Calendar Year Performance 2014Calendar 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 2023
+ 2.5 %
- 8.0 %
+ 9.1 %
+ 14.6 %
+ 4.3 %
- 1.3 %
+ 5.3 %
+ 12.6 %
- 8.6 %
0.0 %
Net Asset Value
132.42 €
Asset Under Management
214 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 16 Jul 2024.
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.
June was a volatile month in which political risk eventually subsided, with mixed results for equities, bonds and oil, and a stronger dollar that weakened commodities.
Looking at equity markets, the United States outperformed Europe (the EU being greatly affected by concerns about French elections) and large caps outperformed small and mid caps.
With limited corporate business news, macroeconomic and political themes were the main drivers for equity markets.
Political uncertainty prevailed in Germany, the United Kingdom, the United States and especially France, where Emmanual Macron’s surprise decision to call an election fuelled a surge in bond yields and a slump in French share prices.
The CAC lost more than 6% in June, its sharpest monthly fall in years.
European equities as a whole were down with the Stoxx 600 shedding 1.3%.
The construction, automotive and financial sectors were the main laggards, whilst technology and healthcare were the top performers.
Performance commentary
The Fund delivered a positive return in June.
The main contributors to monthly performance were long positions in technology, finance and communication services, along with short positions in consumer discretionary.
In equities, there were several winners:
First Solar, which is benefiting from the need for new energy sources to accelerate AI takeup; Nvidia, whose figures remain impressive;
Meta, which is spreading positive sentiment about the beneficiaries of AI; Microsoft following positive comments about AI product announcements; and UBS, which published strong Q1 results.
Outlook strategy
We further expanded our AI beneficiaries theme to include other industries that will help support its roll-out.
More specifically, we have started looking for companies that could help produce the green energy so desperately needed to power data centres.
We strengthened an existing position and opened two new ones, which we think will be very promising as the economy picks up over the years ahead.
We also added some quality growth stocks while taking profits on consumer names including Beiersdorf and Richemont, which had reached our price targets.
In the consumer discretionary sector, we kept developing our short-selling strategy to take advantage of weakening consumer spending trends.
In technology, we seized on the short squeeze to add a few new short positions in companies whose fundamentals still look fragile.
Our overall gross exposure reached 130%-140% during the month, while our net exposure averaged +20%.
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive 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.
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Market environment