Funds in Focus

Carmignac Patrimoine: flexible management is (still) the watchword Investing for tomorrow

25.06.2020

The times are changing, and financial markets are no exception to the rule. Investors therefore have a crucial need for responsiveness to be able to adapt to and take full advantage of those changes.

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Suppose someone had told you ten years back:

  • that the United Kingdom would be leaving the European Union;

  • that China would turn into “Big Brother” and its inhabitants would be using their smartphones to buy groceries;

  • that surgical masks would be the new normal in 2020…


    Would you have believed it?

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At Carmignac, our independence provides us the freedom to manage our portfolios in a flexible way, and thus to respond swiftly whenever necessary, to adapt and to re-invent ourselves. And we do so with a single goal in mind:

Serve our clients’ interests to the best of our ability


That investment philosophy can be summed up in one word: Patrimoine.

Carmignac Patrimoine: diversify your savings in a flexible manner

In an environment where German bond yields are negative, Microsoft, Facebook, Apple, Amazon and Alphabet (Google) account for over 20% of the S&P 500 and where China is well on its way to technological supremacy, wisely choosing where and when to invest is essential to protect your savings and achieve your long-term financial goals.

Rigorous portfolio construction that involves investing in China’s leading vaccine producer, the French luxury goods sector, US fintech companies, Romanian government debt and European bank credit – that’s something that only a flexible approach managed by experts can offer you.

That is precisely the mandate of Carmignac Patrimoine: delivering a turnkey solution for diversifying your investments. The Fund aims to mitigate fluctuating capital values while seeking attractive sources of return, using a flexible asset allocation strategy.

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Flexible allocation to worldwide performance drivers


Carmignac Patrimoine invests in three main assets classes: global equities, bonds and currencies. Each definition is intentionally broad, ensuring the fund benefits from a comprehensive investment toolkit that allows us to fulfil the diversified mandate.

  • [Article image] [Flexible equity exposure] EN

    Active management of equity exposure to ensure rapid response to shifting market conditions.

  • [Article image] [Broad modified duration range] EN

    A broad modified duration range (from –4 to +10) that provides the Fund maximum flexibility.

  • Currency exposure

    Our currency allocation enables the Fund to navigate turbulent times and adjust the risk profile as needed.


By combining our three performance drivers, we provide a long-term investment solution rooted in a conviction-driven approach and rigorous risk management.

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Active risk management

The Covid-19 pandemic has served as a reminder to investors that while risks can hit hard and without warning, they can also set off new opportunities. This makes risk management a key but complex concept. The goal is not only to cushion the impact of market sell-offs, but also to exploit undervalued performance drivers.

To begin with, our risk management approach involves constructing a portfolio geared to the current market environment and able to weather market turbulence. It also consists of actively managing our equity, interest-rate and currency exposure, based on the asymmetry of the risks involved and possible market fragilities. Our ability to manage market risk – the cornerstone of our management style – was first put seriously to the test in 2002, then in 2008 and most recently since the Covid-19 crisis.

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Why it's important to be flexible

  • For whom?

    Investors who want their investments to be managed responsively.

  • Why?

    To adapt to and take full advantage of changes in financial markets.

  • How?

    By seizing investment opportunities wherever they arise, but with the requisite discipline.



Carmignac Patrimoine’s objective

The Fund aims to outperform its reference indicator 1 over 3 years.

Carmignac Patrimoine

Main risks of the Fund

EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.

INTEREST RATE: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.

CREDIT: Credit risk is the risk that the issuer may default.

CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.

The Fund presents a risk of loss of capital.

[Scale risk] 4/3 years_EN




* Source: Carmignac, 18/06/20. For the share class A EUR Acc. Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.