Equity strategies

Carmignac Portfolio Family Governed

SICAVThematicESG Thematic Fund Article 8
Share 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.
Asset Allocation
Equities91.2 %
Other8.8 %
Data as of:  30 Apr 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 79.3 %
-
-
+ 25.1 %
+ 19.1 %
From 31/05/2019
To 23/05/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 11.6 %
+ 16.8 %
+ 27.8 %
- 18.1 %
+ 21.4 %
Net Asset Value
179.3 €
Asset Under Management
29 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 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 Apr 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

April was a difficult month for equities and bonds due to higher-than-anticipated US inflation and persistently solid growth. This led the markets to lower their expectations of imminent rate cuts at the Federal Reserve, pushing up bond yields and pressurising share prices. The month also brought announcements of Q1 results. Although most companies beat forecasts, the markets were more willing than usual to punish those who fell short. Investors are trying to decide whether earnings growth justifies the rise in prices over the last six months. European equities have held up better than their US peers, benefitting from brighter growth prospects and a less worrisome inflation trend. However, Japanese equities underwent a correction after posting gains in each of the five previous months. The wider spread between the interest rates of Japan and other developed countries exerted downside pressure on the yen and raised concerns about the effect of imported inflation on domestic demand. Chinese equities rallied strongly, brought to life initially by government stimulus, then a slight improvement in sentiment and their particularly attractive valuations.

Performance commentary

April was a difficult month for global equities due to higher-than-expected US inflation and stable US GDP growth for Q1. This raised fears that central banks may not be ready to ease their monetary policy as previously thought. Our Fund performed weakly in both relative and absolute terms. We are underexposed to technology stocks, which worked in the Fund’s favour. The Fund’s relative misfortune resulted from our overweighting of healthcare, lack of energy exposure, and a few laggards such as Old Dominion Freight and WW Grainger in industry, and Mastercard and Brown & Brown in finance. In healthcare, Novo Nordisk and Eli Lilly in diabetes and obesity treatment, along with Italian diagnostics company DiaSorin, were among the top five contributors in April, but Veeva in healthcare technology, Straumann in dental care and Sartorius in biopharmaceutical products were among the worst performers.

Outlook strategy

Against the current macroeconomic backdrop of persistent inflation, we are remaining carefully positioned, focusing on quality family businesses of a less cyclical nature. During April, we closed our position in WuXi Biologics and reopened small positions in Dassault Systèmes and LVMH. 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:  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.
Source: Carmignac at 26/05/2024

Carmignac Portfolio Family Governed Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
North America56.4 %
Europe43.1 %
Asia-Pacific0.5 %
Total % Equities100.0 %
North America56.4 %
usUSA
56.4 %

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 Weight91.2 %
Net Equity Exposure91.2 %
Number of Equity Issuers38
Active Share95.8 %

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.