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
+ 9.7 %
- 2.1 %
+ 4.6 %
+ 9.7 %
- 10.3 %
+ 34.0 %
+ 13.4 %
+ 20.8 %
- 21.7 %
+ 13.9 %
Net Asset Value
182.97 €
Asset Under Management
820 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 29 Nov 2024.
Data as of: 5 Dec 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.
At the beginning of November, the Republicans achieved a sweeping victory in the US elections, securing control of both the White House and the Senate.
The initial response from the equity markets has been one of enthusiasm, with the S&P 500 and Nasdaq reaching new all-time highs.
In Europe, there is significant concern about the potential for higher tariffs. The President-elect has been outspoken about what he views as unfair trade practices, especially in the automotive and chemicals sectors.
Performance commentary
During the month of November, the Fund recorded a positive absolute performance, above its reference indicator.
Our holding in Argenx has been once again the best performer in the fund. In October the biotech firm reported third-quarter sales for its key drug Vyvgart that exceeded market expectations.
In November, they announced that they will proceed with developing its experimental drug to treat idiopathic inflammatory myopathies after strong data from phase 2 results.
Our biggest detractors this month have been L’Oreal and Zealand Pharma. The Healthcare company dropped after the Q3 results and nomination of Robert F. Kennedy Jr. to run the Department of Health and Human Services.
Having no exposure to Communication Services and Energy sectors has not been supportive during the month.
Outlook strategy
During the month, our portfolio remained relatively stable without any major changes after a quiet end of the month owing to the Thanksgiving in the US.
We decided to reduce our holdings in Deutsche Boerse and Lonza post the strong run year to date.
We also reduced our position in Novo Nordisk which slightly recovered since its lows after the Biden administration proposed a rule that would require the US government to cover weight-loss drugs through the Medicare and Medicaid systems.
On the other hand, we continued adding to Galderma, a position in the skincare area that we initiated a month ago.
The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.
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.
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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