Carmignac Investissement Latitude 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 Sep 2024.Fund management team
Frédéric Leroux
Head of Cross Asset, Fund Manager
Performance commentary
- Against this backdrop, the fund delivered a negative performance for the month.
- Novo Nordisk was the most significant detractor. The stock faced multiple negative developments, including potential competition for its weight loss and diabetes drugs, pricing concerns in the US, and disappointing results from its weight loss pill currently in development.
- Samsung Electronics also negatively impacted performance, as it was outperformed by its rival SK Hynix in the artificial intelligence memory chip sector.
- Conversely, our investments in Taiwan (TSMC) and China (VIP Shop) contributed positively to the Fund's performance.
- Finally, our management of the US dollar slightly supported the fund's performance over the period.
Outlook strategy
- We remain constructive on equities. In a scenario of gradual economic slowdown and global monetary easing, risky assets should continue to perform well as long as there is no recession.
- The master fund portfolio adopts a balanced approach, combining high-growth equities at relatively high valuations on the one hand, and lower-growth equities with high visibility and attractive valuations on the other.
- Among the main holdings of the master fund are Synopsys and Cadence, whose software is used by chip manufacturers such as Nvidia to design and test processors. Their growth also benefits from the growing desire of companies such as Microsoft and Google to develop their own chips, particularly for their artificial intelligence systems.
- Carmignac Investissement is gradually increasing its exposure to small- and mid-cap companies, enabling us to further diversify our portfolio.
- Carmignac Investissement Latitude continues to actively manage the Fund's equities exposure, which currently stands at around 30 to 40%.
- In terms of currencies, we continue to actively manage the euro/dollar exchange rate.
Performance Overview
Data as of: 24 Oct 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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. From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 25/10/2024
Key figures
Below are some key figures to help you understand the Fund's management and positioning.Exposure Data
Data as of: 30 Sep 2024.Net Equity Exposure42.2 %
Beta+1.0 %
Sortino Ratio+1.9
Number of Holdings0
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Frédéric Leroux
Head of Cross Asset, Fund Manager
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.
Frédéric Leroux
Head of Cross Asset, 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.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) under French law.
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
Major indices reached all-time highs during the month, driven by monetary easing from central banks.
Chinese equities surged towards the end of the period as Beijing's stimulus measures boosted optimism about the recovery of the world's second-largest economy. These measures aim to counter monetary contraction, address the collapse in the property market, and revive the struggling stock market.
The Federal Reserve initiated its easing cycle with an aggressive 50 basis point cut in its key rate, while the European Central Bank continued to reduce its key rates by 25 basis points.
Economic indicators in the United States remain robust, with rising retail sales and industrial production, a mixed but solid employment market, and falling inflation. In contrast, economic activity in the eurozone has been more lackluster.