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Equity strategies

Carmignac Portfolio Climate Transition

ThematicESG Thematic Fund Article 8
Share Class

LU0164455502

A thematic equity Fund acting for climate change mitigation
  • Investing with a purpose : aiming to generate attractive returns on the long-term while having a positive environmental contribution.
  • Investing efficiently : targeting innovative companies across the whole renewable and green industry value chains.
  • Investing with a positive contribution : seeking to have a positive footprint on the environment by helping to transition to a lower carbon economy.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities83.8 %
Other16.2 %
Data as of:  4 Apr 2025.
Risk Indicator

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6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 157.9 %
- 18.9 %
+ 26.0 %
- 16.3 %
- 15.6 %
From 10/03/2003
To 10/04/2025
Calendar Year Performance 2024
- 16.2 %
+ 21.7 %
+ 5.5 %
- 17.7 %
+ 14.8 %
+ 4.5 %
+ 10.4 %
- 15.1 %
+ 1.8 %
+ 3.3 %
Net Asset Value
257.79 €
Asset Under Management
142 M €
Net Equity Exposure31/03/2025
75.9 %
SFDR - Fund Classification

Article

8
Data as of:  10 Apr 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 Climate Transition
Equity strategiesCarmignac Portfolio Climate Transition
Share Class

LU0164455502

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Climate Transition 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 Mar 2025.
Fund management team
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager

Market environment

  • After a strong start to 2025, global stock markets experienced a downturn in March, concluding the first quarter with substantial losses across major indices.
  • The unpredictable nature of US trade policy has heightened uncertainty, thereby dampening growth expectations in the United States.
  • In Europe, the month was heavily influenced by tariff developments, including the confirmation of auto tariffs in the last week.
  • The underperformance of the US market negatively impacted developed market equities, leading to a -4.45% total return for the MSCI World Index. In contrast, emerging market equities outperformed their developed counterparts.
  • Commodities emerged as the top performers for the month, driven by a further increase in gold prices, with the Bloomberg Commodity Index rising nearly 4%.

Performance commentary

  • In March, the Fund experienced a negative absolute performance, although it outperformed its benchmark.
  • Relative to our broad reference indicator, our overweight position in the Industrials sector was the primary detractor.
  • Specifically, Schneider Electric underperformed during the month due to concerns about potential impacts from tariff threats following its announcement to invest over $700 million in its US operations.
  • Our outperformance was mainly driven by our stock selection in the Utilities sector.
  • RWE was the largest contributor to our performance, reporting robust earnings for 2024, which boosted investor confidence.

Outlook strategy

  • During March, we adjusted our weightings in the Transitioners theme by reducing our exposure to RWE following its strong performance.
  • Our strong conviction in semiconductors remains intact. Consequently, we increased our positions in the Green Technology sub-theme, particularly in Nvidia, Broadcom, and TSMC.
  • We believe that our diversification across sub-themes will enable us to better navigate the current market environment.

Performance Overview

Data as of:  10 Apr 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.On 15/05/2020 the reference indicator changed to MSCI AC WORLD NR (USD) index net dividends reinvested. Performances are presented using the chaining method. The Fund’s name was changed from Carmignac Portfolio Green Gold to Carmignac Portfolio Climate Transition.​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 11/04/2025

Carmignac Portfolio Climate Transition Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Mar 2025.
North America56.1 %
Asia24.2 %
Europe19.3 %
Latin America0.4 %
Africa0.2 %
View details
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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:  31 Mar 2025.
Equity Investment Weight83.8 %
Net Equity Exposure75.9 %
Number of Equity Issuers50
Active Share85.4 %
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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] Wiskirski Michel

Michel Wiskirski

Fund Manager
Through Carmignac Portfolio Climate Transition, we are adopting a differentiated approach to climate change that reflects our sustainable philosophy. This position is in line with our first theme of ESG engagement: Climate.
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.