Equity strategies

Carmignac Investissement

FCPGlobal marketSRI Fund Article 8
Share Class

FR0010148981

A Fund geared for a changing world
  • An international equity Fund offering an exposure to companies that thrive in an evolving global world.
  • An opportunistic approach aiming at benefiting from the most promising market dynamics and trends.
Key documents
Asset Allocation
Equities96.7 %
Other3.3 %
Data as of:  29 Feb 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 2509.7 %
+ 111.7 %
+ 69.2 %
+ 9.6 %
+ 34.2 %
From 26/01/1989
To 15/03/2024
Calendar Year Performance 2023
+ 10.4 %
+ 1.3 %
+ 2.1 %
+ 4.8 %
- 14.2 %
+ 24.7 %
+ 33.7 %
+ 4.0 %
- 18.3 %
+ 18.9 %
Net Asset Value
1989.1 €
Asset Under Management
3 664 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 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] Older David

David Older

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

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.

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 18/03/2024

Carmignac Investissement Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Feb 2024.
North America62.3 %
Europe24.6 %
Asia9.3 %
Asia-Pacific2.6 %
Latin America1.2 %
Total % Equities100.0 %
North America62.3 %
usUSA
60.5 %
caCanada
1.9 %

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 Weight96.7 %
Net Equity Exposure96.7 %
Number of Equity Issuers53
Active Share79.2 %

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] Older David

David Older

Head of Equities, Fund Manager and Director of Carmignac UK Ltd.
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
[Management Team] [Author] Older David

David Older

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