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
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-
-
-
-
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+ 12.4 %
- 6.0 %
+ 2.3 %
+ 13.5 %
Net Asset Value
132.18 €
Asset Under Management
141 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2024.
Data as of: 9 Oct 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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Major indices reached all-time highs during the month, driven by monetary easing from central banks.
Chinese equities surged towards the end of the period as Beijing's stimulus measures boosted optimism about the recovery of the world's second-largest economy. These measures aim to counter monetary contraction, address the collapse in the property market, and revive the struggling stock market.
The Federal Reserve initiated its easing cycle with an aggressive 50 basis point cut in its key rate, while the European Central Bank continued to reduce its key rates by 25 basis points.
Economic indicators in the United States remain robust, with rising retail sales and industrial production, a mixed but solid employment market, and falling inflation. In contrast, economic activity in the eurozone has been more lackluster.
Performance commentary
Against this backdrop, the fund delivered a negative performance for the month.
Novo Nordisk was the most significant detractor. The stock faced multiple negative developments, including potential competition for its weight loss and diabetes drugs, pricing concerns in the US, and disappointing results from its weight loss pill currently in development.
Samsung Electronics also negatively impacted performance, as it was outperformed by its rival SK Hynix in the artificial intelligence memory chip sector.
Conversely, our investments in Taiwan (TSMC) and China (VIP Shop) contributed positively to the Fund's performance.
Finally, our management of the US dollar slightly supported the fund's performance over the period.
Outlook strategy
We remain constructive on equities. In a scenario of gradual economic slowdown and global monetary easing, risky assets should continue to perform well as long as there is no recession.
The master fund portfolio adopts a balanced approach, combining high-growth equities at relatively high valuations on the one hand, and lower-growth equities with high visibility and attractive valuations on the other.
Among the main holdings of the master fund are Synopsys and Cadence, whose software is used by chip manufacturers such as Nvidia to design and test processors. Their growth also benefits from the growing desire of companies such as Microsoft and Google to develop their own chips, particularly for their artificial intelligence systems.
Carmignac Investissement is gradually increasing its exposure to small- and mid-cap companies, enabling us to further diversify our portfolio.
Carmignac Investissement Latitude continues to actively manage the Fund's equities exposure, which currently stands at around 30 to 40%.
In terms of currencies, we continue to actively manage the euro/dollar exchange rate.
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 Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law except Carmignac Investissement Latitude, alternative investment fund (AIF) 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.
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Market environment
Major indices reached all-time highs during the month, driven by monetary easing from central banks.
Chinese equities surged towards the end of the period as Beijing's stimulus measures boosted optimism about the recovery of the world's second-largest economy. These measures aim to counter monetary contraction, address the collapse in the property market, and revive the struggling stock market.
The Federal Reserve initiated its easing cycle with an aggressive 50 basis point cut in its key rate, while the European Central Bank continued to reduce its key rates by 25 basis points.
Economic indicators in the United States remain robust, with rising retail sales and industrial production, a mixed but solid employment market, and falling inflation. In contrast, economic activity in the eurozone has been more lackluster.