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Diversified strategies

Carmignac Portfolio Patrimoine

Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8
Share Class

LU0992628692

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)KID
Asset Allocation
Bonds45.1 %
Equities42.8 %
Other12.1 %
Data as of:  29 Nov 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 34.3 %
+ 24.8 %
+ 15.1 %
+ 2.3 %
+ 7.9 %
From 15/11/2013
To 27/12/2024
Calendar Year Performance 2023
+ 7.5 %
- 0.4 %
+ 4.2 %
+ 1.1 %
- 9.6 %
+ 13.0 %
+ 13.7 %
- 0.8 %
- 8.3 %
+ 3.5 %
Net Asset Value
81.01 $
Asset Under Management
1 406 M €
Market
Global market
SFDR - Fund Classification

Article

8
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.
Diversified strategiesCarmignac Portfolio Patrimoine
Diversified strategiesCarmignac Portfolio Patrimoine
Share Class

LU0992628692

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio 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 Oct 2024.
Fund management team
Jacques Hirsch, Christophe Moulin, Guillaume Rigeade, Eliezer Ben Zimra, Kristofer Barrett

Market environment

  • October experienced significant volatility in the financial markets, with equities declining in local currency terms while interest rates increased.- Concerns about economic growth continued to preoccupy investors, despite signs of resilience, particularly in the US economy. Uncertainty was heightened by the upcoming US elections and their potential impact, especially on inflation.- The US dollar also saw a resurgence, rising by more than 3%, while US 10-year bond yields increased by 50 basis points.- In China, the initial enthusiasm generated by the announcement of the stimulus plan faded as the specific details were deemed disappointing. Consequently, Chinese equities fell by nearly 6% over the month, erasing part of September's gains.- Meanwhile, the third-quarter earnings season began with strong performances from the banking sector. However, forecasts for technology companies were more mixed, contributing to market instability.- Finally, despite the rise in bond yields, the price of gold increased again in October, reaching new highs over $2,700. In the oil markets, volatility rose due to the escalation of the conflict in the Middle East, but prices remained relatively stable.

Performance commentary

  • The Fund's performance was neutral over the month but outperformed its performance indicator.- In a challenging market for both fixed income and equities, the Fund managed to cushion the impact, benefiting from a positive downward correlation between these asset classes.- Regarding interest rates, our cautious positioning with very low modified duration allowed us to navigate the rise in rates effectively during the month.- The Fund also benefited from its position in inflation-linked instruments, which performed well as core inflation persisted in the United States.- In equities, the Fund experienced slight losses but benefited from moderate exposure to this asset class. Our technology stocks, such as TSMC, held up well.- Finally, in terms of currencies, our under-exposure to the US dollar slightly impacted relative performance, as did our exposure to the Brazilian real and the Australian dollar.

Outlook strategy

  • This month's macroeconomic data supports our scenario of a soft landing for the global economy.- We believe that US growth is robust and that the Federal Reserve will continue to support this growth. At the same time, we remain convinced that the risk of inflation is being underestimated by the markets.- Against this backdrop, we remain optimistic about equities, maintaining an exposure of around 30%. Although EPS growth forecasts for 2025 appear overly optimistic, macroeconomic conditions should continue to support equity markets.- Regarding interest rates, we maintain a low modified duration and anticipate steeper yield curves in both Europe and the United States. We remain cautious about expected rate cuts, particularly in Europe, and therefore favor the euro within the portfolio.- To strengthen 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.
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). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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.
Source: Carmignac at 30/12/2024

Carmignac Portfolio Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Nov 2024.
North America64.1 %
Asia16.7 %
Europe12.2 %
Latin America5.1 %
Asia-Pacific1.9 %
Total % Equities100.0 %
North America64.1 %
usUSA
60.8 %
caCanada
3.3 %
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:  29 Nov 2024.
Equity Investment Weight42.8 %
Net Equity Exposure38.8 %
Active Share85.3 %
Modified Duration0.4
Yield to Maturity4.9 %
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.
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.