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
-
-
-
-
-
+ 15.9 %
+ 21.4 %
+ 29.2 %
- 23.7 %
+ 23.5 %
Net Asset Value
216.61 €
Asset Under Management
591 M €
Market
Global market
SFDR - Fund Classification
Article
9
Data as of: 29 Nov 2024.
Data as of: 14 Dec 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.
October was a volatile month for markets, with equities (in local currencies) moving lower after a strong rally since the beginning of the year.
The equity correction occurred despite robust economic data in the US, including strong consumption and employment figures. Inflation data further complicated the situation, with September’s core CPI coming in hotter than expected.
The third-quarter earnings season kicked off with strong results from the banking sector. However, guidance from tech companies was more mixed, contributing to market volatility.
Chinese equities experienced a significant rally at the start of the month in response to government stimulus measures. However, the momentum waned later due to a lack of detailed information regarding fiscal stimulus.
Performance commentary
The fund underperformed its performance indicator over the month.- The fund suffered from the underperformance of the most defensive sectors, such as healthcare and consumer staples.- The fund was also affected by the results season, with some of our holdings being penalized.- Microsoft, the fund's largest holding, reported solid results but provided a disappointing outlook for its cloud business, which weighed on the share price. - Similarly, ASML, a position we trimmed the past few months, declined following an earnings warning, as did Thermo Fisher, which announced a drop in third-quarter sales.- On a positive note, most of our technology stocks performed well. Nvidia, which we re-increased recently, along with Ansys and Cadence Design, showed strong performance.
Outlook strategy
Quality cyclical stocks have shown better performance in recent weeks, buoyed by optimism that growth is more resilient than expected.- In light of company results, we remain cautious and are maintaining our current positioning. We favor defensive-quality companies against the backdrop of a global economic slowdown and deteriorating corporate margins. - Consequently, we have made few changes to the portfolio this month, with only a slight increase in our exposure to technology stocks. - As a result, Nvidia has returned to the fund's top three holdings.
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.
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.
Unsupported browserWe've noticed that your browser is no longer supported. To ensure optimal performance and security while using our website, we recommend updating your browser or other relevant software. Thank you for your understanding!
Market environment