painful for some of our growth-tilted stock such as ASML or Amadeus. Nonetheless we managed to mitigate the negative contribution of equity thanks to overlay strategies on the stoxx600 index that contributed positively to fund’s performance. It is also important to underline that our exposure de corporate debt was also positive over the quarter thanks to the carry embedded by credit subsegment such as high yield, subordinated financial debt or CLOs.
Outlook
We continue to have a constructive view of the normalisation of economies and central bank policies. However, if inflation continues to exceed the 2% target, the European Central Bank could moderate its monetary tightening policy due to the slowdown in the European economy. The investment strategy consists of constructing a portfolio balanced between assets benefiting from a gradual economic slowdown while managing inflationary risk. Interest-rate-sensitive assets, such as quality equities and sovereign bonds, are preferred. Downside protection strategies are also put in place in the event of a deeper recession or a resurgence in global inflation. The situation in China is also being closely monitored, as any stimulus measures could have a positive impact on European growth.
1Performance of the A EUR Acc share class ISIN code: LU1744628287.
2Reference Indicator: 40% STOXX Europe 600 (Reinvested Net Dividends) + 40% ICE BofA All Maturity All Euro Government + 20% ESTER capitalized. Quarterly Rebalanced. 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.
Carmignac Portfolio Patrimoine Europe 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% 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
- 0.46% 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 Patrimoine Europe | +3.8 | +4.9 | +7.3 | +2.1 | −12.7 | +9.5 | +13.9 | +18.7 | −4.8 |
| Indicador de referencia | +4.3 | +8.3 | +5.1 | +9.5 | −11.0 | +10.2 | +2.4 | +16.4 | −4.8 |
| Carmignac Portfolio Patrimoine Europe | +6.9% | +0.9% | +4.4% |
| Indicador de referencia | +8.2% | +3.3% | +4.3% |
Fuente: Carmignac a 30 de oct. de 2026.
Fecha del primer VL : 29/12/2017.
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 Europe NR index + 40% ICE BofA All Maturity All Euro Government index + 20% €STR Capitalized Index. Frecuencia de rebalanceo: Trimestral