
Carmignac Portfolio Tech Solutions: Letter from the Fund Manager - Q4 2025
During the fourth quarter of 2025, Carmignac Portfolio Tech Solutions delivered a strong return of +7.66%, outperforming its reference indicator, which gained +4.12%. In 2025, the Fund achieved a strong performance both in absolute and relative terms, returning +29.41%, compared to +14.76% for its reference indicator.
Market environment
In 2025, equity markets delivered solid overall gains despite a volatile start to the year. The early months were marked by uncertainty surrounding Chinese competition in artificial intelligence (AI), trade tensions, and the timing of interest-rate cuts, triggering episodes of sharp but short-lived sell-offs. From the April lows, markets rebounded strongly through year-end, supported by resilient global growth, fiscal stimulus announcements across several regions, and interest-rate cuts by major central banks, all of which boosted valuations and risk appetite.
U.S. markets remained buoyant throughout the year, underpinned by continued enthusiasm around AI. This momentum was sustained by significant investments from hyperscalers, robust corporate earnings, and a surge in deals and partnerships across the infrastructure and cloud computing sectors.
European and Emerging Markets outperformed U.S. equities. In Europe, declining inflation, improving macroeconomic conditions, and the announcement of a German fiscal stimulus package supported equity performance. Emerging Markets benefited from a weakening U.S. dollar and renewed investor interest. Notably, Taiwan and South Korea posted strong gains, driven by their exposure to the semiconductor sector and, in South Korea’s case, post-election optimism.
How did we fare in this context?
Over the fourth quarter, stock selection was once again the largest driver of outperformance. In the Tech Materials space, our exposure to Taiwanese and South Korean semiconductors took the lead. Both TSMC and SK Hynix were among our top contributors as they are large suppliers in the manufacturing of chips and the wider AI ecosystem.
Performance in both the fourth and third quarters was consistent and demonstrated how we have been able to deliver strong outperformance during 2025.
In 2025, we saw a few highlights across the technology / AI value chain. Not only have we seen strong performance in the Tech Materials space with names like TSMC and SK Hynix, but also with other components of the AI value chain like Elite Materials, the Taiwanese company that produces the copper clad laminates for circuit boards. The stock price was up over 150% over the year.
Over the year we have also benefitted from our stock selection in names in Industrial Tech & Infrastructure, connectivity and networking space as well as contract manufacturers like Amphenol and Celestica. Our holdings in data centre related names were also strong with Comfort Systems one of our top contributors, which specializes in data centre construction and maintenance. In the fourth quarter we exited both Celestica and Comfort Systems due to valuation concerns.
Cloud & Software was an area we had mixed returns in. nevertheless, Alphabet was our largest performance driver there. The company went from being written off by the market as an AI loser, to becoming an AI winner with the successful release of Gemini and the success of their TPU enabling machine-learning models -which run faster and more efficiently. They have demonstrated innovation and strong execution in the AI space, proving to be a credible competitor to the likes of Microsoft and their support of ChatGPT, but also Nvidia in the Infrastructure space. While overlooked versus the other Magnificent Seven’s earlier in the year, Alphabet posted the strongest performance among them.
Outlook
Looking ahead to 2026, we expect market dispersion to increase further, both within the technology sector and relative to the broader equity market, as faster and increasingly reversible investor arbitrage amplifies volatility. In this environment, performance will depend on being positioned on the right side of disruption, including cases of internal disruption within the technology complex, particularly in hardware. We are therefore becoming more selective in our AI hardware exposure, focusing on high-quality companies that benefit from the ongoing capex cycle without facing excessive pressure on free cash flow or profitability from overly aggressive investment plans. We also prioritise companies that are relatively immune to internal technological disruption while still offering valuations that remain reasonable relative to their growth prospects. Within this framework, SK Hynix and TSMC continue to stand out as attractive long-term opportunities.
At the same time, we are building exposure to companies that are, in our view, wrongly perceived as AI casualties, particularly within software. While AI implementation is advancing rapidly in specific areas such as coding, we believe that, for most enterprises, AI will be deployed on top of existing software stacks and that adoption will remain gradual rather than disruptive in the near term. This underpins our increased exposure to established software platforms such as Salesforce, ServiceNow, GitLab and Atlassian, a positioning that currently remains contrarian relative to prevailing market sentiment.
1MSCI AC World Information Technology 10/40 Capped NR index.
2Equity Sector Technology.
3Fund launched on 21/06/2024.
Carmignac Portfolio Tech Solutions F EUR ACC
- Horizonte de investimento mínimo recomendado
- 5 anos
- Escala de Risco*
- 5/7
- Classificação SFDR**
- Artigo 9
*Escala de Risco do KID (documentos de informação fundamental). O risco 1 não significa um investimento isento de risco. Este indicador pode variar ao longo do tempo. **Regulamento SFDR (Sustainable Finance Disclosure Regulation) 2019/2088. A classificação SFDR dos Fundos pode evoluir ao longo do tempo.
Principais riscos do fundo
volumes de negociação de ações ou capitalização bolsista.
Comissões
- Custos de entrada
- Não cobramos uma comissão de subscrição.
- Custos de saída
- Não cobramos uma comissão de saída para este produto.
- Comissões de gestão e outros custos administrativos ou operacionais
- 1,15% O impacto dos custos que suportamos anualmente pela gestão dos seus investimentos e outras comissões administrativas. Esta é uma estimativa baseada nos custos efetivos ao longo do último ano.
- Comissões de rendimento
- 20,00% quando a classe de ações supera o indicador de referência durante o período de desempenho. Será pago também no caso de a classe de ações ter superado o indicador de referência, mas teve um desempenho negativo. O baixo desempenho é recuperado por 5 anos. O valor real varia dependendo do desempenho do seu investimento. A estimativa de custo agregado acima inclui a média dos últimos 5 anos, ou desde a criação do produto se for inferior a 5 anos.
- Custos de transação
- 0,35% O impacto dos custos inerentes às nossas operações de compra e de venda de investimentos subjacentes ao produto.
Desempenho
| Carmignac Portfolio Tech Solutions | +29,4 | +6,5 |
| Indicador de Referência | +14,8 | +7,5 |
| Carmignac Portfolio Tech Solutions | +29,4% | - | +23,3% |
| Indicador de Referência | +14,8% | - | +14,8% |
Fonte: Carmignac em 31 de dez de 2025.
Data do primeiro VPL : 21/06/2024.
O desempenho passado não é necessariamente um indicador do desempenho futuro. Os desempenhos são líquidos de comissões (excluindo eventuais comissões de subscrição cobradas pelo distribuidor). O Fundo apresenta um risco de perda do capital.
O retorno pode aumentar ou diminuir em resultado de flutuações cambiais, para as acções que não estão cobertas por divisas.
Indicador de Referência: MSCI AC World Information Technology 10/40 Capped NR index

