Share Class
FR0010135103
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
Key documents
Asset Allocation
Bonds49.7 %
Equities40.1 %
Other10.2 %
Data as of: 30 Aug 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 807.5 %
+ 14.5 %
+ 11.9 %
- 4.7 %
+ 7.4 %
To 18/09/2024
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
+ 8.8 %
+ 0.7 %
+ 3.9 %
+ 0.1 %
- 11.3 %
+ 10.5 %
+ 12.4 %
- 0.9 %
- 9.4 %
+ 2.2 %
Net Asset Value
694.69 €
Asset Under Management
6 176 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 30 Aug 2024.
Data as of: 18 Sep 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. 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 Patrimoine 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: 30 Aug 2024.Fund management team
Performance commentary
The Fund's performance was negative, underperforming its reference indicator.
The fund’s performance was negatively impacted by currency fluctuations, especially due to the decline in the dollar. Although our exposure to the yen was beneficial, it was insufficient to counterbalance the dollar’s fall.
In the equities market, the healthcare sector, along with other defensive sectors, performed well. However, our technology holdings declined by the end of the month.
Our bond portfolio was once again bolstered by credit. However, our low exposure to duration prevented us from fully capitalizing on the decrease in interest rates.
Outlook strategy
The US economy is slowing down, but there's no need for the Fed to panic just yet. We believe the soft-landing scenario is still on track, thanks to the strong wealth effects from the equity and housing markets, as well as a healthy corporate sector.
We maintain our cautious positioning in terms of interest sensitivity, as market seems now too optimistic looking at both disinflation path and cuts in interest rates. The fund is still positioned for steepening of yield curves with a negative sensitivity on the end of US and EUR yield curves.
On Equities, the sharp sell-off beginning of August has cleaned some overcrowded trades but on political and geopolitical front there are still some risks justifying keeping some protections.
On currencies, we reduced our dollar position and keep our exposure to some emerging currencies offering attractive valuations or appealing carry.
Performance Overview
Data as of: 18 Sep 2024.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. From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Until 31 December 2012, the reference indicators' equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund's reference indicator comprised 50% MSCI AC World NR (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 20/09/2024
Carmignac Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| North America | 56.7 % |
| Europe | 21.2 % |
| Asia | 15.7 % |
| Latin America | 4.1 % |
| Asia-Pacific | 2.3 % |
| Total % Equities | 100.0 % |
North America56.7 %
 USA | 52.7 % |
 Canada | 4.0 % |
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: 30 Aug 2024.Equity Investment Weight40.1 %
Net Equity Exposure36.8 %
Active Share85.7 %
Modified Duration0.6
Yield to Maturity5.5 %
Average RatingBBB+
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
Jacques Hirsch
Fund Manager
Christophe Moulin
Deputy Head of Cross Asset, Fund Manager
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Eliezer Ben Zimra
Fund Manager
Kristofer Barrett
Head of Global Equities, Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques Hirsch
Fund Manager
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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 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.
Market environment
The equity markets experienced a volatile month in August 2024: despite the ferocity and depth of the sell-off in early August, equity markets were quick to recover, with many indices back at their previous highs at the end of the month. The market's recovery was driven by a shift towards safer assets and a defensive rotation in sectors.
Several forces triggered the sell-off in early August, including weak US macro data which exacerbated expectations for rate cuts, the implosion of the Yen carry trade as well as other technical market factors.
Government bond yields fell as expectations of interest rate cuts grew, particularly in the U.S. and Europe. This reflected the market’s anticipation of a more accommodative monetary policy from the Federal Reserve. Unlike equities, the credit markets showed minimal reaction to the mini-crisis at the beginning of the month
Gold also rose, reaching new highs. Meanwhile, major currencies such as the euro, pound sterling, Swiss franc, and yen continued to strengthen against the dollar
At the end of the month, all eyes were on Nvidia ‘s earnings report which revealed earnings that fell short of expectations, even though revenue more than doubled in the last quarter