Equity strategies

Carmignac Portfolio Climate Transition

SICAVThematicESG 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.
Asset Allocation
Equities92.5 %
Other7.5 %
Data as of:  30 Apr 2024.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 217.3 %
+ 10.8 %
+ 17.9 %
+ 3.3 %
+ 5.0 %
From 10/03/2003
To 23/05/2024
Calendar Year Performance 2023
+ 7.9 %
- 16.2 %
+ 21.7 %
+ 5.5 %
- 17.7 %
+ 14.8 %
+ 4.5 %
+ 10.4 %
- 15.1 %
+ 1.8 %
Net Asset Value
317.2 €
Asset Under Management
209 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  23 May 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.

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:  30 Apr 2024.
Fund management team
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager

Market environment

April proved to be a difficult month for equity and bond markets. The publication of high US inflation figures and a relatively poor US GDP report for the first quarter, which revealed strong private demand, caused investors to fear that central banks may not ease their monetary policy as quickly as had been expected. Equity and bond markets felt the backlash, with global bonds down and developed market equities also falling, as the MSCI World lost 3.7% over the month. However, there were a few brighter notes, such as investors’ renewed interest in undervalued Chinese equities and higher exposure to commodities, which led emerging market equities to deliver a positive if modest return of 0.5% over the same period. Resilient economic conditions and the risk of the Middle East situation degenerating fuelled commodity prices in April. The Bloomberg Commodities index gained 2.7%, making this asset class the month’s top performer. Meanwhile, value stocks benefitted from the rise in energy prices and their lower sensitivity to interest rates, which saw them outperform growth stocks.

Performance commentary

Our Fund posted a negative absolute return in April, but was ahead of its reference indicator. Green energy companies weighed on the Fund’s performance, as did Microsoft, which dealt the heaviest blow. LG Chem also had an adverse effect after demand for electric vehicles fell at the beginning of the year. However, we benefitted from our overweighting and careful selection of industrial and consumer discretionary stocks. The month’s top contributor was found within green energy: Sterling & Wilson, which announced convincing results with a much sturdier balance sheet and reduction in net debt. Another source was Niu Technologies, which is part of the green mobility sub-theme and enjoyed a good Q1 2024, with impressive growth in sales volumes.

Outlook strategy

We took advantage of the market’s rally in April to take some profits and readjust our portfolio. We tweaked the weighting of energy transition stocks by trimming our position in GeoPark after a fine start to the year. We also readjusted our green technology holdings, strengthening our positions in SK Hynix, a South Korean supplier of dynamic random-access memory chips and flash memory chips, and ASML. Our strong conviction about semiconductors remains intact and we think that our diversification through sub-themes will make it easier to navigate the market.

Performance Overview

Data as of:  23 May 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.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 26/05/2024

Carmignac Portfolio Climate Transition Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
North America41.5 %
Asia30.9 %
Europe24.8 %
Asia-Pacific1.7 %
Latin America0.9 %
Africa0.1 %
Eastern Europe-
Total % Equities100.0 %
North America41.5 %
usUSA
39.3 %
caCanada
2.2 %

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:  30 Apr 2024.
Equity Investment Weight92.5 %
Net Equity Exposure84.9 %
Number of Equity Issuers55
Active Share91.4 %

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
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.