Share Class
LU1932476879
An all-weather European Fund
- Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
- Dynamic and flexible management to quickly adapt to market movements.
Key documents
Asset Allocation
Equities34.6 %
Bonds33.9 %
Other31.5 %
Data as of: 28 Feb 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 46.9 %
-
+ 25.1 %
+ 2.9 %
+ 8.1 %
To 06/03/2025
Calendar 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 2023Calendar Year Performance 2024
-
-
-
-
+ 18.5 %
+ 15.2 %
+ 9.4 %
- 12.9 %
+ 1.9 %
+ 7.1 %
Net Asset Value
146.86 €
Asset Under Management
507 M €
Net Equity Exposure28/02/2025
38.0 %
SFDR - Fund Classification
Article
8
Data as of: 28 Feb 2025.
Data as of: 6 Mar 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. Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Carmignac Portfolio Patrimoine Europe 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: 28 Feb 2025.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Jacques Hirsch
Fund Manager
Performance commentary
In this context, the fund recorded a positive performance, but one that was lower than its reference indicator.
The selection of quality stocks weighed on the relative performance of the Fund.
The fund's relative underperformance can be explained by our investments in technology stocks (such as ASML and Capgemini) as well as in the healthcare sector.
On the other hand, our convictions in the industrial (e.g. Kingspan) and financial (e.g. Adyen and Deutsche Boerse) sectors performed well.
Our diversification strategies, including index options, the European automotive and chemical sectors and the VIX, also posted a positive performance.
In bonds, our positioning on sovereign rates was beneficial.
Similarly, our credit strategies continue to perform well, supported by an embedded yield.
Outlook strategy
Given the continuing uncertainties regarding the evolution of US fiscal and tariff policies, as well as their implications for inflation and economic growth, we continue to diversify our portfolio.
Rather than reducing our equity exposure, which remains at around 40%, we are opting for sector diversification and buying protection through options.
We continue to believe that the consensus is still too pessimistic in Europe. We are therefore maintaining a negative sensitivity to the eurozone and retaining substantial exposure to credit.
We also maintain a significant exposure to commodities, which should benefit from the political and geopolitical uncertainties on the continent.
The Fund is strategically positioned to take advantage of a potential resurgence of interest in a region that has been largely neglected by investors.
Performance Overview
Data as of: 6 Mar 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The performances are presented using the chaining method.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. Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
Source: Carmignac at 10/03/2025
Carmignac Portfolio Patrimoine Europe Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: 28 Feb 2025.| Equities | 34.6 % |
| Bonds | 33.9 % |
| Money Market | 22.9 % |
| Cash, Cash Equivalents and Derivatives Operations | 8.6 % |
To Access the weekly view
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: 28 Feb 2025.Equity Investment Weight34.6 %
Net Equity Exposure38.0 %
Active Share86.6 %
Modified Duration2.8
Yield to Maturity3.7 %
Average RatingA-
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
Mark Denham
Head of Equities, Fund Manager
Jacques Hirsch
Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.
Jacques Hirsch
Fund Manager
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Until 31 December 2024, the Fund's reference indicator is 40% STOXX Europe 600 NR Index + 40% BofA All Maturity All Euro Government Index + 20% €STR capitalised index. Performances are presented using the chaining method.
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.
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.
Market environment
This month has seen an erosion of American exceptionalism.
Uncertainties surrounding the policies of Trump 2.0 have weighed heavily on the morale of American consumers and businesses, reigniting fears about economic growth.
In the absence of visibility in the United States, investor attention has shifted to the rest of the world, where valuation levels remain low.
European equities benefited from this trend, despite Trump's protectionist threats.
Investors began to anticipate a ceasefire between Russia and Ukraine. Politics was the main focus of attention during the month, with tense meetings between European leaders and the Trump administration.
The financial sector was the best performer in the equity markets alongside the defense sector.
All the main bond segments recorded positive returns during the month, with the fall in US rates having repercussions on the global market.