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
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+ 19.2 %
- 21.8 %
+ 22.6 %
Net Asset Value
137.30 €
Asset Under Management
122 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
9
Data as of: 29 Nov 2024.
Data as of: 12 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
Over the month of October the fund had a negative absolute return while the index showed a slightly positive return.
Our overweight to Consumer Staples was the main contributor to this underperformance. L’Oreal, Colgate-Palmolive and Diageo were among the largest detractors over the month. Despite names like Colgate-Palmolive reporting good numbers for the third quarter, staple names did not perform in line with results.
While we were underweight healthcare, our positions in Danaher and Roche were hurt as market performance over the month primarily came from the Energy and Financial sectors.
Outlook strategy
Over the month of September, we initiated a new position in Apple which has a strong CHX score.
We continued reducing our position in Novo Nordisk and sold out of the stock during the month. Garming was also a position we exited over the month of October as the score deteriorated over the past few months.
We remain cautious in positioning our portfolio and continue to focus on quality, less cyclical companies.
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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Market environment