Diversified strategies

Carmignac Portfolio Patrimoine

SICAVGlobal marketSRI Fund Article 8
Share Class

LU0992628346

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
Asset Allocation
Bonds46.1 %
Equities41.7 %
Other12.2 %
Data as of:  31 May 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 48.4 %
+ 43.0 %
+ 27.2 %
+ 0.3 %
+ 8.9 %
From 15/11/2013
To 12/06/2024
Calendar Year Performance 2023
+ 9.1 %
+ 0.7 %
+ 5.4 %
+ 2.3 %
- 8.5 %
+ 14.3 %
+ 14.9 %
+ 0.3 %
- 7.4 %
+ 4.7 %
Net Asset Value
148.4 $
Asset Under Management
1 415 M $
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  12 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 Patrimoine 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

Market environment

  • The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.

  • Although the US economy remains firm, signs of cooling were observed in May.

  • In Europe, PMIs published during the month confirmed an improvement in economic activity.

  • This desynchronisation led to a sharp drop in US yields whereas the Eurozone trend was more upward, especially for the long end of the curve.

  • The downward trend for US interest rates helped growth stocks and narrowed spreads.

  • Nvidia continued to benefit from investors’ excitement about artificial intelligence after publishing its results.

Performance commentary

  • The Fund delivered a positive return and beat its reference indicator.

  • The Fund’s high allocation to risky assets (equities and bonds) shored up performance in good conditions for these assets.

  • The technology and gold sectors raised the performance of our equity component. However, our option hedges had a slightly negative impact.

  • The Fund’s modified duration increased during the month as we reduced our short position on Japanese bonds and raised our exposure to US short-term debt.

Outlook strategy

  • Global economies should hold firm over the coming months as stimulus remains high at a time of military and trade conflict.

  • We are keeping equity exposure relatively high at around 40%, and raised our modified duration back up a little in May.

  • Since Kristofer joined our team, we have added 13 new equity positions and relinquished five others.

  • Although he is keeping the emphasis on profitable trends in artificial intelligence and healthcare, he has diversified the portfolio all along the value chain.

  • We have reduced investments in momentum stocks with high price multiples, and this has decreased the portfolio’s average valuation.

Performance Overview

Data as of:  12 Jun 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.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.
Source: Carmignac at 14/06/2024

Carmignac Portfolio Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 May 2024.
North America56.7 %
Europe24.3 %
Asia13.2 %
Asia-Pacific3.2 %
Latin America2.7 %
Total % Equities100.0 %
North America56.7 %
usUSA
53.1 %
caCanada
3.6 %

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  31 May 2024.
Equity Investment Weight41.7 %
Net Equity Exposure35.4 %
Active Share83.5 %
Modified Duration1.7
Yield to Maturity6.1 %
Average RatingBBB
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team

Jacques Hirsch

Fund Manager

Christophe Moulin

Deputy Head of Cross Asset, Fund Manager
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager

Kristofer Barrett

Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

Fund Manager
View Fund's characteristics
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.