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Equity strategies

Carmignac Portfolio Human Xperience

ThematicESG Thematic Fund Article 9
Share Class

LU2295992247

A thematic Fund focused on customer and employee experience
  • Social thematic Fund : a thematic strategy that focuses both on customer and employee satisfaction.
  • Leveraging the power of social data : quantitative expertise and experience in using ‘alternative’ sources of data.
  • Material upside potential : research performed on all factors to backtest investability and alpha potential.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities98.8 %
Other1.2 %
Data as of:  31 Mar 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 17.9 %
-
-
+ 8.6 %
- 4.5 %
From 31/03/2021
To 17/04/2025
Calendar Year Performance 2024
-
-
-
-
-
-
+ 19.8 %
- 21.3 %
+ 23.4 %
+ 18.4 %
Net Asset Value
117.89 €
Asset Under Management
105 M €
Net Equity Exposure31/03/2025
98.8 %
SFDR - Fund Classification

Article

9
Data as of:  17 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 Human Xperience
Equity strategiesCarmignac Portfolio Human Xperience
Share Class

LU2295992247

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Human Xperience 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] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • The US markets had their worst month since December 2022. This decline is mainly attributed to the imminent announcement of new tariffs.
  • Technology equities have suffered particularly. On the other hand, defensive sectors such as healthcare have performed positively.
  • European and emerging markets continue to outperform the US. However, they have not been spared by concerns about customs barriers.
  • Investors increasingly fear a scenario in which the US economy enters a sharp slowdown as inflation accelerates.

Performance commentary

  • Over the month of March, the fund had a negative return both in absolute and relative terms.
  • Our exposure to Consumer Discretionary was the primary reason for our underperformance over the month. In addition to our overweight to the sector which hurt our performance, a few names in the sector, such as Hilton, Marriott, Amazon and Adidas were among our largest detractors.
  • Simultaneously, our underweight to Financials and lack of exposure to Energy stocks was also a contributor to our underperformance.
  • Nevertheless, our overweight to Consumer Staples and stock selection in IT, through names like Samsung and Intuit were beneficial to the funds returns over the month.

Outlook strategy

  • In March, we added back into higher beta names, particularly in the US as we think they have been oversold. We added back to Nvidia, Servicenow, Salesforce and Amazon, as well as Sony and TSMC.
  • We reduced our weight in some lower beta names such as Nestle, Colgate-Palmolive, L’Oreal and Roche.
  • Over the month we exited Diageo, a lower conviction position in which our investment case deteriorated with the current business headwinds the firm is facing.
  • The exit in Diageo funded a new position in JP Morgan which demonstrates good customer and employee scores.
  • We remain cautious in positioning our portfolio and continue to focus on higher quality companies.

Performance Overview

Data as of:  17 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.​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 19/04/2025

Carmignac Portfolio Human Xperience Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Mar 2025.
North America64.0 %
Europe26.2 %
Asia5.8 %
Asia-Pacific4.0 %
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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 Weight98.8 %
Net Equity Exposure98.8 %
Number of Equity Issuers39
Active Share77.3 %
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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] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
The social theme is one of the most disregarded areas within ESG. Yet we believe that companies providing positive experiences to both their customers and employees are better positioned to achieve superior returns over the long run.
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
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.