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
-
-
-
-
-
-
-
-
-
+ 2.5 %
Net Asset Value
104.44 €
Asset Under Management
195 M €
Market
Global market
SFDR - Fund Classification
Article
8
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.
June was a highly volatile month for the Merger Arbitrage strategy, with the HFRX Merger Arbitrage index down -0.2% for the month and -3.3% year-to-date.
This tension was partly due to significant variations in the discounts of Ansys, DS Smith, Southwestern Energy and Hess amongst others.
The closure of two multi-asset funds’ Merger Arbitrage portfolios has likely amplified this volatility.
Apart from Shockwave Medical (USD 12 billion), no big deals were completed in June, explaining why other discounts showed a degree of stability.
There was one failure to report: the acquisition of Karnov by a private equity group in Sweden, as the acceptance threshold was not met.
30 new deals were announced, as in the previous month, but for a lower total of around USD 60 billion.
Growth in M&A activity was mainly driven by the United States this month, with deal sizes averaging some USD 5 billion.
Performance commentary
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.
Outlook strategy
The Fund’s investment rate remained relatively stable at around 27%.
With 45 positions in the portfolio, diversification remains satisfactory.
2024 should see the M&A cycle pick up due to the stabilisation (or even reduction) in interest rates, the energy transition spreading to more sectors of the economy, private equity funds making a return, and Japanese stock markets undergoing regulatory change.
The risk premium on the Merger Arbitrage strategy still offers investors some attractive returns, especially at a time when few deals are collapsing.
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.
Unsupported browserWe've noticed that your browser is no longer supported. To ensure optimal performance and security while using our website, we recommend updating your browser or other relevant software. Thank you for your understanding!
Market environment