Equity strategies
Carmignac Portfolio Family Governed
Luxembourg SICAV sub-fundThematicESG Thematic Fund Article 8Share Class
LU2004385154
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.
Key documents
Asset Allocation
Equities92.7 %
Other7.3 %
Data as of: 30 Sep 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 83.1 %
0.0 %
+ 77.6 %
+ 17.4 %
+ 17.3 %
To 08/10/2024
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
-
-
-
-
-
+ 11.6 %
+ 16.8 %
+ 27.8 %
- 18.1 %
+ 21.4 %
Net Asset Value
183.06 €
Asset Under Management
18 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2024.
Data as of: 8 Oct 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.
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: 30 Sep 2024.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
Performance commentary
- Our Fund delivered negative returns both in absolute and relative terms over the month of September.
- Our overweight to Healthcare was the largest contributor to this underperformance driven mainly by the underperformance of our positions in Novo Nordisk, Eli Lilly, Roche and Demant.
- While our slight overweight to Consumer Discretionary contributed positively to our performance our positions in Garmin and Sodexo hurt our overall performance.
Outlook strategy
- During the month of September, we made no significant changes to the portfolio.
- In the current market environment, we remain cautious in our portfolio positioning and continue to focus on less cyclical family-owned companies.
- We continue to believe that the resilience that comes from investing in quality family and founder-owned businesses will be the key strength of our strategy going forward.
Performance Overview
Data as of: 8 Oct 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.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 10/10/2024
Carmignac Portfolio Family Governed Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Sep 2024.| North America | 64.9 % |
| Europe | 34.6 % |
| Asia-Pacific | 0.5 % |
| Total % Equities | 100.0 % |
North America64.9 %
 USA | 64.9 % |
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 Sep 2024.Equity Investment Weight92.7 %
Net Equity Exposure92.7 %
Number of Equity Issuers36
Active Share96.1 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
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.
Mark Denham
Head of Equities, Fund Manager
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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.
Market environment
Major indices reached all-time highs during the month, driven by monetary easing from central banks.
Chinese equities surged towards the end of the period as Beijing's stimulus measures boosted optimism about the recovery of the world's second-largest economy. These measures aim to counter monetary contraction, address the collapse in the property market, and revive the struggling stock market.
The Federal Reserve initiated its easing cycle with an aggressive 50 basis point cut in its key rate, while the European Central Bank continued to reduce its key rates by 25 basis points.
Economic indicators in the United States remain robust, with rising retail sales and industrial production, a mixed but solid employment market, and falling inflation. In contrast, economic activity in the eurozone has been more lackluster.