Equity strategies
Carmignac Portfolio Investissement
Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8Share Class
LU1299311164
A Fund geared for a changing world
- An unconstrained approach in terms of sectors, regions, or investment style.
- Stock selection based on companies that excel, are undervalued, and display a long-term potential.
Key documents
Asset Allocation
Equities97.6 %
Other2.4 %
Data as of: 31 Dec 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 103.4 %
0.0 %
+ 70.3 %
+ 34.6 %
+ 30.0 %
To 17/01/2025
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
- 1.7 %
+ 2.1 %
+ 4.7 %
- 14.0 %
+ 25.1 %
+ 34.6 %
+ 4.5 %
- 17.9 %
+ 19.4 %
+ 25.5 %
Net Asset Value
203.37 €
Asset Under Management
232 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 31 Dec 2024.
Data as of: 17 Jan 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.
Carmignac Portfolio Investissement 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 Dec 2024.Fund management team
Kristofer Barrett
Head of Global Equities, Fund Manager
Performance commentary
- Against this backdrop, the fund delivered a positive performance, also outperforming its reference indicator.
- Our strategy benefited greatly from its large allocation to the technology sector, and in particular to AI companies such as Alphabet, Amazon and Broadcom.
- Broadcom was the biggest contributor to performance, surging on the stock market. The company published impressive results and announced a bright outlook.
- Our diversification within this theme also paid off, with shares in TSMC, Elite Materials and SK Hynix.
- However, our fund was somewhat penalised by our investments in the healthcare sector, with Mckesson, Cencora and also Novo Nordisk, which disappointed with the publication of its latest clinical results.
Outlook strategy
As we enter 2025, we are adopting a more selective approach to the US exceptionalism trade. With the momentum in US growth expectations potentially having peaked, we have shifted our focus towards lower-valuation US stocks and diversifying our investments into European and emerging markets. The average 1-Year Fw P/E of the portfolio moved from 30x beginning of March to 23x end of December.
After Trump’s elections, markets made drastic distinctions between the perceived 'winners' and 'losers' of Trump's policies of which the healthcare sector was part. We expect a rebound from our very diversified positioning within the sector which includes pharmaceuticals, health insurance, pharmaceutical distribution, and medical devices.
In the technology sector, our strategy is to diversify our investments along the value chain, focusing on niche companies with high performance potential that are sometimes under the radar. Many critical components of the technology value chain are located in Taiwan and South Korea, such as TSMC, memory chip maker SK Hynix, and small to mid-cap companies like Elite Material and Lotes.
In the United States, we maintain a diversified portfolio that strategically balances high-growth stocks with relatively high valuations, such as Nvidia, Amazon, and Microsoft, alongside stocks with lower growth prospects but high visibility and attractive valuations, like McKesson.
Outside the US, our European exposure is limited to select quality stocks that trade at a discount, particularly when compared to their American counterparts. In emerging markets, our focus is predominantly on stocks in Asia that offer attractive valuations.
Performance Overview
Data as of: 17 Jan 2025.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 21/01/2025
Carmignac Portfolio Investissement Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Dec 2024.| North America | 67.1 % |
| Asia | 20.6 % |
| Europe | 8.6 % |
| Latin America | 2.3 % |
| Asia-Pacific | 1.4 % |
| Total % Equities | 100.0 % |
North America67.1 %
 USA | 65.4 % |
 Canada | 1.8 % |
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 Dec 2024.Equity Investment Weight97.6 %
Net Equity Exposure91.9 %
Number of Equity Issuers70
Active Share79.0 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Kristofer Barrett
Head of Global Equities, Fund Manager
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
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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.
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
Market momentum waned in December, partly due to the Federal Reserve's decision to cut interest rates by 0.25%, while signaling a slower pace of easing for the upcoming year.
This decision tempered investor expectations and led to profit-taking in equities, which also caused the dollar to rise.
From a sectoral perspective, the technology sector ended the year higher, buoyed by semiconductors, while more cyclical sectors such as energy and financials experienced sharp declines.
European markets ended the year on a positive note, despite a drop in its largest capitalization, Novo Nordisk, which disappointed investors following the announcement of results that fell short of expectations for its new experimental anti-obesity drug.
Emerging equity markets exhibited some regional disparities, with a sharp rise in China and declines in Korea and Latin America