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
+ 10.4 %
- 1.4 %
+ 5.2 %
+ 10.4 %
- 9.6 %
+ 34.3 %
+ 13.8 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
227.85 €
Asset Under Management
924 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 31 Oct 2024.
Data as of: 4 Nov 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.
September was an eventful month for investors. The Federal Reserve began the cycle of interest rate cuts with a 50bp cut.
The less optimistic tone of the Japanese authorities and the new stimulus measures in China helped to ease investors' concerns and support a sharp rise in equities until the end of the month.
In Europe, the situation remains concerning as inflation eases and economic data continues to show weakness, with indicators like PMIs and IFO remaining low and no sign of optimism across the corporate sector.
Performance commentary
During the month of September, the Fund recorded a negative absolute performance, although above its reference indicator.
Our holding in Biontech that we initiated last month has been the best performer in the fund after papers published in advance of the cancer congress ESMO showed promising product responses.
Our biggest detractors this month has been Novo Nordisk, as supply restrictions are now being incorporated into analyst estimates for Q3, leading to increased uncertainty regarding the medium-term investment outlook.
Having no exposure to Communication Services penalised the Fund while, on the contrary, having no exposure to Energy has been very supportive.
Outlook strategy
During the month, our portfolio remained relatively stable with only a few adjustments. We initiated a new position in Ferrari that now accounts to 0.8% of the portfolio.
We reduced our holdings in the Healthcare stocks and particularly continued to reduce Lonza and Novo Nordisk after a weak month.
Additionally, we made modest reductions in order to take profit in our consumer names, such as L’Oreal, Beiersdorf and Essilor as well as Luxury good stocks like Hermes after strong performance following positive news from China in the last week of September.
The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
As rate cuts have started in Europe and the economies weaken, we are encouraged that markets should be able to ride out a period of weaker economic strength and some political headlines.
We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.
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.
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