Equity strategies

Carmignac Portfolio Family Governed

SICAVThematicESG Thematic Fund Article 8
Share Class

LU1966630706

A global, high-conviction equity fund that invests in family companies
  • A Fund seeking to invest in family companies, which tend to have a longer-term focus, an attractive growth profile, and strategies aligned with shareholders' interests.
  • Portfolio construction is based on the company's family control and ownership, liquidity, profitability, earnings reinvestment and quality of its governance.
Asset Allocation
Equities87.6 %
Other12.4 %
Data as of:  31 May 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 74.1 %
-
+ 71.0 %
+ 18.8 %
+ 17.2 %
From 31/05/2019
To 12/06/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 11.2 %
+ 16.0 %
+ 27.0 %
- 18.6 %
+ 20.7 %
Net Asset Value
174.1 €
Asset Under Management
29 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  12 Jun 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 Family Governed 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 May 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.

  • Although the US economy remains firm, signs of cooling were observed in May.

  • In Europe, PMIs published during the month confirmed an improvement in economic activity.

  • The downward trend for US interest rates helped growth stocks.

  • Nvidia continued to benefit from investors’ excitement about artificial intelligence after publishing its results.

Performance commentary

  • The Fund delivered a positive absolute return in May but trailed its reference indicator.
  • Our overweighting of technology, healthcare and industrials was the main reason for the Fund’s underperformance.
  • However, limited exposure to energy and materials, and a good selection of consumer discretionary stocks, paid off.
  • Estee Lauder, Veeva, Fortinet and LVMH were the Fund’s most costly positions in May.

Outlook strategy

  • We made no changes to our portfolio in May.
  • Although market sentiment remained positive during the month we are still being cautious with the portfolio’s positioning and continuing to focus on less cyclical family businesses.
  • We continue to believe that the resilience afforded by investment in quality family- and founder-owned businesses will be our strategy’s trump card.

Performance Overview

Data as of:  12 Jun 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.
Source: Carmignac at 14/06/2024

Carmignac Portfolio Family Governed Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 May 2024.
North America62.2 %
Europe37.3 %
Asia-Pacific0.5 %
Total % Equities100.0 %
North America62.2 %
usUSA
62.2 %

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:  31 May 2024.
Equity Investment Weight87.6 %
Net Equity Exposure87.6 %
Number of Equity Issuers37
Active Share95.9 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
As a family business ourselves, we are best placed to understand the dynamics and needs of family businesses over the long term.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, 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.