Carmignac Portfolio Long-Short European Equities
July 2023
Portfolio news
The Long book delivered a performance of +209bps and the Short book delivered -54bps *.
Performance - F EUR Acc shareclass
July 2023 (1) | YTD (2) | 1Y (2) | 3Y (2) | 5Y (2) |
---|---|---|---|---|
1.35% | -2.00% | -5.41% | 3.00% | 2.95% |
(1)Net of fees. (2)Annualised returns.
YTD attribution by bucket
CORE LONGS | +5.13 |
TRADING LONGS | +0.67 |
RELATIVE VALUE/ SPECIAL SIT | -0.20 |
ALPHA SHORTS | -4.43 |
HEDGING | -3.43 |
Past performance is not necessarily indicative of future performance. Performance is net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations. The fund presents a risk of capital loss.
*Monthly attributions and YTD Attribution by bucket are Gross of fees, in euros.
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Long Book
- Largest Sector Allocations: Cons. Discretionary & Technology
Largest Holdings: Alcon, Prada & Microsoft
Top 5 Contributors:
Meta +38bps
Prada +32bps
Sartorius +29bps
Schibsted +18bps
Alcon +17bpsTop 5 Detractors:
Microsoft -11bps
Richemont -9bps
Heineken -8bps
-
Short Book
- Largest Sector Allocations: Cons. Discretionary & Industrials
- Largest Holdings: Brenntag, Apple & Thule Group
- Top 5 Contributors: -
- Top 5 Detractors:
Scotts Miracle -10bps
Carrier Global -8bps
Portfolio moves
Long Reinforcements: Heineken (8.9%), Prada (6.6%)
New longs: Rightmove (0.9%), Rotork (0.4%)
Short reinforcements: Husqvarna (0.6%), Pentair (0.4%)
New shorts: Nibe Industrier (0.5%), Thule Group (0.9%)
Net exposure: 20% - Stable
Number of positions: 101
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. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Data as of 31/07/2023. Source: Carmignac, 31/07/2023
Strategy Summary
- Investment Objective: The fund seeks to achieve a positive absolute return over a 3-year investment horizon through capital growth.
- A European fundamental long/short strategy .
- 100% bottom-up and High Conviction: 40 to 60 stocks on average.
- SFDR Article 8 Strategy** with a fully integrated SRI & low carbon approach
- Dynamic and flexible market exposure -> Net Exposure limits [-20%; +50%].
- A 7-year track record with Malte Heininger as Lead PM .
Other investment restrictions apply. Please refer to the fund documentation for a complete description of the fund. ** SFDR Fund Classification: Article 8 starting 1st January 2022. Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. For more information please refer to EUR-lex.
Carmignac Portfolio Long-Short European Equities F EUR Acc
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
2024 (YTD) ? Year to date |
|
---|---|---|---|---|---|---|---|---|---|---|---|
Carmignac Portfolio Long-Short European Equities F EUR Acc | +2.34 % | -7.67 % | +9.99 % | +16.73 % | +5.15 % | +0.32 % | +7.42 % | +13.57 % | -5.72 % | +0.72 % | +16.89 % |
Scroll right to see full table
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Carmignac Portfolio Long-Short European Equities F EUR Acc | +3.18 % | +6.46 % | +5.67 % |
Scroll right to see full table
Source: Carmignac at
Entry costs : | We do not charge an entry fee. |
Exit costs : | We do not charge an exit fee for this product. |
Management fees and other administrative or operating costs : | 1,16% of the value of your investment per year. This estimate is based on actual costs over the past year. |
Performance fees : | 20,00% max. of the outperformance if the performance is positive and the net asset value exceeds the high-water mark. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years. |
Transaction Cost : | 0,83% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell. |
*PM Change on January 1st, 2016. Malte Heininger became Lead Portfolio Manager. Disclaimer: Performance of the F EUR Acc share class ISIN code: LU0992627298. Past performances are not a guide to future performances. The return may increase or decrease as a result of currency fluctuations. Source: Carmignac, 31/12/2022.
Carmignac Portfolio Long-Short European Equities F EUR Acc
Recommended minimum investment horizon
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RISK ASSOCIATED WITH THE LONG/SHORT STRATEGY: This risk is linked to long and/or short positions designed to adjust net market exposure. The fund may suffer high losses if its long and short positions undergo simultaneous unfavourable development in opposite directions.
EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
INTEREST RATE: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
The Fund presents a risk of loss of capital.