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Carmignac Investissement Latitude 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 Jan 2025.
Fund management team

Frédéric Leroux

Head of Cross Asset, Fund Manager

Market environment

  • Global equities started the year strongly, with Europe notably outperforming the US.
  • The arrival of President Trump had a positive impact on the equities markets, but the rise of the Chinese artificial intelligence company DeepSeek raised concerns for players in the US technology sector.
  • From a macroeconomic perspective, data confirmed recent trends, showing a robust US economy (GDP up by 0.6% over the quarter) and a sluggish European economy with signs of improvement.
  • The Fed halted its easing cycle in January after three consecutive cuts. In contrast, the European Central Bank reduced its deposit rate by 25 bps in response to more moderate growth.
  • In Europe, gains were supported by the Financials and Consumer Discretionary sectors, driven by a solid global economic backdrop.

Performance commentary

  • In this context, the fund delivered a positive performance, also outperforming its reference indicator in January.

  • After a difficult end to the year for the healthcare sector, stocks recovered some of their losses on the stock market, which benefited our Centene and Cencora holdings during this period.

  • We also benefited from our emerging diversification with Taiwanese foundry leader TSMC, South Korean semiconductor memory specialist SK Hynix and Brazilian online retailer MercadoLibre.

  • Despite a very good start to the year for technology companies, the share prices of US companies investing in artificial intelligence (Nvidia, Broadcom and Microsoft) fell after China's DeepSeek announced its impressive performance and development costs.

  • Nevertheless, our hedging of the equities markets has somewhat affected the overall performance of the fund.

Outlook strategy

  • The fundamentals for 2025 appear solid for the equities markets, supported by resilient US growth, accommodative monetary policies and an expected 14% rise in profits for S&P 500 companies.

  • However, increased volatility is to be expected due to current valuation levels and the unpredictability of Trump's announcements.

  • The Master fund is therefore adopting a more selective approach, with a diversified positioning between high-growth stocks with relatively high valuations and stocks offering more modest growth prospects but benefiting from high visibility and attractive valuations (McKesson, SK Hynix).

  • DeepSeek has highlighted the possibility of significantly reducing the costs of AI. However, this could accelerate the adoption of AI and a wide range of applications and use cases are likely to emerge. We therefore maintain a diversified positioning along the value chain.

  • The Master Fund also has significant exposure to the industrial sector, as illustrated by our new position in Prysmian, the world leader in power distribution cables.

  • We continue to manage actively the fund's equity exposure and the EUR/USD.

Performance Overview

Data as of:  20 Feb 2025.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). ​Morningstar Rating™ :  © YYYY 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. ​From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 22/02/2025

Key figures

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

Exposure Data

Data as of:  31 Jan 2025.
Net Equity Exposure80.1 %
Beta+1.1 %
Sortino Ratio+1.2
Number of Holdings0

The strategy in a nutshell

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

Frédéric Leroux

Head of Cross Asset, Fund Manager
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.

Frédéric Leroux

Head of Cross Asset, Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
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.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) under French law.
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.