Equity strategies

Carmignac Portfolio Family Governed

SICAVThematicESG Thematic Fund Article 8
Share Class

LU1966630706

A global, high-conviction equity fund that invests in family companies
  • A Fund seeking to invest in family companies, which tend to have a longer-term focus, an attractive growth profile, and strategies aligned with shareholders' interests.
  • Portfolio construction is based on the company's family control and ownership, liquidity, profitability, earnings reinvestment and quality of its governance.
Asset Allocation
Equities91.9 %
Other8.1 %
Data as of:  29 Feb 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 76.9 %
-
-
+ 31.0 %
+ 28.4 %
From 31/05/2019
To 27/03/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 11.2 %
+ 16.0 %
+ 27.0 %
- 18.6 %
+ 20.7 %
Net Asset Value
176.9 €
Asset Under Management
70 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
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.

Carmignac Portfolio Family Governed 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
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

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

After a strong performance in 2023, the global market remained bullish at the start of this year. The United States’ flagship index, the S&P 500, reached new peaks on the back of positive economic data and expectations that the Federal Reserve will cut interest rates for the first time in more than two years, while European indices also moved higher. Our Fund delivered positive absolute and relative returns in February. Performance was affected by our lack of exposure to communication services, and underweighting of technology. French software publisher Dassault Systèmes was a notable faller after announcing disappointing quarterly results. Our outperformance in February can be explained by our overweighting of healthcare stocks. The main players in obesity and weight loss treatments, Eli Lilly and Novo Nordisk, continued to display resilience with exceptional gains early this year. Medpace, a US firm specialising in clinical trials for the biotechnology and pharmaceutical sectors, was another of the month’s biggest contributors. We also benefitted from our strong selection of industrial and consumer discretionary stocks, with Old Dominion Freight and Garmin among the top 10 sources of performance.

Outlook strategy

Although market sentiment remained positive during the month we are still being cautious with the portfolio’s positioning and continuing to focus on less cyclical family businesses. We made very few changes in February. We did strengthen our positions in Old Dominion Freight Line, which we opened the previous month, as well as Sodexo and Hermès, while reducing the weighting of Eli Lilly, SAP and WW Grainger to realise profits after strong gains in recent months. We continue to believe that the resilience afforded by investment in quality family- and founder-owned businesses will be our strategy’s trump card.

Performance Overview

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). 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.
Source: Carmignac at 28/03/2024

Carmignac Portfolio Family Governed Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Feb 2024.
North America55.8 %
Europe43.1 %
Asia-Pacific0.7 %
Asia0.5 %
Total % Equities100.0 %
North America55.8 %
usUSA
55.8 %

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 Weight91.9 %
Net Equity Exposure91.9 %
Number of Equity Issuers39
Active Share95.8 %

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] Denham Mark

Mark Denham

Head of European Equities, Fund Manager
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
As a family business ourselves, we are best placed to understand the dynamics and needs of family businesses over the long term.
[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.