Diversified strategies

Carmignac Patrimoine

FCPGlobal marketSRI Fund Article 8
Share Class

FR0010135103

A turnkey global solution to face various market conditions
  • Gain access to numerous performance drivers across the world: equities, bonds and currencies
  • Dynamic and flexible management to quickly adapt to market movements
Asset Allocation
Bonds49.6 %
Equities43.3 %
Other7.1 %
Data as of:  29 Feb 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 795.3 %
+ 24.1 %
+ 14.6 %
- 5.6 %
+ 7.9 %
From 07/11/1989
To 15/03/2024
Calendar Year Performance 2023
+ 8.8 %
+ 0.7 %
+ 3.9 %
+ 0.1 %
- 11.3 %
+ 10.5 %
+ 12.4 %
- 0.9 %
- 9.4 %
+ 2.2 %
Net Asset Value
685.3 €
Asset Under Management
6 532 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 Patrimoine 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

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, but the (dis)inflation trend disappointed investors. While share indices continued to benefit from growth being stronger than anticipated, bonds performed much less glowingly, with traders forced to lower their expectations of central bank rate cuts in 2024. In the United States, leading and lagging indicators seem to be converging towards a single sustained growth scenario. Both the manufacturing and service components of PMIs improved, and consumer confidence picked up further in February, showing businesses’ and households’ shared enthusiasm about the economic outlook. This US economic exceptionalism results from the knock-on effects of a growing labour market, on which job reports were surprisingly positive once again. However, this frenetic growth seems to impinge on the immaculate disinflation scenario that had been underpinning traders’ risk appetite. The US Federal Reserve chair therefore took a less dovish than expected tone, driving up yields. The 10-year Treasury yield gained 34 bps over the month, reversing last December’s bond rally. Albeit to a lesser extent, the Eurozone also showed signs of progress with leading indicators still rebounding as the services sector expands. Inflation slowed by less than expected due to the robust services component of core inflation. This combination of firmer growth and more dogged inflation led to the 10-year Bund yield gaining 25 bps, while credit assets made further progress as high yield spreads narrowed by 23 bps. Chinese equity markets showed signs of recovery thanks to the restrictions placed on short selling and the Caixin PMI’s resilience. Japan’s complacent monetary policy seems even more likely to end with the publication of higher-than-expected core inflation, above the 2% mark for the 11th month in a row. The reporting season was in full swing, with AI companies again beating all records. 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.

Performance commentary

February was a good month for our strategy, which delivered positive absolute and relative performances. The bulk of this outperformance stemmed from our stock selection, and in particular our exposure to the themes of artificial intelligence and obesity treatment. Meta, NVIDIA and US giant Eli Lilly were among the main sources of performance. Our credit exposure also continues to generate steady positive returns thanks to the attractive carry on this asset class. However, our currency strategies did not generate any alpha as the US dollar had a virtual hegemony. During the month we reduced our hedging of US and European share indices and cut exposure to Indian equities as well as US mid caps to refocus on our direct holdings. We increased our fixed income portfolio’s hedging of credit assets and US breakeven inflation while keeping modified duration low, with a preference for euro debt, which we strengthened at the expense of US debt. We reduced our US dollar exposure at the end of the month and eliminated our remaining exposure to the Swiss franc, increasing our exposure to the Japanese yen in return.

Outlook strategy

The horizon seems to have cleared for the markets as the various data appear to show that the prospect of a recession in the United States is receding. The “no landing” scenario for the US economy provides a catalyst for risky assets, even in Europe where the economy keeps bordering on stagnation. Although price multiples have risen on equity markets, there are no signs of exuberance just yet. We therefore think it wise to remain highly exposed to this asset class, which is benefitting from both economic resilience and moderate inflation, which is helping businesses’ margins. On the bond front, credit remains the cornerstone of our portfolio, being a direct recipient of flows from the money market, and delivering an attractive return. However, in the short term we think that tactical hedging could be interesting to improve the portfolio’s risk elasticity, given that we are in a poor geopolitical situation and the prospect of US regional bank incidents seems to be mounting. Our sovereign bond exposure has been taken in expectation of a steeper yield curve, as the level of short-term yields in both the Eurozone and United States now seems right after the upward movement at the beginning of the year, whereas long rates are being held back by growth figures and debt trajectories in developed economies. The inflation trend should be viewed as a decisive factor in the construction of our portfolio, as recent statistics have once again shown the resilience of core consumer price indices in both the United States and Europe. Complacency over disinflation could prove naive ahead of the US Federal Reserve’s monthly meeting on 20 March, suggesting that we should keep modified duration at a moderate level, and some exposure to inflation-linked instruments.

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. Until 31 December 2012, the reference indicators' equity indices were calculated ex-dividend. Since 1 January 2013, they have been calculated with net dividends reinvested. Until 31 December 2020, the bond index was the FTSE Citigroup WGBI All Maturities Eur. Until 31 December 2021, the Fund's reference indicator comprised 50% MSCI AC World NR (USD) (net dividends reinvested), and 50% ICE BofA Global Government Index (USD) (coupons reinvested). Performances are presented using the chaining method.
Source: Carmignac at 19/03/2024

Carmignac Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Feb 2024.
North America61.6 %
Europe25.1 %
Asia7.1 %
Asia-Pacific3.8 %
Latin America2.4 %
Total % Equities100.0 %
North America61.6 %
usUSA
57.5 %
caCanada
4.1 %

Key figures

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 Feb 2024.
Equity Investment Weight43.3 %
Net Equity Exposure41.3 %
Active Share85.0 %
Modified Duration1.3
Yield to Worst2.9 %
Average RatingBBB+

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Older David

David Older

Head of Equities, Fund Manager and Director of Carmignac UK Ltd.

Jacques Hirsch

Fund Manager

Christophe Moulin

Deputy Head of Cross Asset, Fund Manager
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager
Thanks to its flexible and holistic approach to investing, Patrimoine became a synonym of an “invest and forget” solution for investors that want to gradually grow their savings over time, without worrying about market timing or economic cycles.

Jacques Hirsch

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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive 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.