Share Class
LU1966631001
An intergenerational Fund focused on quality, sustainable companies
- A Fund focused on selecting high-quality companies around the world, with sound financials and sustainable profitability.
- An investment process based on rigorous fundamental analysis, quantitative screening, and a socially responsible investment approach.
Key documents
Asset Allocation
Equities95.2 %
Other4.8 %
Data as of: 30 Apr 2024.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 92.2 %
-
-
+ 31.4 %
+ 23.1 %
To 15/05/2024
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
-
-
-
-
-
+ 15.5 %
+ 20.3 %
+ 28.4 %
- 24.2 %
+ 23.0 %
Net Asset Value
192.2 €
Asset Under Management
509 M €
Market
Global market
SFDR - Fund Classification
Article
9
Data as of: 30 Apr 2024.
Data as of: 15 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 Grandchildren 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
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
Performance commentary
The Fund delivered a negative performance, in line with its reference indicator. In a break from the trend seen in recent months, technology stocks weighed heaviest on the Fund. Companies involved in artificial intelligence such as Microsoft, AMD and ASML, which are among our strongest convictions in this industry, were the most costly. ASML’s disappointing results, especially regarding semiconductor growth forecasts, led to a notable correction. These companies’ exceptional performance over recent months created a dizzying level of expectation among investors, making it all the more important for results to justify some high valuations. However, we remain convinced about the long-term opportunity presented by semiconductors, and are keeping significant exposure to this industry. Away from technology, the Fund’s most defensive positions performed well, especially in the consumer sector where the likes of Colgate, P&G and L'Oréal made substantial contributions.Outlook strategy
We took advantage of the market’s recent correction to reallocate some of our investments to businesses that had been particularly shaken, like ASML. We also opened two new positions in healthcare. One of these was Vertex Pharmaceuticals, a US biotech laboratory specialised in cystic fibrosis. It enjoys solid fundamentals, is a leader on its market, and has some promising new opportunities in the pipeline. The other new addition was United Health, the world’s biggest medical insurance company, which is a leader for nearly all of the services that it provides. The company has a skilled management team, strong track record, and ambitious growth targets of around 13% to 16%.Performance Overview
Data as of: 15 May 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.
Source: Carmignac at 17/05/2024
Carmignac Portfolio Grandchildren Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Apr 2024.| North America | 64.7 % |
| Europe | 35.3 % |
| Total % Equities | 100.0 % |
North America64.7 %
 USA | 64.7 % |
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: 30 Apr 2024.Equity Investment Weight95.2 %
Net Equity Exposure95.2 %
Number of Equity Issuers43
Active Share82.4 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
Obe Ejikeme
Fund Manager, Analyst
Carmignac Portfolio Grandchildren is an intergenerational Fund that focuses on high-quality companies to help investors build capital not only for themselves, but also for future generations.
Mark Denham
Head of Equities, 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 information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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 Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
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.
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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 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. Investors are trying to decide whether earnings growth justifies the rise in prices over the last six months. European equities have held up better than their US peers, benefitting from brighter growth prospects and a less worrisome inflation trend. However, Japanese equities underwent a correction after posting gains in each of the five previous months. 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 domestic demand. Chinese equities rallied strongly, brought to life initially by government stimulus, then a slight improvement in sentiment and their particularly attractive valuations.