Carmignac Patrimoine: A review of the first six months management of the new team
Five experts at the helm of the Fund, to capture the 3 main performance drivers
Following Rose Ouahba’s appointment as Managing Director, and with a mindset of continuous reinforcement of our Fund management set up, in September 2023, we appointed two expert duos on Fixed Income and Cross-asset alongside a highly experienced equity stock picker to manage the Fund. Their mission was to reinforce the strategy’s mandate and continue providing an asset allocation solution for clients, regardless of market timing.
+9% since the new set up, beating its reference indicator(1)
The first six months of our new team were characterized by a rally of markets. In this bullish environment, Carmignac Patrimoine has been able to make the most of equity, credit and FX market opportunities thanks to its rigorous approach and selectivity, key components of the Fund process.
Why Patrimoine remains a key component of your portfolio
After more than a decade of a sluggish economic cycle, the return of inflation has led to strong market movements and volatility in the equity/rate correlation. Over the coming years, inflation is likely to be stronger and more volatile. It will therefore be key to rapidly and accurately anticipate next inflections in the economic cycle and adapt the portfolio accordingly across all asset classes: equities, bonds and currencies. In addition, there are several known unknowns in the coming months: US elections, Middle East and Ukrainian conflicts, monetary policies at a time when valuations are extended. These factors could create some volatility ahead.
In this context, we believe that the diversified and dynamic nature of Carmignac Patrimoine combined with the new team, gives us the confidence to fulfil the Fund’s mandate, remaining loyal to its inherent nature: capturing the upside to achieve long-term markets performance while mitigating drawdowns during market falls.
Carmignac Patrimoine A EUR Acc
- Recommended minimum investment horizon
- 3 years
- Risk indicator*
- 3/7
- 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
- 1,51% 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
- 0,63% 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 Patrimoine | 0.7 | 3.9 | 0.1 | -11.3 | 10.5 | 12.4 | -0.9 | -9.4 | 2.2 | 7.1 |
| Reference Indicator | 8.4 | 8.1 | 1.5 | -0.1 | 18.2 | 5.2 | 13.3 | -10.3 | 7.7 | 11.4 |
| Carmignac Patrimoine | - 0.3 % | + 2.0 % | + 1.3 % |
| Reference Indicator | + 2.5 % | + 5.1 % | + 6.1 % |
Source: Carmignac at 31 Dec 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/prospectus of the fund before making any final investment decisions. This document is intended for professional clients. The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus.
Source: Carmignac, 29/03/2024. The information mentioned above may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. The information may be partial information, and may be modified without prior notice. Past performance is not necessarily indicative of future performance. 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. Investors have access to a summary of their rights in English on the following link (paragraph 6): https://www.carmignac.com/en_US/article-page/regulatory-information-1788.
Carmignac Patrimoine is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law. Access to the Fund may be subject to restrictions regarding certain persons or countries. The Fund is not registered in North America, South America, Asia, or Japan. The Fund is registered in Singapore as a restricted foreign scheme (for professional clients only). The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a “U.S. person”, according to the definition of the US Regulation S and/or FATCA. The Fund presents a risk of loss of capital. The risks and fees are described in the KID (Key Information Document). The Fund’s prospectus, KID and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KID must be made available to the subscriber prior to subscription.
- In Switzerland, the Fund’s prospectus, KID, and annual reports 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, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon. The KID must be made available to the subscriber prior to subscription. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in French, English, German, Dutch, Spanish, Italian at the following link “Summary of investor rights”): https://www.carmignac.com/en_US/article-page/regulatory-information-1788.