Equity strategies

Carmignac Portfolio Climate Transition

SICAVThematicESG Thematic Fund Article 8
Share Class

LU0992629237

A thematic equity Fund acting for climate change mitigation
  • Investing with a purpose : aiming to generate attractive returns on the long-term while having a positive environmental contribution.
  • Investing efficiently : targeting innovative companies across the whole renewable and green industry value chains.
Asset Allocation
Equities92 %
Other8 %
Data as of:  28 Jun 2024.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 29.5 %
+ 16.2 %
+ 20.5 %
+ 3.1 %
+ 9.3 %
From 15/11/2013
To 11/07/2024
Calendar Year Performance 2023
+ 7.8 %
- 15.6 %
+ 22.5 %
+ 6.0 %
- 17.3 %
+ 15.5 %
+ 5.1 %
+ 11.1 %
- 14.5 %
+ 2.5 %
Net Asset Value
129.46 €
Asset Under Management
211 M €
Market
Thematic Fund
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. 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 Portfolio Climate Transition 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
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager

Market environment

  • On global markets, performance was mixed for US stocks.
  • Tech companies and the Russell 2000 index outperformed, whereas utility providers and medical equipment manufacturers encountered difficulties.
  • Treasuries weakened, the dollar was stable and crude oil prices rose again.
  • However, commodity stocks delivered negative returns with the Bloomberg Commodity index down 1.5%.
  • In other news, the ECB started its rate-cutting cycle in June, lowering its deposit rate by 25 basis points to 3.75% in response to the brighter outlook for inflation.
  • Despite this easing of key interest rates, the repercussions of French elections being called early heightened uncertainty on equity and bond markets.

Performance commentary

  • Our Fund generated a positive absolute return but trailed its reference indicator in June.
  • Companies linked to the supply of green energy weighed on the Fund’s performance, with Nextera the most costly position.
  • TPI Composites also hit performance after announcing that it was selling its automotive business to focus on making wind turbine blades.
  • We benefited from our overweighting and careful selection of technology and consumer discretionary stocks.
  • This month’s number one source of performance was the green technology theme.
  • Taiwan Semiconductors (TSMC), one of our biggest positions and part of the green technology sub-theme, was the main performance contributor in the wake of strong demand for microchips.

Outlook strategy

  • We tweaked the weighting of stocks in the renewable energy sub-theme in June, trimming positions in Orsted and TPI Composites after disappointing performances.
  • We remain strongly convinced of the outlook for semiconductors
  • and believe that our diversification through sub-themes will make it easier to navigate this market environment.

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). ​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. On 15/05/2020 the reference indicator changed to MSCI AC WORLD NR (USD) index net dividends reinvested. Performances are presented using the chaining method. The Fund’s name was changed from Carmignac Portfolio Green Gold to Carmignac Portfolio Climate Transition.​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 13/07/2024

Carmignac Portfolio Climate Transition Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
North America43.2 %
Asia30.1 %
Europe24.0 %
Asia-Pacific1.6 %
Latin America1.0 %
Africa0.1 %
Eastern Europe-
Total % Equities100.0 %
North America43.2 %
usUSA
40.8 %
caCanada
2.4 %

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.

Exposure Data

Data as of:  28 Jun 2024.
Equity Investment Weight92.0 %
Net Equity Exposure84.5 %
Number of Equity Issuers56
Active Share91.0 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager
Through Carmignac Portfolio Climate Transition, we are adopting a differentiated approach to climate change that reflects our sustainable philosophy. This position is in line with our first theme of ESG engagement: Climate.
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager
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.
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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.