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Carmignac Absolute Return Europe: Letter from the Fund Manager - Q2 2026
Dear investors,
Over the second quarter of 2026, Carmignac Absolute Return Europe (A EUR Acc share class) realized a positive performance of +2.56%.
Market environment
The second quarter of 2026 saw European equities recover from the volatility of March, supported by easing Middle Eastern tensions, lower oil prices and more resilient-than-expected earnings. Improving inflation trends also reinforced expectations that central banks remained on a path towards monetary easing, helping risk appetite recover. The rebound, however, remained narrow and highly rotational. Leadership was concentrated in structural growth themes, notably AI, semiconductors, electrification and digital infrastructure. Technology, Utilities, Banks and selected Industrials outperformed, supported by AI-related investment, grid demand and resilient earnings.
Conversely, Healthcare and consumer-facing sectors lagged for much of the quarter, as investors rotated away from defensive growth and remained cautious on demand, volumes and margins. Some of these areas recovered towards quarter-end as oil prices fell and the consumer outlook improved.
Performance review
The Fund generated a positive return over the quarter, supported primarily by strong stock selection on the long book. Performance was partly offset by index hedges, which detracted in a rising market environment, but the underlying equity portfolio benefited from sharp dispersion across sectors and stocks.
At sector level, the strongest contributions came from Technology, Financials, Industrials and Utilities. Technology was supported by continued strength in semiconductor and AI infrastructure-related names, while Financials benefited from resilient earnings and renewed M&A interest in selected banks. Industrials and Utilities also contributed positively, supported by electrification, power infrastructure and grid investment themes.
On a stock level, the main contributors were:
| Long position in ASML | Strong demand for advanced lithography equipment |
| Long position in ASM International | Benefitted from increased capex expectations and semis rotation |
| Long position in PPC | Rerating post capital raise to fund new 4-year investment plan |
| Long position in Mediobanca | Benefited from renewed M&A interest |
On a stock level, the main detractors were:
| Long position in Halma | Management guide for year ahead below buyside expectations |
| Long position in Fresenius | Ongoing worries about German hospital policy for 27’ |
| Long position in a Tech company | Strategic expansion into high-growth sectors |
| Long position in Alcon | Dragged down by general weakness in Medtech sector |
Overall, the quarter demonstrated the Fund’s ability to capture opportunities from sector rotation and stock dispersion, particularly across AI infrastructure, electrification and Financials.
Outlook
The medium-term backdrop remains constructive, supported by resilient economic activity, healthy corporate earnings and continued investment in artificial intelligence. However, valuations remain elevated in parts of the market, particularly in US technology, leaving limited room for earnings or execution disappointments.
Near term, markets are likely to remain sensitive to geopolitical developments in the Middle East, the path of oil prices and their implications for inflation, growth and central bank policy. The upcoming Q2 earnings season will also be an important catalyst, with company guidance likely to drive further sector rotation and stock dispersion.
In this environment, we remain cautiously constructive and continue to favour areas where earnings momentum is robust and valuations remain attractive. Within the long book, we have selectively increased exposure to semiconductors, European Industrials and banks, where we see support from AI-related investment, electrification, resilient earnings growth and shareholder returns.
At the same time, we remain disciplined on risk, given the potential for periodic pullbacks as markets balance strong fundamentals against macroeconomic and geopolitical uncertainty. This should continue to create opportunities for a long/short approach focused on stock selection and sector dispersion.
Carmignac Absolute Return Europe A EUR Acc
- Aanbevolen minimale beleggingstermijn
- 3 jaar
- SFDR-fondscategorieën**
- Artikel 8
- Risicoschaal*

*Risicocategorie van het KID (essentiële-informatiedocument) indicator. Risicocategorie 1 betekent niet dat een belegging risicoloos is. Deze indicator kan in de loop van de tijd veranderen. **De Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. De SFDR-classificatie van de fondsen kan in de loop van de tijd veranderen.
Voornaamste risico's van het Fonds
Kosten
- Instapkosten
- 4,00% van het bedrag dat u betaalt wanneer u in deze belegging instapt. Dit is het hoogste bedrag dat u in rekening zal worden gebracht. Carmignac Gestion brengt geen instapkosten in rekening. De persoon die verantwoordelijk is voor de verkoop van het product zal u informeren over de feitelijke kosten.
- Uitstapkosten
- Wij brengen voor dit product geen uitstapkosten in rekening.
- Beheerskosten en andere administratie - of exploitatiekos ten
- 2,15% van de waarde van uw belegging per jaar. Dit is een schatting op basis van de feitelijke kosten over het afgelopen jaar.
- Prestatievergoedingen
- 20,00% max. van de meerprestatie als het rendement positief is en de netto-inventariswaarde de high-water mark overschrijdt. Het feitelijke bedrag zal variëren naargelang van de prestaties van uw belegging. De schatting van de totale kosten hierboven omvat het gemiddelde over de afgelopen vijf jaar, of sinds de introductie van het product als dat minder dan vijf jaar geleden is.
- Transactiekosten
- 1,05% van de waarde van uw belegging per jaar. Dit is een schatting van de kosten die ontstaan wanneer we de onderliggende beleggingen voor het product kopen en verkopen. Het feitelijke bedrag zal variëren naargelang hoeveel we kopen en verkopen.
Rendement
| Carmignac Absolute Return Europe | +0,8 | −0,6 | +3,6 | +0,0 | −6,4 | +12,6 | +5,2 | −1,3 | +4,4 | +14,6 |
| Carmignac Absolute Return Europe | +2,7% | +0,6% | +3,7% |
Bron: Carmignac op 30 jun. 2026.
In het verleden behaalde resultaten zijn geen garantie voor de toekomst. De resultaten zijn netto na aftrek van kosten (inclusief mogelijke in rekening gebrachte instapkosten door de distributeur) . Het fonds houdt een risico op kapitaalverlies in.
Het rendement kan stijgen of dalen als gevolg van valutaschommelingen voor de aandelen die niet valutadekkend zijn.
Referentie-indicator: -

