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
+ 7.5 %
- 0.4 %
+ 4.2 %
+ 1.1 %
- 9.6 %
+ 13.0 %
+ 13.7 %
- 0.8 %
- 8.3 %
+ 3.5 %
Net Asset Value
81.45 $
Asset Under Management
1 417 M €
Market
Global market
SFDR - Fund Classification
Article
8
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.
October experienced significant volatility in the financial markets, with equities declining in local currency terms while interest rates increased.- Concerns about economic growth continued to preoccupy investors, despite signs of resilience, particularly in the US economy. Uncertainty was heightened by the upcoming US elections and their potential impact, especially on inflation.- The US dollar also saw a resurgence, rising by more than 3%, while US 10-year bond yields increased by 50 basis points.- In China, the initial enthusiasm generated by the announcement of the stimulus plan faded as the specific details were deemed disappointing. Consequently, Chinese equities fell by nearly 6% over the month, erasing part of September's gains.- Meanwhile, the third-quarter earnings season began with strong performances from the banking sector. However, forecasts for technology companies were more mixed, contributing to market instability.- Finally, despite the rise in bond yields, the price of gold increased again in October, reaching new highs over $2,700. In the oil markets, volatility rose due to the escalation of the conflict in the Middle East, but prices remained relatively stable.
Performance commentary
The Fund's performance was neutral over the month but outperformed its performance indicator.- In a challenging market for both fixed income and equities, the Fund managed to cushion the impact, benefiting from a positive downward correlation between these asset classes.- Regarding interest rates, our cautious positioning with very low modified duration allowed us to navigate the rise in rates effectively during the month.- The Fund also benefited from its position in inflation-linked instruments, which performed well as core inflation persisted in the United States.- In equities, the Fund experienced slight losses but benefited from moderate exposure to this asset class. Our technology stocks, such as TSMC, held up well.- Finally, in terms of currencies, our under-exposure to the US dollar slightly impacted relative performance, as did our exposure to the Brazilian real and the Australian dollar.
Outlook strategy
This month's macroeconomic data supports our scenario of a soft landing for the global economy.- We believe that US growth is robust and that the Federal Reserve will continue to support this growth. At the same time, we remain convinced that the risk of inflation is being underestimated by the markets.- Against this backdrop, we remain optimistic about equities, maintaining an exposure of around 30%. Although EPS growth forecasts for 2025 appear overly optimistic, macroeconomic conditions should continue to support equity markets.- Regarding interest rates, we maintain a low modified duration and anticipate steeper yield curves in both Europe and the United States. We remain cautious about expected rate cuts, particularly in Europe, and therefore favor the euro within the portfolio.- To strengthen the overall construction of our portfolio, we have implemented several decorrelation strategies, including exposure to emerging local rates, gold miners, South American currencies, and the yen.
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: 29 Nov 2024.
Equity Investment Weight42.8 %
Net Equity Exposure38.8 %
Active Share85.3 %
Modified Duration0.4
Yield to Maturity4.9 %
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 Managers.
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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Market environment