Carmignac Portfolio Grande Europe SICAV ISIN LU0099161993 Equity management

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Recommended minimum investment horizon : 5 years

At 14/08/2018
Mark DENHAM
European Equities
  • NAV : 207.40 €
  • D-1 : +0.03 %
  • YTD : +4.59 %
  • 12 Month : +7.68 %

We retain high exposure to technology and healthcare stocks. In the most cyclical sectors such as industrials, we favour service providers generating their own growth

Description

Equity fund focused on stock-picking across European markets. The investment process is based on fundamental bottom-up analysis. Stock selection focuses on asymmetric risk/return profiles with a clear catalyst for entry and exit. The Fund aims to outperform its reference indicator over 5 years and to generate long-term capital growth.

Carmignac Global Strategy July 2018

  • Risky assets rallied
  • Lower oil prices
  • Pressure on core yields
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Exposure data

monthly weekly
July 2018
94.88 %
Investment rate
94.88 %
Exposure rate
Week from 3 to 10 Aug 2018
This content is reserved to PRO SPACE members

Management Comments

Global

July 2018

The Fund posted a positive performance, but trailed its reference indicator. European markets rallied in July, supported in particular by a lull in trade tensions between the European Union and the United States, as reflected in the agreement between Donald Trump and Jean-Claude Juncker at the end of the month. We benefitted from the strength of our healthcare stocks, such as our biotech companies Galapagos and MorphoSys, which signed an exclusive agreement to develop and market a drug with Novartis. We also saw a strong performance from Reckitt Benckiser, manufacturer and distributor of cleaning products and pharmaceuticals, which published better-than-expected quarterly results. On the other hand, the fall in our technology stocks, such as Sophos Group, weighed on performance. The cybersecurity specialist’s stock price dropped after it published disappointing first quarter results. We had reduced our holding before the announcement of these results and ultimately closed our position. The Fund’s equity exposure remains high.

Weekly

Week from 3 to 10 Aug 2018

This content is reserved to PRO SPACE members

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Legal information

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in performances. 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 KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

The Fund’s prospectus, KIIDs and annual reports are available at www.carmignac.ch, or through our representative and Paying Agent in Switzerland, CACEIS Bank, Paris, succursale de Nyon/Suisse, Route de Signy 35, CH-1260 Nyon.

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