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
+ 10.3 %
- 1.4 %
+ 5.1 %
+ 10.4 %
- 9.6 %
+ 34.8 %
+ 14.5 %
+ 21.7 %
- 21.1 %
+ 14.8 %
Net Asset Value
339.3 €
Asset Under Management
867 M €
Market
European market
SFDR - Fund Classification
Article
9
Data as of: 29 Feb 2024.
Data as of: 27 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.
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.
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
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.