Equity strategies

Carmignac Portfolio Grande Europe

SICAVEuropean marketSRI Fund Article 9PEA Elegible
Share Class

LU0099161993

A high conviction, sustainable European equity strategy
  • Rigorous stock screening combined with bottom-up fundamental analysis form the bedrock of the investment process.
  • On the lookout for long-term growth, built on robust fundamentals and strong business models.
Asset Allocation
Equities91.3 %
Other8.7 %
Data as of:  29 Feb 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 233.5 %
+ 112.3 %
+ 65.1 %
+ 16.1 %
+ 20.7 %
From 02/07/1999
To 18/03/2024
Calendar Year Performance 2023
+ 10.3 %
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
333.5 €
Asset Under Management
771 M €
Market
European market
SFDR - Fund Classification

Article

9
Data as of:  18 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 Portfolio Grande Europe 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
[Management Team] [Author] Denham Mark

Mark Denham

Head of European Equities, Fund Manager

Market environment

February was a momentum driven, risk on month with equities up, bonds down, commodities down and dollar up. Within equities, Japan outperformed the US, Europe & China rebounded strongly. Large caps outperformed small & mid-caps and in style terms, growth outperformed value and cyclicals outperformed defensives. From a macro standpoint, the dominant theme in the month was rate cuts being repriced from March to June, following more inflationary data early in the month. However the market seemed to take this in its stride, as it also was accompanied with at the margin stronger underlying economic data and activity. European markets underperformed broader developed market during the month, despite the eurozone composite PMI surpassing expectations and reaching 48.9, indicating that the worst of the continent's growth weakness may be coming to an end. The Q4 results season which got firmly under way during February proved to be the key driver of single stock and sector movements. In Europe the best performing sectors were Autos, consumer products, services, construction, travel & leisure and technology while Real Estate, Basic Resources and Utilities were the laggards. Excitement around the potential for AI continued to fuel the market especially after very strong quarterly reports and forward guidance from tech and semi-conductors stocks.

Performance commentary

During the month of February, the Fund recorded a positive absolute and relative performance. Our overweight positions in Information Technology and Healthcare were the biggest drivers of performance over the month. Notably, ASML and SAP were among the best performers after reporting fourth-quarter earnings with better-than-expected results. In the Healthcare sector, Alcon which showed better than expected results with robust sales and margins expand and Novo Nordisk, specializing in obesity drugs, demonstrated remarkable resilience and delivered strong performances over the start of the year. Additionally, Hermes, a position we initiated in January showed strong performance as it has seen its sales surged in the last quarter of the 2023 showing the robustness of their model driven by scarcity. Over the period, Amadeus and Temenos were the weakest names in the Fund. Particularly, Temenos suffered a significant share price drop as a US investment research firm shorted the company alleging accounting irregularities. We sold out of this position after the announcement. Having under exposure to Industrials and Consumer Discretionary penalised the Fund this month while, on the contrary, having no investments within Energy has been supportive.

Outlook strategy

During the month of February, we capitalized on the market's positive momentum to secure profits and adjust our portfolio. We reduced our exposure to Healthcare by modestly cutting our holdings in Alcon post results bounce and Genmab after a disappointing performance this year. We also continued to reduce our position in Zealand Pharma, a player in the obesity drug market, due to the influence of merger and acquisition rumours and Merus as its strong performance seemed to be driven by speculation. The Fund continues to rely on bottom-up fundamental analysis with a medium term horizon. Looking into 2024, our perspective remains cautious of the potential impact of weaker corporate and economic data. We remain open to the possibility of a cyclical recovery and are actively exploring opportunities to incorporate cyclicality into our investment strategy. However, we have not made any significant changes in this regard at this time. The potential for greater visibility in the market is expected to yield favourable outcomes. We anticipate that as economic growth slows down, inflation will also decrease, leading to a gradual decline in interest rates this. Consequently, we aim to mitigate any potential risks associated with net cyclicality, beta, momentum, and illiquidity.

Performance Overview

Data as of:  18 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

Carmignac Portfolio Grande Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Feb 2024.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
25.7 %
deGermany
22.6 %
chSwitzerland
13.2 %
dkDenmark
12.7 %
nlNetherlands
11.3 %
beBelgium
5.7 %
seSweden
4.7 %
ieIreland
2.4 %
esSpain
1.8 %

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:  29 Feb 2024.
Equity Investment Weight91.3 %
Net Equity Exposure91.3 %
Number of Equity Issuers34
Active Share82.7 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of European Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favouring profits reinvestment over profits distribution to grow the business for the future.
[Management Team] [Author] Denham Mark

Mark Denham

Head of European Equities, 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.
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.