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
Asset Allocation
Bonds50.6 %
Equities42.7 %
Other6.7 %
Data as of: 29 Nov 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 820.7 %
+ 14.5 %
+ 10.1 %
- 1.0 %
+ 7.1 %
To 27/12/2024
Calendar Year Performance 2014Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023
+ 8.8 %
+ 0.7 %
+ 3.9 %
+ 0.1 %
- 11.3 %
+ 10.5 %
+ 12.4 %
- 0.9 %
- 9.4 %
+ 2.2 %
Net Asset Value
704.78 €
Asset Under Management
6 135 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 29 Nov 2024.
Data as of: 27 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.
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: 29 Nov 2024.Fund management team
Performance commentary
During the period, the Fund posted a positive performance, although it lagged its reference indicator.
The primary driver of our performance was our exposure to equities. However, our investments in emerging markets, gold positions, and hedging strategies negatively impacted the performance.
Top equity contributors included pharmaceutical distributor McKesson, Amazon, and oil services company Schlumberger.
In a market characterized by a coordinated fall in long-term interest rates, our low modified duration weighed on relative performance. Conversely, our inflation-linked strategies positively contributed to performance, benefiting from the rebound in producer and consumer price indices.
Outlook strategy
US growth is expected to remain resilient, bolstered by Fed rate cuts and the forthcoming Trump 2.0 administration. In contrast, European growth is likely to remain sluggish.
Disinflation continues, but the trend remains uncertain due to the arrival of Trump and the widening of deficits. In this context, the Fed may consider pausing rate adjustments in early 2025.
We maintain a positive outlook on equities, particularly in the US. However, given current valuation levels, we are exercising caution by implementing hedging strategies.
Regarding interest rates, we are maintaining a low sensitivity and anticipate steeper yield curves.
To enhance the overall construction of our portfolio, we have implemented several decorrelation strategies, including exposure to emerging local rates, gold miners, South American currencies, and the Yen.
Performance Overview
Data as of: 26 Dec 2024.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 30/12/2024
Carmignac Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 29 Nov 2024.| North America | 64.2 % |
| Asia | 16.7 % |
| Europe | 12.3 % |
| Latin America | 5.1 % |
| Asia-Pacific | 1.8 % |
| Total % Equities | 100.0 % |
North America64.2 %
 USA | 61.0 % |
 Canada | 3.3 % |
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: 29 Nov 2024.Equity Investment Weight42.7 %
Net Equity Exposure39.2 %
Active Share84.4 %
Modified Duration0.5
Yield to Maturity5.0 %
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](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
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
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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.
Market environment
Trump's decisive victory in the US election is expected to provide him with significant leverage to advance his policy agenda.
US indices hit record highs as investors anticipated the potential growth benefits of the Trump 2.0 tax cuts and deregulation policies.
In contrast, stock markets in China, Europe and Latin America suffered from the risks of tariffs being introduced by the incoming US administration.
The US Federal Reserve once again cut its key rate by 25bp, despite inflation stagnating at 2.6% year-on-year and 3.3% for the core component of consumer price indices.
Inflation in Europe rose to +2.3% in November, while underlying inflation remained anchored at +2.7%. On the other hand, economic publications showed signs of slowing down.
Despite an environment of strong growth and resurgent inflation, yields fell on both sides of the Atlantic this month, notably following the appointment of Scott Bessent as the future US Treasury Secretary.