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Equity strategies

Carmignac Portfolio Grandchildren

Global marketSRI Fund Article 9
Share Class

LU1966631001

An intergenerational Fund focused on quality, sustainable companies
  • A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
  • An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
Key documents
Monthly Factsheet
Asset Allocation
Equities91.1 %
Other8.9 %
Data as of:  28 Feb 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 97.9 %
-
+ 78.9 %
+ 29.2 %
+ 5.6 %
From 31/05/2019
To 06/03/2025
Calendar Year Performance 2024
-
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
+ 21.9 %
Net Asset Value
197.95 €
Asset Under Management
540 M €
Net Equity Exposure28/02/2025
91.1 %
SFDR - Fund Classification

Article

9
Data as of:  6 Mar 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.
Equity strategiesCarmignac Portfolio Grandchildren
Equity strategiesCarmignac Portfolio Grandchildren
Share Class

LU1966631001

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Grandchildren 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:  28 Feb 2025.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • US equities were down as Trump policy caused confusion around tariffs. DOGE cuts and immigration added to uncertainty amid recent weakness in incoming data.
  • European and Chinese equities were a bright spot though as they managed to deliver positive returns even as Trump’s aggressive tariff stance towards the month end shaved off some performance.
  • Investors are pulling back from the AI-related mania that has dominated the last two years. Even stellar earnings from industry leaders like Nvidia have failed to lift equity markets. This retreat is fuelled by a mix of factors, including new LLM models, rising competition from China, fears of looming tariffs, escalating geopolitical tensions, overextended market positions & valuations, and high expectations for company earnings.
  • The S&P 500 reported growth in earnings of 17.8% - the highest growth since Q4 2024.

Performance commentary

  • In February, the fund recorded a negative performance in both absolute and relative terms.

  • This underperformance was primarily driven by a notable shift in market sentiment from growth stocks towards predominantly defensive sectors.

  • The main detractors over the month were the Technology stocks with our top position, Microsoft being down around 4% during the month as well as Cadence and Synopsys suffering from the overall sector decline.

  • The stocks in the Healthcare sector had a contrasted performance with Thermo Fisher and Align Technology being down more than 10%, while the GLP-1 leaders Eli Lilly and Novo Nordisk being important contributors to the Fund.

  • Eli Lilly performed well during the month, notably after reporting a significant increase in revenue driven by strong sales of key products such as Mounjaro and Zepbound.

  • Our defensive stocks in the consumer staples sector, including Colgate and Procter & Gamble, contributed positively to performance as both companies reported strong financial results with robust margins.

Outlook strategy

  • Our macroeconomic framework continues to advocate for a defensive approach to equity markets.

  • Despite the challenging month in the Tech sector, our portfolio is well positioned with our Software exposure that should benefit from the increasing demand for digital solutions.

  • Additionally, we have increased our Industrials exposure, which is expected to capitalize on the ongoing recovery in manufacturing and infrastructure development.

  • During the month, we made some adjustments in our portfolio by initiating a new position in the Fund.

  • We re-established our position in Kingspan, a global leader in high-performance insulation and building envelope solutions, ahead of their earnings report which revealed better-than-expected results and positive comments on data centre demand that made the stock surge.

  • We also continued to increase our holding in Equifax, a recently initiated position, as the company is poised for profitability improvement, particularly in its mortgage business.

Performance Overview

Data as of:  6 Mar 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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/03/2025

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Feb 2025.
North America69.7 %
Europe30.3 %
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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:  28 Feb 2025.
Equity Investment Weight91.1 %
Net Equity Exposure91.1 %
Number of Equity Issuers47
Active Share81.9 %

The strategy in a nutshell

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

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
[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 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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
​The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.