Equity strategies

Carmignac Portfolio Grande Europe

Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 9
Share Class

LU0099161993

A high conviction, sustainable European equity strategy
  • Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
  • On the lookout for long-term growth, built on robust fundamentals and strong business models.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Equities96.3 %
Other3.7 %
Data as of:  31 Oct 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 242.4 %
+ 98.0 %
+ 47.5 %
+ 6.1 %
+ 14.7 %
From 02/07/1999
To 02/12/2024
Calendar Year Performance 2023
+ 10.3 %
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
342.39 €
Asset Under Management
821 M €
Market
European market
SFDR - Fund Classification

Article

9
Data as of:  2 Dec 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Equity strategiesCarmignac Portfolio Grande Europe
Equity strategiesCarmignac Portfolio Grande Europe
Share Class

LU0099161993

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Grande Europe fund performance

Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.

Our monthly comments

Data as of:  31 Oct 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Market environment

  • October saw significant market volatility, as equities declined following a robust rally in the first nine months of the year.
  • Growth risks remained the primary concern for investors, despite signs of resilience, particularly in the US economy.
  • The European Central Bank (ECB) recognized a slowdown in economic momentum in Europe, especially within the manufacturing sector, while the service sector continued to exhibit strong demand.
  • As a result, the ECB implemented its third 25 basis point rate cut of the year, reducing the deposit facility rate to 3.25%, which met market expectations.

Performance commentary

  • During the month of October, the Fund recorded a negative absolute performance, below its reference indicator.
  • Our holding in Argenx has been the best performer in the fund after the biotech firm reported third-quarter sales for its key drug Vyvgart that exceeded market expectations.
  • Our biggest detractor this month has been ASML, a key player in Europe's tech scene known for its lithography tools in chipmaking. The company reported a significant drop in its order book forecast for 2025.
  • Having no exposure to Communication Services and Energy sectors has not been supportive during the month.

Outlook strategy

  • During the month, our portfolio remained relatively stable with only a few adjustments. We decided to completely sell our small holding in Edenred following their disappointing quarterly results.
  • Additionally, we reduced our position in L’Oreal after the company reported weaker than expected third-quarter sales, primarily due to waning demand for skincare and make-up in the Chinese market.
  • We also made a marginal reduction in our holdings of ArgenX, despite the biotech firm reporting third-quarter sales for its key drug Vyvgart that exceeded market expectations.
  • On the other hand, we initiated a new position in the skincare company Galderma and we continued to add to Ferrari, a position that we recently initiated.
  • The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
  • We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.

Performance Overview

Data as of:  2 Dec 2024.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ :  © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 03/12/2024

Carmignac Portfolio Grande Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Oct 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
25.9 %
deGermany
23.6 %
dkDenmark
14.4 %
chSwitzerland
12.8 %
nlNetherlands
11.6 %
seSweden
5.1 %
ieIreland
3.3 %
esSpain
1.8 %
itItaly
1.4 %
View Portfolio allocation

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.

Exposure Data

Data as of:  31 Oct 2024.
Equity Investment Weight96.3 %
Net Equity Exposure96.3 %
Number of Equity Issuers35
Active Share83.5 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.