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
+ 6.4 %
- 16.8 %
+ 20.8 %
+ 4.9 %
- 18.4 %
+ 13.9 %
+ 3.9 %
+ 9.6 %
- 15.7 %
+ 1.1 %
Net Asset Value
84.82 €
Asset Under Management
185 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
8
Data as of: 31 Oct 2024.
Data as of: 4 Nov 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.
September was an eventful month for investors. The Federal Reserve began the cycle of interest rate cuts with a 50bp cut.
The less optimistic tone of the Japanese authorities and the new stimulus measures in China helped to ease investors' concerns and support a sharp rise in equities until the end of the month.
China's efforts to stabilise its troubled property market should increase demand for industrial metals and critical minerals, which are key products for major mining companies.
As a result, the Bloomberg Commodity Index recorded a positive performance over the month.
Performance commentary
Our Fund recorded a negative performance in absolute and relative terms over September.
The stocks that contributed negatively to our performance were companies linked to the theme of green energy enablers, with Samsung and ASML being our main detractors.
We benefited from our overweight position and rigorous stock selection in the energy sector.
Our biggest contribution this month came from the green energy providers theme.
LG Chem was our main contributor to performance after securing a contract to supply cathode active materials.
Outlook strategy
During September, we readjusted the weight of equities in the renewable energy sub-theme by reducing the weight of TPI Composites.
Our strong conviction in semiconductors remains intact.
We believe that our diversification across our sub-themes will enable us to navigate better in this market environment.
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.
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Market environment