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
+ 11.3 %
+ 1.5 %
+ 2.8 %
+ 5.4 %
- 13.5 %
+ 25.8 %
+ 35.3 %
+ 5.2 %
- 17.4 %
+ 20.2 %
Net Asset Value
225.23 €
Asset Under Management
244 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 25 Jul 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.
The main sources of performance were: DS Smith, Catalent and Olink
The main drags on performance were: Ansys, Darktrace and MMA Offshore
As we wrote last month, we had no position on the DS Smith discount when rumours emerged about Suzano (Brazil) making an offer for its potential buyer, International Paper.
However, the small position that we opened soon after proved very profitable when Suzano announced at the end of June that it was withdrawing its bid for International Paper.
Performance commentary
The Fund delivered a positive return, outperforming its reference indicator.
The technology sector was the main source of performance in June as Taiwanese (TSMC) and South Korean (Samsung Electronics and SK Hynix) stocks rallied.
US tech stocks followed suit. Not just the Magnificent 7 (Nvidia, Microsoft, Meta, etc.) but Broadcom and ServiceNow too.
However, the portfolio’s European component lost ground due to political risks and the slump in Airbus’s share price amid supply problems and delivery delays.
Outlook strategy
The Fund delivered a positive return.
The main sources of performance were: DS Smith, Catalent and Olink
The main drags on performance were: Ansys, Darktrace and MMA Offshore
As we wrote last month, we had no position on the DS Smith discount when rumours emerged about Suzano (Brazil) making an offer for its potential buyer, International Paper.
However, the small position that we opened soon after proved very profitable when Suzano announced at the end of June that it was withdrawing its bid for International Paper.
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.
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Market environment