Alternative strategies

Carmignac Portfolio Long-Short European Equities

SICAVEuropean marketArticle 8
Share Class

LU1317704051

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
+ 73.9 %
0.0 %
+ 36.9 %
+ 18.5 %
+ 21.6 %
From 19/11/2015
To 20/06/2024
Calendar Year Performance 2023
-
- 0.2 %
+ 9.1 %
+ 16.1 %
+ 3.4 %
- 0.3 %
+ 6.9 %
+ 13.0 %
- 6.3 %
+ 0.1 %
Net Asset Value
173.9 €
Asset Under Management
554 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  20 Jun 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:  31 May 2024.
Fund management team
[Management Team] [Author] Heininger Malte

Malte Heininger

Delegated Fund Manager, White Creek Capital LLP

Market environment

  • Along with better-than-expected Q1 earnings, investors’ optimism for the economy shored up risky assets in May.

  • European large caps such as ASML and SAP beat their profit forecasts, fuelling their performance.

  • The possibility of the European Central bank cutting interest rates further brightened the outlook for European equities.

  • Despite difficult conditions ahead of European elections, Europe’s industrial champions continued to grow.

Performance commentary

  • In May, the fund posted a positive performance, driven by our Core Long book and our positions in the Technology sector.
  • Overall, the surge in Tech stocks was driven by robust earnings, AI optimism, and the ongoing digital transformation.
  • Our semi-conductor positions performed particularly well, as Nvidia exceeded earnings estimates, reinforcing the AI-driven rally’s momentum.
  • On the Short side, our short in Lululemon continued to work well as they reported slower growth than expected and guidance below expectations.

Outlook strategy

  • The net exposure of the strategy remains stable; 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 and several positions in the Technology sector like Nova Limited, 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 Technology 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:  20 Jun 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 24/06/2024

Carmignac Portfolio Long-Short European Equities Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  14 Jun 2024.
Europe EUR31.4 %
Other countries18.5 %
Europe ex-EUR15.5 %
North America12.9 %
Equity Basket Derivatives-23.1 %
Index Derivatives-34.3 %
Total % of alternative20.9 %
Europe EUR31.4 %
deGermany
12.3 %
itItaly
7.7 %
nlNetherlands
7.2 %
esSpain
2.3 %
frFrance
2.0 %
ieIreland
1.7 %
Luxembourg
-0.2 %
atAustria
-0.4 %
fiFinland
-1.0 %

Key figures

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

Exposure Data

Data as of:  14 Jun 2024.
Net Equity Exposure20.9 %
Beta+0.1 %
Sortino Ratio+4.9
Number of Holdings26

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.