Equity strategies

Carmignac Portfolio Grandchildren

SICAVGlobal marketSRI Fund Article 9
Share Class

LU1966631001

An intergenerational Fund focused on quality, sustainable companies
  • A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
  • An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
Asset Allocation
Equities95.4 %
Other4.6 %
Data as of:  31 May 2024.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 95.8 %
-
+ 89.3 %
+ 27.7 %
+ 22.4 %
From 31/05/2019
To 12/06/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
Net Asset Value
195.8 €
Asset Under Management
521 M €
Market
Global market
SFDR - Fund Classification

Article

9
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 Grandchildren 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 return but trailed its reference indicator.

  • It benefitted from favourable conditions for growth stocks, but our selection of defensive stocks weighed on relative performance.

  • The technology sector and, more specifically, our substantial positions in semiconductor companies ASML and Nvidia continued an excellent start to the year and were among the main sources of performance.

  • Some of the Fund’s top healthcare and consumer names were down. These included Estée Lauder, whose forecasts were slightly lower than expected as the macroeconomic environment deteriorated for consumers.

Outlook strategy

  • Our macroeconomic analysis still calls for relatively defensive positioning, which is reflected in the portfolio’s overall construction – its healthcare and consumer staples names in particular.

  • We still have high exposure to technology and healthcare, and are limiting exposure to the momentum factor by resizing Eli Lilly and Nvidia.

  • We sold our remaining interest in Diasorin and added a position in Accenture.

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 Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 May 2024.
North America65.4 %
Europe34.6 %
Total % Equities100.0 %
North America65.4 %
usUSA
65.4 %

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:  31 May 2024.
Equity Investment Weight95.4 %
Net Equity Exposure95.4 %
Number of Equity Issuers43
Active Share81.7 %

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
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
[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.
​The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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.

Related articles

Global equities11 June 2024English

Carmignac Portfolio Grandchildren: Harnessing the power of time

2 minute(s) read
Find out more