Equity strategies

Carmignac Portfolio Climate Transition

ThematicESG Thematic Fund Article 8
Share Class

LU0992629237

A thematic equity Fund acting for climate change mitigation
  • Investing with a purpose : aiming to generate attractive returns on the long-term while having a positive environmental contribution.
  • Investing efficiently : targeting innovative companies across the whole renewable and green industry value chains.
Key documents
Asset Allocation
Equities85.4 %
Other14.6 %
Data as of:  31 Jan 2025.
Risk Indicator
5/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 19.9 %
+ 6.1 %
+ 9.2 %
+ 1.7 %
+ 2.4 %
From 15/11/2013
To 12/02/2025
Calendar Year Performance 2024
- 15.6 %
+ 22.5 %
+ 6.0 %
- 17.3 %
+ 15.5 %
+ 5.1 %
+ 11.1 %
- 14.5 %
+ 2.5 %
+ 4.0 %
Net Asset Value
119.93 €
Asset Under Management
174 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  12 Feb 2025.
​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.

Carmignac Portfolio Climate Transition 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:  31 Jan 2025.
Fund management team
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

Fund Manager

Market environment

  • We saw a strong start of the year for equity markets in January, with European equities picking up relative to US markets and value stocks beating their growth counterparts.
  • The return of President Trump to the White House, optimism around ECB rate cuts and a stronger than expected China recovery were drivers to global market performance over the month.
  • Commodity performed well over the month with oil prices going up due to cold winter weather as well as gold and other metals prices increasing on the back of US tariff threats.

Performance commentary

  • In January, the Fund recorded a positive performance in absolute terms but lagged its reference indicator.
  • Relative to our broad reference indicator, lack of exposure to the Financial sector hurt us the most in January.
  • While large AI names like Nvidia and Broadcom were among are largest detractor over the month on the back of the news on DeepSeek’s AI model potentially reducing the perceived need for GPUs and other chip components, our Green Solution Enabler theme was the largest contributor to our performance with Green Technology names like SK Hynix and TSMC among our best performers.

Outlook strategy

  • During January, we readjusted our weightings in transitioners theme by reducing our exposure to Albemarle and sold out of Constellation Energy.
  • We simultaneously added two new names. Amazon in the Green Technology theme and Republic services in the circular economy theme.
  • Our strong conviction in semiconductors remains intact.
  • We believe that our diversification across our sub-themes will enable us to better navigate this market environment.

Performance Overview

Data as of:  12 Feb 2025.
​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.On 15/05/2020 the reference indicator changed to MSCI AC WORLD NR (USD) index net dividends reinvested. Performances are presented using the chaining method. The Fund’s name was changed from Carmignac Portfolio Green Gold to Carmignac Portfolio Climate Transition.​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 13/02/2025

Carmignac Portfolio Climate Transition Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Jan 2025.
North America58.3 %
Asia23.0 %
Europe18.2 %
Latin America0.4 %
Africa0.1 %
Total % Equities100.0 %
North America58.3 %
usUSA
55.6 %
caCanada
2.8 %

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:  31 Jan 2025.
Equity Investment Weight85.4 %
Net Equity Exposure76.0 %
Number of Equity Issuers50
Active Share84.6 %

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] Wiskirski Michel

Michel Wiskirski

Fund Manager
Through Carmignac Portfolio Climate Transition, we are adopting a differentiated approach to climate change that reflects our sustainable philosophy. This position is in line with our first theme of ESG engagement: Climate.
[Management Team] [Author] Wiskirski Michel

Michel Wiskirski

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.
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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.