Alternative strategies

Carmignac Investissement Latitude

FCPGlobal marketSRI Fund Article 8
Share Class

FR0010147603

Capturing long-term global equity trends with strong downside risk management
  • A core equity portfolio invested in the most promising current market trends and dynamics.
  • A Feeder Fund of international equity Fund Carmignac Investissement.
Key documents
Asset Allocation
Equities89.7 %
Other10.3 %
Data as of:  29 Feb 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 241.5 %
+ 45.1 %
+ 47.8 %
+ 9.9 %
+ 21.3 %
From 31/12/2004
To 15/03/2024
Calendar Year Performance 2023
+ 5.1 %
- 4.9 %
+ 1.3 %
+ 0.3 %
- 16.1 %
+ 9.1 %
+ 27.0 %
- 6.2 %
+ 2.1 %
+ 13.2 %
Net Asset Value
341.5 €
Asset Under Management
151 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  15 Mar 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 Investissement Latitude 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:  29 Feb 2024.
Fund management team

Frédéric Leroux

Head of Cross Asset, Fund Manager

Market environment

February was a turning point for the disinflation trend that had been shoring up the markets over previous months. Economic data brought more pleasant surprises on both sides of the Atlantic, so disinflation came to a halt, disappointing investors. Equity indices continue to benefit from the possibility of growth being firmer than expected. The reporting season was also in full swing, with AI companies beating all records once again. For example, NVIDIA, the global leader for graphics cards, increased its net income ninefold in the fourth quarter, and a number of AI firms announced similar accelerations. Overall, corporate earnings were higher than investors were expecting, fuelling the strong equity rally. However, if we exclude the Magnificent Seven – the main US tech leaders – then EPS growth for the S&P 500 was slightly negative. Japanese equity markets posted strong gains despite GDP being lower than expected in the fourth quarter, showing the country to have been in a technical recession over the second half of 2023. The weaker yen contributed to this performance given the Japanese stock market’s emphasis on exports. Chinese indices benefitted from new stimulus by the government, which lowered its 5-year interest rates by another 25 basis points. However, looking at the economic data, the NBS manufacturing indicator was in contraction territory (49.1 in February after 49.2 in January) for the fifth month in a row, showing that the country has yet to resolve its structural problems.

Performance commentary

The Fund closed much higher, beating global share indices on account of its stock selection. Exposure to the artificial intelligence theme meant the Fund benefitted from the publications of highly promising results (Meta, NVIDIA, AMD). The parent company of Facebook and Instagram was the main source of performance after reaching an all-time high, giving investors a pleasant surprise with its results and the announcement of a first-ever dividend. This was welcome news, a year after Mark Zuckerberg said that 2023 would be the year of efficiency. Meta also announced its intention to step up investment in generative AI, like Microsoft and Google. Outside the technology sector, the Fund continues to benefit from the success of obesity treatments, with Eli Lilly rallying strongly. Hermès, which has been in the portfolio since 2010, was another of the Fund’s top performers after announcing record earnings. Our equity hedges were somewhat disappointing in February.

Outlook strategy

US technology is still one of the most dynamic sectors, as reflected once again in the latest reporting season, which showed the enormous potential for income from artificial intelligence. In the coming months, we are convinced that the sector will continue to hold considerable medium/long-term EPS potential, although this growth will probably not be as strong as it was in 2023. The risk is that the market will extrapolate from the figures for last year, when multiples were at all-time highs. So although we are keeping a large proportion of our assets in the AI theme, we are taking regular profits (especially on NVIDIA) and reallocating the proceeds to companies that are lagging behind the US giants and are priced much lower, as is the case with manufacturers of semiconductors used in memory chips. Meta remains the portfolio’s heaviest weighting, as we are expecting cost-cutting measures to have a positive impact, and revenue from a wide range of streams to pick up. Meta is also an obvious beneficiary of AI across its businesses. Away from technology, our main exposure is to the healthcare and consumer sectors, in which Estée Lauder – a recent addition to our portfolio – reassured investors with its results after a difficult 2023.

Performance Overview

Data as of:  15 Mar 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™ :  © 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.​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 19/03/2024

Key figures

Below are some key figures to help you understand the Fund's management and positioning.

Exposure Data

Data as of:  29 Feb 2024.
Net Equity Exposure23.5 %
Beta+1.7 %
Sortino Ratio+3.7
Number of Holdings0

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team

Frédéric Leroux

Head of Cross Asset, Fund Manager
I always strive to fully exploit the Fund’s dynamic nature. The return of inflation is the return of the economic cycle where truly active management will stand out even more as the recent years have shown.

Frédéric Leroux

Head of Cross Asset, 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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) 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.