Carmignac

Carmignac Portfolio Long-Short European Equities

September 2023

Portfolio news

The Long book delivered a performance of -225bps and the Short book delivered +182bps *.

Performance - F EUR Acc shareclass

September 2023YTD1 YEAR3 YEARS5 YEARS
-0.02%-1.93%-6.01%3.19%2.79%

YTD attribution by bucket

CORE LONGS+1.29
TRADING LONGS-0.05
RELATIVE VALUE/ SPECIAL SIT+0.17
ALPHA SHORTS-0.94
HEDGING-1.60


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.

  • Long Book

    • Largest sector allocations:

    Technology & Cons. Discretionary

    • Largest Holdings:

    Alcon, Prada & Microsoft

    • Top 5 Contributors:

    Schibsted +17bps

    • Top 5 detractors:

    Prada -53bps
    Alcon -38bps
    ASR Nederland -25bps
    Nvidia -25bps
    Sartorius -15bps

  • Short Book

    • Largest sector allocations:

    Cons. Discretionary & Healthcare

    • Largest holdings:

    Apple, Spotify & Straumann

    • Top 5 Contributors:

    NN Group +67bps
    Toro +24bps
    Apple +12bps
    Thule Group +10bps

    • Top 5 Detractors:
      -

Notable portfolio moves

  • Long Reinforcements: IMI (1.6%), Pinterest (1.8%)
  • New Longs: Basf (0.7%), Capital One (0.8%)
  • Short Reinforcements : Brenntag (1.3%), Elekta (1.4%)
  • New Shorts: Moncler (1.0%), Straumann (1.5%)
  • Net Exposure : 15% - Stable
  • Number Of Holdings - 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 30/09/2023. Source: Carmignac, 30/09/2023.

Strategy reminder

  • 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.

  • Malte Heininger
    Fund Manager

    Malte Heininger is a Fund Manager in the European Equity team. Malte joined Carmignac in 2014. He started his career in 2006 as an Analyst for Morgan Stanley London, and in 2007 he became Analyst Structured and Distressed Credit at Credit Suisse London. In 2009, he was appointed Credit Analyst at Ashtree Capital Management before joining SAC Global Investors in 2010 as Senior Long Short Equity Analyst and later Portfolio manager. Malte graduated from ESCP-EAP.

Carmignac Portfolio Long-Short European Equities

A high-conviction long/short approach to European equities

Visit the fund page

Carmignac Portfolio Long-Short European Equities F EUR Acc

ISIN: LU0992627298

Recommended minimum investment horizon

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1 2 3 4 5 6 7
Main risk of the Fund

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.

Carmignac Portfolio Long-Short European Equities F EUR Acc

ISIN: LU0992627298
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (YTD)
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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 % +12.38 %

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3 Years 5 Years 10 Years
Carmignac Portfolio Long-Short European Equities F EUR Acc +6.18 % +5.67 % +5.41 %

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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.
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Marketing communication. Please refer to the KID/KIID, prospectus of the fund before making any final investment decisions. This document is intended for professional clients.

This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This material does not constitute a subscription offer, nor does it constitute investment advice. This material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This material has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purposes. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.

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.

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.

Morningstar Rating™ : © 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.

Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital.

The Funds’ prospectus, KIDs, NAVs and annual reports are available at www.carmignac.com, or upon request to the Management Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The French investment funds (fonds communs de placement or FCP) are common funds in contractual form conforming to the UCITS or AIFM Directive under French law.

  • In France, Luxembourg, Sweden: The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. The subscriber must read the KID. Investors may lose some or all their capital, as the capital in the funds are not guaranteed. The Funds present a risk of loss of capital. The Funds’ prospectus, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management.

  • In the United Kingdom: the Funds’ respective prospectuses, KIIDs and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company, or for the French Funds, at the offices of the Facilities Agent at BNP PARIBAS SECURITIES SERVICES, operating through its branch in London: 55 Moorgate, London EC2R. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd. FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the FCA with effect from 4 April 2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the FCA. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY, UK; Registered in England and Wales with number 4162989. Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd (Registered in England and Wales with number 14162894) has been appointed as a sub-Investment Manager of the Company and is authorised and regulated by the Financial Conduct Authority with FRN:984288.

  • In Switzerland: the prospectus, KIDs and annual report are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, Nyon Branch / Switzerland, Route de Signy 35, 1260 Nyon.

The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English on the following links: UK ; Switzerland ; France ; Luxembourg ; Sweden.