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Exploring the benefits of Carmignac Investissement
In this note, you will find…
Why Carmignac Investissement?
Carmignac Investissement: +12% annualized performance over 5 years*
The ability to identify thriving companies that capitalize on promising market dynamics and trends by leveraging on its global mandate, have contributed to the success of our EUR 4bn flagship strategy. However, complacency is not an option. The objective has always been to continuously evolve and reinforce the Fund’s capacity to keep its mandate intact. With this in mind, Kristofer Barrett took over the strategy in April 2024.
*Source: Carmignac, 28/06/2024.
A talented Fund manager supported by a strong team
Carmignac Know-How: Kristofer has support from the team of equity experts specializing in various sectors and geographic regions, who have played a crucial role in the performance of Carmignac Investissement over the past years.
A singular approach
- The aim is to look at everything with an holistic viewpoint. It's important to look at where the companies are in the value chain, their competitive edge and their technology and their business model. The Fund favours innovative companies, with strong ownership structure/management offering indispensable products.
- Price matters: We own companies trading at a price below their intrinsic value while having the potential to grow over time. That is why we invest in them over the long term.
- An ability to invest in small & mid-caps that operate in niche businesses and excel in what they do.
- Unconstrained in term of sectors, regions or investment style. The objective is to make the most of the flexibility to excel across all market environments.
Participating in the global economy
Carmignac Investissement strategically capitalizes on its global reach, with a substantial allocation to emerging markets. Recently, the Fund has further enhanced its investment in undiscovered prospects in Asia, such as the artificial intelligence (AI) value chain in Taiwan and Korea, as well as the promising banking and consumer sectors in India.
Why Carmignac Investissement now?
The Long-Term Appeal of Equities: Start Small, Stay Involved, Seize Opportunities
On paper, there are always reasons not to enter the stock market (valuations, geopolitical risks, economic growth, etc.). However, investing in an equity fund remains a highly compelling long-term strategy. Yet, timing the market is a challenge. Therefore, starting small and gradually increasing exposure is the optimal approach to capture opportunities as they arise.
A context that continues to be conducive for equities
A soft landing of the US economy, ongoing inflation deceleration, and accommodative central banks should continue to fuel a favorable environment for equities. However, as the supportive economic scenario has been largely factored into the market, active management of the underlying performance drivers becomes essential.
Performance drivers have been renewed
- Since the beginning of the year, the Fund posted a performance of +21% vs +15% for its reference indicator*.
- Since taking over the strategy in April 2024, Kristofer has revamped the portfolio, selling 12 stocks and acquiring 31 new companies out of a total of 72 stocks.
*Source: Carmignac, 28/06/2024. Reference Indicator: MSCI ACWI (USD) (Reinvested net dividends). The portfolios of Carmignac funds may change without previous notice.
A more robust portfolio construction
When Kristofer took over the strategy, markets were already at a high level, prompting him to carefully reshuffle the portfolio that would thrive in these market conditions. In recent weeks, we have strategically reduced the Beta of our portfolio, increased the average market capitalization, and improved the financial metrics such as balance sheet and growth rate. This has resulted in a more robust portfolio that is better equipped to withstand more challenging market conditions.
What are the main performance drivers?
Carmignac Investissement A EUR Acc
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 4/7
- SFDR - Fund Classification**
- Article 8
*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.
Main risks of the fund
Fees
- Entry costs
- 4,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
- Exit costs
- We do not charge an exit fee for this product.
- Management fees and other administrative or operating costs
- 1,50% of the value of your investment per year. This estimate is based on actual costs over the past year.
- Performance fees
- 20,00% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
- Transaction Cost
- 1,09% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.
Performance
| Carmignac Investissement | 10.4 | 1.3 | 2.1 | 4.8 | -14.2 | 24.7 | 33.7 | 4.0 | -18.3 | 18.9 |
| Reference Indicator | 18.6 | 8.8 | 11.1 | 8.9 | -4.8 | 28.9 | 6.7 | 27.5 | -13.0 | 18.1 |
| Carmignac Investissement | + 5.4 % | + 11.3 % | + 7.0 % |
| Reference Indicator | + 10.0 % | + 12.3 % | + 11.1 % |
Source: Carmignac at 29 Nov 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions. This document is intended for professional clients.
This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.
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.
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
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The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital.
The Funds’ prospectus, KIDs, NAVs and annual reports are available at www.carmignac.com, or upon request to the Management Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The French investment funds (fonds communs de placement or FCP) are common funds in contractual form conforming to the UCITS or AIFM Directive under French law.
In France, Luxembourg, Sweden: The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital. The Funds’ prospectus, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management.
In the United Kingdom: the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company, or for the French Funds, at the offices of the Facilities Agent at BNP PARIBAS SECURITIES SERVICES, operating through its branch in London: 55 Moorgate, London EC2R. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the FCA with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY, UK; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.
In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Route de Signy 35, 1260 Nyon.
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