Diversified strategies

Carmignac Multi Expertise

FCPGlobal marketArticle 8
Share Class
A EUR AccFR0010149203
Benefit from Carmignac’s diverse expertise through a single Fund
  • A multi-strategy solution capitalising on Carmignac’s expertise across asset classes.
  • Capturing opportunities on global equity, bond and alternative investments.
Key documents
Asset Allocation
Other100 %
Data as of:  28 Jun 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 106.5 %
+ 25.2 %
+ 12.1 %
- 2.7 %
+ 12.4 %
From 02/01/2002
To 11/07/2024
Calendar Year Performance 2023
+ 6.4 %
- 4.4 %
+ 7.8 %
+ 4.0 %
- 4.5 %
+ 5.7 %
+ 9.5 %
0.0 %
- 11.9 %
+ 5.1 %
Net Asset Value
206.47 €
Asset Under Management
243 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  11 Jul 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. Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.

Carmignac Multi Expertise 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:  28 Jun 2024.
Fund management team

Market environment

  • US growth continued its soft landing. European data revealed sluggish growth.
  • Central banks around the world took different paths with the ECB, Swiss National Bank and Bank of Canada cutting interest rates, but the Bank of England and Federal Reserve holding tight.
  • Political news was a source of volatility, in Europe where early elections were called in France, and in a few emerging countries such as India, Mexico and South Africa.
  • US stock markets set new records, once again supported by technology companies.
  • Interest rates remained volatile but lower US inflation allowed a slight easing. However, political fears in Europe caused spreads between German and other Eurozone yields to widen.

Performance commentary

  • Our Fund of Funds delivered a positive return for May, in line with its reference indicator.
  • Our selection of equity, bond and alternative investment funds benefitted the strategy.

Outlook strategy

  • Our strategy aims to take advantage of Carmignac’s wide-ranging expertise and is therefore invested in six in-house funds.
  • We are invested in the Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren funds for equities,
  • and the Carmignac Portfolio Credit and Carmignac Portfolio Global Bond funds for bonds.
  • Our alternative investments are held through Carmignac Absolute Return Europe and Carmignac Portfolio Merger Arbitrage Plus.

Performance Overview

Data as of:  11 Jul 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 December 2012, the reference indicators’ equity indices were calculated ex-dividend. Since 1 January 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 December 2021, the Fund’s reference indicator comprised 50% MSCI AC WORLD NR and 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. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Until 17 March 2024, the name of the fund was Carmignac Profil Reactif 50 and the reference indicator was 30% MSCI AC WORLD (USD, Reinvested Net Dividends) + 70% ICE BofA Global Broad Market Index EUR Hedged. Quarterly Rebalanced. Performances are presented using the chaining method.
Source: Carmignac at 13/07/2024

Carmignac Multi Expertise Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
Europe37.8 %50.9 %88.7 %
North America52.0 %10.2 %62.2 %
Latin America0.7 %21.1 %21.8 %
Asia6.9 %2.6 %9.5 %
Africa-5.1 %5.1 %
Eastern Europe-4.8 %4.8 %
Middle East0.2 %4.0 %4.2 %
Asia-Pacific2.5 %1.3 %3.8 %
Total100.0 %100.0 %
Europe88.7 %
deGermany
6.9 %0.2 %
atAustria
-1.1 %
beBelgium
0.3 %-
dkDenmark
6.3 %-
esSpain
0.5 %2.2 %
fiFinland
0.3 %0.5 %
frFrance
11.3 %8.0 %
grGreece
0.1 %3.2 %
ieIreland
0.3 %8.8 %
itItaly
1.2 %10.1 %
Luxembourg
0.5 %-
noNorway
1.0 %2.0 %
nlNetherlands
4.2 %2.3 %
gbUnited Kingdom
1.0 %9.2 %
seSweden
1.7 %1.8 %
chSwitzerland
2.2 %1.0 %
Jersey
-0.1 %
ptPortugal
-0.6 %

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:  28 Jun 2024.
Equity Investment Weight55.4 %
Net Equity Exposure48.1 %
Active Share49.9 %
Modified Duration1.4
Yield to Maturity7.0 %
Average RatingBBB-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
The strategy offers a balanced and diversified exposure to markets, benefiting from Carmignac's expertise in the equity, bond and alternative asset classes.”
View Fund's characteristics
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive 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.