Carmignac Portfolio Grande Europe SICAV ISIN LU0099161993 Equity management

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Recommended minimum investment horizon : 5 years

At 18/05/2018
Mark DENHAM
European Equities
  • NAV : 207.71 €
  • D-1 : -0.09 %
  • YTD : +4.75 %
  • 12 Month : +5.12 %

At a time of economic recovery in Europe, we are maintaining a balanced portfolio construction containing exposure to securities sensitive to economic activity.

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 April 2018

  • The dollar strengthened against the euro
  • Oil prices rose
  • Core government bonds came under pressure
PRO

Exposure data

monthly weekly
April 2018
84.05 %
Investment rate
90.85 %
Exposure rate
Week from 4 to 11 May 2018
This content is reserved to PRO SPACE members

Management Comments

Global

April 2018

The Fund posted a positive performance, but trailed its reference indicator. European equities ended the month higher as concerns about escalating trade tension between the United States and China eased, and oil stocks appreciated due to geopolitical unrest in the Middle East. As such, our absence from the oil sector proved costly. Biotechnology company Galapagos Genomics also weighed on performance. However, shares in pharmaceutical group Shire rose after Japanese company Takeda launched a takeover bid. Dermapharm also performed well. The German group published solid preliminary annual results, while investors welcomed its growth forecasts for 2018. The Fund’s equity exposure was reduced, ending the period at a cautious level.

Weekly

Week from 4 to 11 May 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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