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Equity strategies

Carmignac Portfolio Grandchildren

Global marketSRI Fund Article 9
Share Class

LU1966631001

An intergenerational Fund focused on quality, sustainable companies
  • A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
  • An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
  • A concentrated, low turnover portfolio of high-conviction names seeking to provide steady growth of your capital over the long term.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities94.9 %
Other5.1 %
Data as of:  31 Mar 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 74.1 %
-
+ 53.9 %
+ 12.7 %
- 6.2 %
From 31/05/2019
To 17/04/2025
Calendar Year Performance 2024
-
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
+ 21.9 %
Net Asset Value
174.08 €
Asset Under Management
472 M €
Net Equity Exposure31/03/2025
94.9 %
SFDR - Fund Classification

Article

9
Data as of:  17 Apr 2025.
​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. 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.
Equity strategiesCarmignac Portfolio Grandchildren
Equity strategiesCarmignac Portfolio Grandchildren
Share Class

LU1966631001

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Grandchildren 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 Mar 2025.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

  • The US markets had their worst month since December 2022. This decline is mainly attributed to the imminent announcement of new tariffs.

  • Technology equities have suffered particularly. On the other hand, defensive sectors such as healthcare have performed positively.

  • European and emerging markets continue to outperform the US. However, they have not been spared by concerns about customs barriers.

  • Investors increasingly fear a scenario in which the US economy enters a sharp slowdown as inflation accelerates.

Performance commentary

  • In March, the fund recorded a negative performance in both absolute and relative terms.

  • This underperformance was primarily driven by the unpredictable nature of US trade policy, which heightened uncertainty and dampened growth expectations.

  • The main detractors for the month were stocks in the Healthcare, Consumer Discretionary and Tech sectors.

  • Despite a significant correction in the Technology sector during the month, our strategic positioning and stock selection of profitable Tech stocks enabled the Fund to partially mitigate the impact of this decline.

  • Novo Nordisk was the biggest detractor, as the growth rate for its obesity drug stalled, fuelling investor concerns about its sales guidance during the Q1 results.

  • Amazon dropped around 10% in March, primarily due to concerns over potential tariffs and their impact on international operations.

  • Conversely, our underexposure to the Financials and Communication Services sectors contributed positively to our relative performance.

  • Defensive pharma stocks like McKesson and Cencora performed well during the month, demonstrating resilience amid market volatility.

Outlook strategy

  • Our macroeconomic framework continues to advocate for a defensive approach to equity markets.

  • During the month, we made some adjustments to our portfolio by initiating two new positions in the Fund.

  • We started positions in McKesson and Cencora, two leading US drug distributors. These stocks are expected to perform well in this volatile environment due to their limited political risks.

  • Amid the market downturn, we slightly reinforced positions that suffered the most, such as Nvidia and Amazon, as their valuations appear highly attractive.

  • We also increased our Industrials exposure by adding to Schneider Electric, which is expected to capitalize on the ongoing recovery in manufacturing and infrastructure development.

Performance Overview

Data as of:  17 Apr 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. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 19/04/2025

Carmignac Portfolio Grandchildren Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Mar 2025.
North America70.0 %
Europe30.0 %
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Key figures

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

Exposure Data

Data as of:  31 Mar 2025.
Equity Investment Weight94.9 %
Net Equity Exposure94.9 %
Number of Equity Issuers47
Active Share80.1 %
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The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
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.
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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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 Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.