Carmignac Portfolio Grande Europe SICAV ISIN LU0099161993 Equity management

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Recommended minimum investment horizon : 5 years

At 15/10/2018
Mark DENHAM
European Equities
  • NAV : 190.16 €
  • D-1 : -0.84 %
  • YTD : -4.10 %
  • 12 Month : -5.82 %

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 September 2018

  • • Oil prices rose
  • • German and US yields rose
  • • Latin American markets rallied
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Exposure data

monthly weekly
September 2018
89.33 %
Investment rate
89.33 %
Exposure rate
Week from 5 to 12 Oct 2018
This content is reserved to PRO SPACE members

Management Comments

Global

September 2018

The Fund underperformed its reference indicator. European equity markets were up over the period, led by the most cyclical sectors such as energy, materials and banks. As a result, our underweighting of these sectors weighed on the Fund's relative performance. Ryanair was also down, still affected by the conflict between the group's management and its pilots. Similarly, argenx had a negative effect. Although the group initially benefitted from encouraging clinical trial results for one of its treatments, it suffered from concerns about potential side effects. However, biotech company Galapagos Genomics was up after announcing positive results of a phase-three clinical trial for its rheumatism drug, Filgotinib. These results greatly improve visibility over the group's revenue. We slightly reduced the Fund’s equity exposure over the month.

Weekly

Week from 5 to 12 Oct 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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