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
Equities90.7 %
Other9.3 %
Data as of:  28 Mar 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 74.0 %
-
-
+ 23.8 %
+ 23.7 %
From 31/05/2019
To 11/04/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 11.2 %
+ 16.0 %
+ 27.0 %
- 18.6 %
+ 20.7 %
Net Asset Value
174.0 €
Asset Under Management
39 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  11 Apr 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 Mar 2024.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

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

Obe Ejikeme

Fund Manager, Analyst

Market environment

US data continues to reflect a degree of economic resilience, with inflation figures still high. However, the disinflation trend continues in Europe. In the light of this, the Fed and the ECB are sticking to their plan and will probably start cutting interest rates this summer. This backdrop of robust growth, persistent inflation and more accommodative central banks is keeping the risky asset rally alive. Stock market indices rose further in March, with global equities enjoying their longest stretch of positive monthly performances since 2021. Fortunes were fairly consistent between the various regions. Energy and materials were the best performing sectors as commodity prices climbed. Oil was up 5% to $87 a barrel (Brent), while gold set a new record of more than $2,200 an ounce. The technology and consumer sectors fared worse, even if they did end the month higher. Stock markets remain on the up because they are still expecting the Fed to cut interest rates and the economy to land softly, which is good news for corporate earnings.

Performance commentary

March was another good month for global markets, with all sectors moving higher on the prospect of a soft landing, and economic data showing signs of resilience. However, although the Fund generated a good absolute return, it trailed its reference indicator slightly. Our lack of exposure to commodities, our underexposure to financials, and our overweighting of consumer staples were the main factors limiting performance. The main players in obesity and weight loss treatments, Eli Lilly and Novo Nordisk, continued to display resilience with exceptional gains in March. However, other healthcare names like WuXi Biologics in China, Diasorin in Italy and Danaher in the United States proved very costly, as did LVMH and L’Oréal.

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 March. We did trim our position in Novo Nordisk 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:  11 Apr 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 13/04/2024

Carmignac Portfolio Family Governed Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Mar 2024.
North America57.2 %
Europe41.8 %
Asia-Pacific0.6 %
Asia0.3 %
Total % Equities100.0 %
North America57.2 %
usUSA
57.2 %

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:  28 Mar 2024.
Equity Investment Weight90.7 %
Net Equity Exposure90.7 %
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 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 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.