Alternative strategies

Carmignac Portfolio Long-Short European Equities

SICAVEuropean marketArticle 8
Share Class

LU0992627538

A high-conviction long/short approach to European equities
  • A bottom-up fundamental approach to maximise long and short alpha generation.
  • Active management of the net equity exposure (-20% to +50%) ensuring great responsiveness to market fluctuations.
Key documents
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 91.0 %
+ 86.3 %
+ 41.8 %
+ 23.5 %
+ 18.3 %
From 15/11/2013
To 29/05/2024
Calendar Year Performance 2023
+ 1.7 %
- 7.4 %
+ 10.8 %
+ 19.0 %
+ 6.6 %
+ 3.1 %
+ 8.4 %
+ 13.9 %
- 4.2 %
+ 2.7 %
Net Asset Value
191.0 $
Asset Under Management
Fr. CHF
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  29 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 Long-Short European Equities 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] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP

Market environment

The escalation of tension in Israel, lukewarm macroeconomic data and persistent inflation made investors very defensive in April, and global equities suffered. Higher-than-expected inflation figures pushed bond yields up further and delayed US rate cuts, which even left European investors wondering about the ECB’s own timing. Risk premia and equity volatility skyrocketed as a result, and investors’ confidence quickly evaporated. This uncertainty led to big swings on the market, which investors found difficult to manage. The technology sector hit turbulence after ASML and TSMC reversed the trend for microprocessor companies by suggesting that demand may keep slowing for longer than expected.

Performance commentary

In April, the fund posted a negative performance, driven by our Long book. On the Technology side, our semi-conductor positions suffered from the cautious demand comments made by ASML and TSMC. On the Financials side, Adyen suffered from a 15% stock drop on the day of its earnings. The company’s solid results were overshadowed by a compression of its take rate, which exacerbated investor’s skepticism. We had a large performance contribution from our position in Prada, as Miu Miu continues on a strong growth trajectory. On the Short side, our Shorts in Nike and Lululemon continued to do well, as the demand for activewear seems to be stagnating. We also made a positive contribution from our short position in Straumann, which reported a slowdown in consumer demand for dental implants in its key US markets.

Outlook strategy

The net exposure of the strategy remains in the low thirties; and our gross exposure stayed stable above 200%. As fundamentals are back at driving stock prices, we continued to reinforce our convictions on both the long and short side and our portfolio is back to a normal level of convictions. On the long side of the book, our portfolio in our Core Long book has been stable with strong convictions in Prada in the Luxury sector, Daimler in the Automotive space, IMI in the Chemicals space and several positions in the Technology sector like ASML, Hynix or SAP; as well as some defensive positions like Novo Nordisk and Deutsche Telekom. On the short side, we continue to find many new names in the Consumer, Industrials and Healthcare spaces with poor balance sheets and deteriorating fundamentals, bringing tightened margins and profit warnings. Overall, we keep strong convictions in our Core Long book and have sized up these positions accordingly. We feel the current environment is quite conducive to our conviction-led portfolio.

Performance Overview

Data as of:  29 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.Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 30/05/2024

Carmignac Portfolio Long-Short European Equities Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
Europe EUR46.4 %
Other countries15.6 %
North America14.5 %
Europe ex-EUR7.9 %
Equity Basket Derivatives-0.5 %
Index Derivatives-52.7 %
Total % of alternative31.1 %
Europe EUR46.4 %
deGermany
22.9 %
nlNetherlands
10.5 %
itItaly
9.4 %
ieIreland
2.9 %
beBelgium
1.8 %
frFrance
1.6 %
Luxembourg
-0.2 %
esSpain
-0.7 %
fiFinland
-1.8 %

Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  30 Apr 2024.
Net Equity Exposure31.1 %
Beta+0.1 %
Sortino Ratio+3.0
Number of Holdings34

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] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP
We strive to build a high-conviction portfolio of long and short positions, based on a thorough fundamental company analysis to identify the best opportunities in Europe.
[Management Team] [Author] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP
View Fund's characteristics
Carmignac Gestion Luxembourg SA in its capacity as the Management Company for Carmignac Portfolio, has delegated the investment management of this Sub-Fund to White Creek Capital LLP (Registered in England and Wales with number OCC447169) from 2nd May 2024. White Creek Capital LLP is authorised and regulated by the Financial Conduct Authority with FRN : 998349.
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.