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Diversified strategies

Carmignac Patrimoine

Global marketSRI Fund Article 8
Share Class

FR0010135103

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
Key documents
Monthly Factsheet (including ESG data)
Asset Allocation
Bonds46.5 %
Equities46.2 %
Other7.3 %
Data as of:  31 Jan 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 857.5 %
+ 10.5 %
+ 9.8 %
+ 7.4 %
+ 9.4 %
From 07/11/1989
To 20/02/2025
Calendar Year Performance 2024
+ 0.7 %
+ 3.9 %
+ 0.1 %
- 11.3 %
+ 10.5 %
+ 12.4 %
- 0.9 %
- 9.4 %
+ 2.2 %
+ 7.1 %
Net Asset Value
732.95 €
Asset Under Management
6 276 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  20 Feb 2025.
​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.
Diversified strategiesCarmignac Patrimoine
Diversified strategiesCarmignac Patrimoine
Share Class

FR0010135103

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Patrimoine 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 Jan 2025.
Fund management team
Jacques Hirsch, Christophe Moulin, Guillaume Rigeade, Eliezer Ben Zimra, Kristofer Barrett

Market environment

  • The beginning of the year was marked by the arrival of the Trump administration, which quickly threatened to introduce tariffs, alongside the Chinese threat to US technology.
  • From a macroeconomic perspective, data confirmed recent trends, with a robust US economy (GDP up by 0.6% over the quarter) and a sluggish European economy showing tentative signs of improvement.
  • The Federal Reserve paused its easing cycle in January after three consecutive cuts. Conversely, the European Central Bank cut its deposit rate by 25 bps in response to more moderate growth.
  • The equities markets started the year strongly, with Europe outperforming the US for a change.
  • The emergence of China's generative AI Deepseek, which is both powerful and cost-effective, has called into question the investment trajectory of US giants in this field, significantly impacting the semiconductor sector.
  • Regarding interest rates, Trump's return to power fueled fears of fiscal largesse and persistent inflation, leading to a rise in rates over the first two weeks. Subsequently, favorable inflation figures and concerns about US tech led to a decline in rates in the second half of the month.
  • In the credit markets, spreads tightened over the month. Simultaneously, the weakness of the US dollar favored emerging market debt.

Performance commentary

  • The fund began the year with strong performance, significantly outperforming its benchmark indicator.
  • Absolute performance was primarily driven by equities, while relative performance was well diversified across all asset classes in our portfolio.
  • Some of our convictions, which did not yield results in the last quarter of 2024, have paid off in January 2025. Notably, the belief that Trump's room for maneuver is minimal, that Europe is resilient, and that there is value in emerging markets.
  • Regarding equities, our portfolio diversification has been successful. Our convictions in the consumer sector, with stocks such as Hermès, MercadoLibre, and Amazon, and in the financial sector with UBS and Unibanco, were the main contributors to the month's performance.
  • In fixed income, our focus on credit, Brazil, and inflation-linked bonds performed well, accounting for much of the relative outperformance.
  • Similarly, in currencies, our exposure to the euro, the yen, and especially emerging currencies such as the Brazilian real and the Mexican peso, benefited the fund.
  • Finally, our exposure to gold mining benefited from a positive environment for the sector, with gold gaining more than 6% over the month.

Outlook strategy

  • The Fund's positioning remained largely unchanged during January, although we did make a few adjustments.
  • Firstly, in equities, following the release of DeepSeek, we capitalized on the volatility to adjust the size of our positions, particularly within the artificial intelligence value chain.
  • We decided to maintain a high exposure to equities, around 40%, while securing some protection on US tech through options.
  • Regarding interest rates, we are maintaining a low modified duration, with a long position on US rates and a short position on European rates.
  • We have increased our modified duration on the short end of the US yield curve, as we believe the market is incorrectly anticipating a rate hike by the Fed in 2025. This could also provide effective protection for our US equities portfolio.
  • Inflation remains an attractive theme for the portfolio, with significant positions in real rates on both sides of the Atlantic.

Performance Overview

Data as of:  20 Feb 2025.
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. Until 31 December 2012, the reference indicators' equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund's reference indicator comprised 50% MSCI AC World NR (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 21/02/2025

Carmignac Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Jan 2025.
North America63.6 %
Asia17.0 %
Europe13.3 %
Latin America4.7 %
Asia-Pacific1.4 %
Total % Equities100.0 %
North America63.6 %
usUSA
60.6 %
caCanada
3.1 %
View Portfolio allocation

Key figures

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

Exposure Data

Data as of:  31 Jan 2025.
Equity Investment Weight46.2 %
Net Equity Exposure41.7 %
Active Share83.6 %
Modified Duration0.9
Yield to Maturity5.4 %
Average RatingBBB
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team

Jacques Hirsch

Fund Manager

Christophe Moulin

Deputy Head of Cross Asset, Fund Manager
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager

Kristofer Barrett

Head of Global Equities, Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

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.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.