Carmignac

Carmignac Portfolio Human Xperience is celebrating its two-year anniversary

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Carmignac Portfolio Human Xperience is a Fund focusing on the ‘S’ of ESG.

  • Carmignac
    Social themed equity fund

    A thematic strategy that focuses both on customer and employee satisfaction.

  • Carmignac
    Leveraging the Power of Data

    Quantitative expertise and experience in using ‘alternative’ social data.

  • Carmignac
    Global and unconstrained

    Concentrated, low turnover portfolio seeking high Active Share.

Understand the philosophy

Carmignac Portfolio Human Xperience invests in companies that demonstrate strong customer and employee satisfaction. Not only do we believe that both matter in order to retain clients and staff, a broad set of research and data support human experience as a key factor for business success. Companies that provide positive experiences to their customers and employees may be better positioned to achieve superior returns over the long-term.

The first pillar focuses on finding companies demonstrating a strong customer experience. In order to do so we seek to understand multiple factors related to how the company considers and addresses customers’ expectations. These key factors are as follows:

  • Carmignac
    Product safety & responsibility
  • Carmignac
    Customer satisfaction
  • Carmignac
    Customer privacy
  • Carmignac
    Customer welfare

The second pillar focuses on finding companies demonstrating a strong employee experience. Understanding and analysing how employees are treated by companies is key to identify the best players. The factors that can lead to a positive employee experience are as follows:

  • Carmignac
    Health & safety
  • [ISR pages] Picto Engage
    Employee Engagement
  • Carmignac
    Corporate culture
  • Carmignac
    Diversity & inclusion

Sustainable investment is fully integrated into this investment process and is part of our objective to capture companies with attractive long-term prospects. The Fund adopts a best-in-class and socially responsible approach to investment. We strive to select the best issuers in the investable universe based on their differentiating management of customer and employee satisfaction.

Performance review

Our portfolio has a natural bias towards consumer related sectors. Although 2022 suffered from this overweight, namely in technology and consumer discretionary, stock selection has demonstrated a neutral impact on underperformance over the period. Since launch stock selection in the following sectors have contributed positively to overall performance:

  • Consumer Staples – positions in L’Oreal and General Mills have been beneficial to the Fund where our survey data demonstrate strong satisfaction for both customers and employees.

  • Healthcare – Novo Nordisk’s focus on fighting diabetes has been a top performer in its sector and for the Fund.

  • Technology – Intuit and Nvidia have contributed positively since the beginning of the year and are among the best companies to work for within the Fortune surveys.

Our portfolio has been mainly tilted towards more defensive quality companies, in a context of slowing growth all around the world.

What will come next ?

The market dynamics we are in are still driven by higher inflationary pressures and rising prospects of weakening economic growth.

Our strategy’s focus remains on identifying and owning companies which exhibit strong customer and employee characteristics that we believe have the best prospects over the long run. While the market was particularly turbulent over 2022, we are confident that the latter has created a unique set of opportunities that we look to capitalise on.

Over the past year we have remained defensively positioned and sought to reduce cyclicality in the portfolio. Whilst inflation is an issue today, our consumer stocks should benefit from the inflation anxiety easing and as a result real incomes becoming less negative.

Carmignac Portfolio Human Xperience

A thematic fund focused on customer and employee experience

Do you want to know more?

Carmignac Portfolio Human Xperience A EUR Acc

ISIN: LU2295992163

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Main risk of the Fund

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.

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.

DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

The Fund presents a risk of loss of capital.

* Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.

Carmignac Portfolio Human Xperience A EUR Acc

ISIN: LU2295992163
2019 2020 2021 2022 2023 2024 (YTD)
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Year to date
Carmignac Portfolio Human Xperience A EUR Acc - - +19.24 % -21.82 % +22.62 % +2.95 %
Reference Indicator - - +17.15 % -13.01 % +18.06 % +2.29 %

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3 Years 5 Years 10 Years
Carmignac Portfolio Human Xperience A EUR Acc - - -
Reference Indicator - - -

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​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

Source : Carmignac at 31/01/2024 .

Entry costs : 4,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs : We do not charge an exit fee for this product.
Management fees and other administrative or operating costs : 1,81% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees : 20,00% when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. 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 : 0,33% 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.

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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.

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