Share Class
LU0992628692
A turnkey global solution to face various market conditions
- Gain access to numerous performance drivers across the world: equities, bonds and currencies
- Dynamic and flexible management to quickly adapt to market movements
Key documents
Asset Allocation
Bonds46.7 %
Equities42.5 %
Other10.8 %
Data as of: 30 Apr 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 31.5 %
+ 32.7 %
+ 21.1 %
- 2.0 %
+ 8.5 %
To 16/05/2024
Calendar Year Performance 2014Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023
+ 7.5 %
- 0.4 %
+ 4.2 %
+ 1.1 %
- 9.6 %
+ 13.0 %
+ 13.7 %
- 0.8 %
- 8.3 %
+ 3.5 %
Net Asset Value
81.5 $
Asset Under Management
1 327 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 30 Apr 2024.
Data as of: 16 May 2024.
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.
Carmignac Portfolio Patrimoine fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.Our monthly comments
Data as of: 30 Apr 2024.Fund management team
Performance commentary
In a complex environment, the Fund posted a negative performance but fared slightly better than its reference indicator. Stock selection was the main hindrance, especially in technology and finance. Shares in Meta fell even though results exceeded expectations. Investors are worried about Meta’s ability to control its costs, especially after it raised its full-year capex and cost forecasts. The markets’ decline was partially offset by our top-down positions, especially in gold companies and US small caps. At a government bond level, the Fund suffered from the rise in interest rates even though its modified duration was relatively low. However, credit markets and our exposure to Mexican bonds raised performance. The Fund’s yen exposure had a negative impact, but this was offset by our overweighting of the dollar. Overall, the positive correlation between equities and bonds proved detrimental, although our diversifying positions on gold, the dollar and credit helped cushion the blow.Outlook strategy
We remain convinced that US economic growth will be strong and more sustained than in other countries, even if such resilience is starting to become more commonplace, as reflected in European data. This will probably lead to monetary policy differences in the developed world, in which the Fed may keep its interest rates higher for longer. This development, and the strength of the US economy, explains the Fund’s long stance on the dollar. Equity markets’ new lease of life also prompted us to readjust the Fund’s positioning. We re-exposed it to risky assets, increasing our equity exposure and reducing our credit hedging. We doubt whether financial markets’ path will be as straight and narrow as it has been over the last four to six months. This is particularly important given that current valuations leave little room for disappointment, as the S&P 500 index’s P/E ratio of more than 20x illustrates. We are therefore adjusting our portfolio gradually, in preparation for more volatile conditions. After benefitting greatly from the AI and obesity themes, we have taken profits and reallocated the proceeds to better quality, more defensive stocks. To rebalance our growth-based portfolio, we are also increasing our exposure to commodity stocks with exposure to gold, oil and copper as their outlook is positive. Modified duration remains low, but we are still long on the short end and short on the long end of the curve. We are remaining exposed to the yen and South American currencies.Performance Overview
Data as of: 16 May 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31/12/2021, the reference indicator was 50% MSCI AC World NR (USD), 50% ICE BofA Global Government Index. Performances are presented using the chaining method.Morningstar Rating™ : © YYYY 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.
Source: Carmignac at 17/05/2024
Carmignac Portfolio Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Apr 2024.| North America | 58.7 % |
| Europe | 24.0 % |
| Asia | 10.8 % |
| Asia-Pacific | 3.8 % |
| Latin America | 2.7 % |
| Total % Equities | 100.0 % |
North America58.7 %
 USA | 55.1 % |
 Canada | 3.5 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.Exposure Data
Data as of: 30 Apr 2024.Equity Investment Weight42.5 %
Net Equity Exposure40.1 %
Active Share84.9 %
Modified Duration0.9
Yield to Worst5.8 %
Average RatingBBB
Yield to Maturity & Yield to Worst : Calculated at the fixed income bucket level.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Jacques Hirsch
Fund Manager
Christophe Moulin
Deputy Head of Cross Asset, Fund Manager
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Eliezer Ben Zimra
Fund Manager
Kristofer Barrett
Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.
Jacques Hirsch
Fund Manager
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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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. 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 KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment
April was a difficult month for equities and bonds due to higher-than-anticipated US inflation and persistently solid growth. This led the markets to lower their expectations of imminent rate cuts at the Federal Reserve, pushing up bond yields and pressurising share prices. The US 10-year yield reached its highest level (4.70%) since the end of 2023 as the market adjusted to the “higher for longer” scenario for interest rates. Global equities were down but credit markets performed relatively well. Investment grade spreads tightened further in both the United States and Europe. The month also brought announcements of Q1 results. Although most companies beat forecasts, the markets were more willing than usual to punish those who fell short. The wider spread between the interest rates of Japan and other developed countries exerted downside pressure on the yen and raised concerns about the effect of imported inflation on Japanese domestic demand. Conversely, higher commodity exposure and investors’ renewed interest in cheap Chinese equities meant emerging markets delivered positive returns over the month.