Equity strategies

Carmignac Portfolio Grande Europe

SICAVEuropean marketSRI Fund Article 9
Share Class

LU0807689152

A high conviction, sustainable European equity strategy
  • Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
  • On the lookout for long-term growth, built on robust fundamentals and strong business models.
Asset Allocation
Equities93.2 %
Other6.8 %
Data as of:  30 Apr 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 141.3 %
+ 101.6 %
+ 65.6 %
+ 15.3 %
+ 13.7 %
From 19/07/2012
To 23/05/2024
Calendar 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
231.4 €
Asset Under Management
902 M €
Market
European market
SFDR - Fund Classification

Article

9
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 Grande Europe 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

Market environment

April was a challenging month for risk assets, driven by a combination of escalating tensions in the Middle East, mixed macro data, and sticky inflation. These factors led to a risk-off environment, causing global equities to suffer. The unexpected strength in inflation data further pushed up bond yields and delayed anticipated rate cuts in the US, leading European investors to question the pace of ECB rate cuts. Consequently, equity risk premia and volatility increased, eroding investor confidence. The market environment during this period was highly rotational with value outperformed growth, defensives outperformed cyclicals, while at the sector level market leadership was extremely narrow with basic resources, oil and banks being the standout performers, while most other sectors underperformed. Despite the overall challenges, European equities outperformed their US counterparts. The eurozone's flash composite PMI, a measure of economic activity, rose to 51.4 in April, significantly higher than the recessionary level of 47.6 recorded in December. This improvement in growth prospects and inflation dynamics partially offset the headwinds of higher interest rates and geopolitical risks in the region.

Performance commentary

During the month of April, the Fund recorded a negative absolute and relative performance. Notably, the Technology and Healthcare sectors were the biggest detractors. Evotec, a small cap healthcare contract research organization has been one of the biggest detractors during the month, due to a downgrade in its medium-term prospects, thus we decided to sell off a majority of our holdings. However, our positions in Consumer Discretionary and Industrials were the biggest drivers of performance over the month. Adidas was among the best three performers after announcing better-than-expected result in the first quarter of 2024 with sales up, driven by growth in all regions except North America. In the Industrials sector, Schneider Electric, specializing in the energy management and industrial automation businesses around the world also contributed positively to our portfolio.. Having no exposure to Energy penalised the Fund marginally while, on the contrary, having no exposure to Communication Services has been supportive.

Outlook strategy

During the month of April, we have made several adjustments to our portfolio amidst a period of busy corporate results which have been mixed. We made the decision to significantly increase our investment in ASML following the release of their results, partially offsetting this by reducing our holdings in the less liquid company ASM International, which experienced a 20% increase after posting results last month. We increased our exposure to Financials by making modest additions to Nordnet after their strong financial results as they continue to expand their presence in the Nordic region. We also added to our Consumer discretionary exposure as we continued to increase our holdings in Hermes, position that we initiated at the end of January. The Fund continues to rely on bottom-up fundamental analysis with a medium term horizon. Our perspective remains cautious of the potential impact of weaker corporate and economic data. We remain open to the possibility of a cyclical recovery and are actively exploring opportunities to incorporate cyclicality into our investment strategy. However, we have not made any significant changes in this regard at this time. The potential for greater visibility in the market is expected to yield favourable outcomes. We anticipate that as economic growth slows down, inflation will also decrease, leading to a gradual decline in interest rates.

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.​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 26/05/2024

Carmignac Portfolio Grande Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
23.1 %
deGermany
22.7 %
nlNetherlands
17.4 %
dkDenmark
14.4 %
chSwitzerland
12.8 %
seSweden
5.1 %
ieIreland
2.6 %
esSpain
1.9 %

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 Apr 2024.
Equity Investment Weight93.2 %
Net Equity Exposure93.2 %
Number of Equity Issuers35
Active Share83.0 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
[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.