Carmignac Portfolio Patrimoine Europe: Letter from the Fund Managers
Over the fourth quarter, Carmignac Portfolio Patrimoine Europe A EUR Acc recorded a performance of -0.66%, outperforming its reference indicator, which posted a loss of -0.93%. For the year 2024, the fund achieved a performance of +7.30%, compared to a rise of +5.10% for its reference indicator.
Market environment during the period
In 2024, American exceptionalism stood out while Europe faced increasing challenges. Political developments in France and Germany contributed to the growing divergence between the two regions. This difference was also evident in equity markets, where the U.S. stock market delivered robust returns driven by artificial intelligence (AI), with major indices reaching new record highs. In contrast, European indexes showed mixed results. The Stoxx 600 had modest gains, but there were significant disparities, with the DAX performing around 20% while France's CAC 40 was negative. European equities lagged behind due to political instability, economic weakness, and limited exposure to AI, underperforming in a year of strong overall equity returns.
In addition to political disruption, the year was also marked by changing monetary policy expectations. Early in the year, disinflation provided an opportunity for developed central banks to begin normalizing monetary policy. However, the latter stages of this process proved more complex than anticipated, causing investors outside of Europe to adjust their expectations regarding potential rate cuts. Consequently, the European fixed income market experienced significant volatility but delivered positive performance as the weaker economic outlook translated into greater confidence in the downward trajectory of interest rates.
How did we fare in this context?
The fund ended the year with a performance of +7.30%, surpassing its reference indicator which rose +5.10%. Even more noteworthy is that this performance closely mirrors that of the Stoxx 600 Europe, despite maintaining an average net equity exposure of just 36% and experiencing half of the volatility.
The varied performance across European markets presented numerous opportunities for us as multi-asset portfolio managers. Consequently, all our asset classes contributed positively to our performance in 2024. Within equities, our strategy of selecting high-quality stocks proved successful. Our primary sectors, healthcare and technology, were the main drivers of our performance, with standout stocks including Argenx, Lonza, SAP, and ASML. However, the latter half of the year posed more challenges for our stock selection, as the economic environment favored cyclical stocks that were anticipating multiple rate cuts and a subsequent global economic recovery. At this time our risk management strategies involving derivatives on equity indexes and volatility were effective, particularly during the summer's market turbulence caused by the unwinding of the yen carry trade. As a result, the macro overlay contributed positively to our annual performance.
Within the fixed income allocation, our credit exposure was profitable, and our decision of maintaining a low modified duration throughout the year helped us avoid interest rate volatility. Our credit asset selection once again yielded attractive returns through the carry component. Additionally, our inflation-linked instruments performed well in the second half of the year. Lastly, our exposure to commodities, especially gold, silver, and copper, also proved effective. Gold and copper experienced an outstanding year in 2024, driven by geopolitical tensions, accommodative monetary policies, and strong demand related to the energy transition, which propelled their prices to record highs.
Outlook & positioning
As we look ahead to the first few months of 2025, the global economic landscape will likely be shaped by the initial decisions of President D. Trump and the economic data emerging from the United States. The lack of predictability surrounding the new administration's policies presents a challenge in forecasting specific outcomes. However, President Trump's strong focus on economic growth is expected to initially bolster risky assets, reinforcing our strategy to maintain a high exposure to equities and credit. Close attention will be paid to economic indicators, particularly inflation data, as persistent inflation could hinder further rate cuts in the United States. This scrutiny will be crucial in shaping our investment decisions and risk management strategies.
In Europe, we observe that investor pessimism appears to be fully priced into the market, potentially even excessively so. Despite this, there are several reasons for cautious optimism. The upcoming German elections could result in a strong majority, paving the way for significant fiscal easing. Additionally, developments in Ukraine and China could serve as positive catalysts for the European economy. While these scenarios are not guaranteed, their occurrence in a context of high household savings rates could have a substantial economic impact. This, in turn, could significantly influence European asset markets, given the currently low valuations and expectations.
Carmignac P. Patrimoine Europe is strategically positioned to capitalize on the potential resurgence of interest in a region that has been largely overlooked by investors. By maintaining a vigilant and adaptive approach, we aim to leverage these opportunities to deliver consistent returns for our investors through a diversified strategy that includes: a long-term equity portfolio of European leaders, exposure to European credit, selective investment in key commodities, active management of duration, and robust risk management on equities primarily through options strategies.
Carmignac Portfolio Patrimoine Europe A EUR Acc
- Periodo minimo di investimento consigliato
- 3 anni
- Livello di rischio*
- 3/7
- Classificazione SFDR**
- Articolo 8
*Scala di Rischio del KID (documento contenente le informazioni chiave). Il rischio 1 non significa che l'investimento sia privo di rischio. Questo indicatore può evolvere nel tempo. **Regolamento SFDR (Regolamento relativo all’informativa sulla sostenibilità nel settore dei servizi finanziari) 2019/2088. La classificazione SFDR dei Fondi può evolvere nel tempo.
Principali rischi del Fondo
Costi
- Costi di ingresso
- 4,00% dell'importo pagato al momento della sottoscrizione dell'investimento. Questa è la cifra massima che può essere addebitata. Carmignac Gestion non applica alcuna commissione di sottoscrizione. La persona che vende il prodotto vi informerà del costo effettivo.
- Costi di uscita
- Non addebitiamo una commissione di uscita per questo prodotto.
- Commissioni di gestione e altri costi amministrativi o di esercizio
- 1,80% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno.
- Commissioni di performance
- 20,00% quando la classe di azioni supera l'Indicatore di riferimento durante il periodo di performance. Sarà pagabile anche nel caso in cui la classe di azioni abbia sovraperformato l'indice di riferimento ma abbia avuto una performance negativa. La sottoperformance viene recuperata per 5 anni. L'importo effettivo varierà a seconda del rendimento del tuo investimento. La stima dei costi aggregati di cui sopra include la media degli ultimi 5 anni o dalla creazione del prodotto se inferiore a 5 anni.
- Costi di transazione
- 0,46% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto.
Performance
| Carmignac Portfolio Patrimoine Europe | +3,8 | +4,9 | +7,3 | +2,1 | −12,7 | +9,5 | +13,9 | +18,7 | −4,8 |
| Indice di riferimento | +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% |
| Indice di riferimento | +8,2% | +3,3% | +4,3% |
Fonte: Carmignac al 30 ott 2026.
Data primo NAV : 29/12/2017.
Le performance passate non sono un'indicazione delle performance future. Le performance sono calcolate al netto delle spese (escluse eventuali commissioni di ingresso applicate dal distributore). L'investimento nel Fondo potrebbe comportare un rischio di perdita di capitale.
Il rendimento può aumentare o diminuire a causa delle fluttuazioni valutarie, per le azioni non coperte da copertura valutaria.
Indice di riferimento: 40% MSCI Europe NR index + 40% ICE BofA All Maturity All Euro Government index + 20% €STR Capitalized Index. Frequenza di ribilanciamento: Trimestrale