Equity strategies

Carmignac Portfolio Family Governed

SICAVThematicESG Thematic Fund Article 8
Share Class

LU2004385154

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
Equities94.1 %
Other5.9 %
Data as of:  28 Jun 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 78.7 %
0.0 %
+ 69.9 %
+ 15.5 %
+ 18.4 %
From 31/05/2019
To 15/07/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 11.6 %
+ 16.8 %
+ 27.8 %
- 18.1 %
+ 21.4 %
Net Asset Value
178.68 €
Asset Under Management
19 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  15 Jul 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.

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:  28 Jun 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 growth continued its soft landing. European data revealed sluggish growth.
  • Central banks around the world took different paths with the ECB, Swiss National Bank and Bank of Canada cutting interest rates, but the Bank of England and Federal Reserve holding tight.
  • Political news was a source of volatility, in Europe where early elections were called in France, and in a few emerging countries such as India, Mexico and South Africa.
  • US stock markets set new records, once again supported by technology companies - especially semiconductor manufacturers. However, European markets were down.

Performance commentary

  • The Fund delivered a positive absolute return in June but trailed its reference indicator.
  • Our technology underweight and consumer overweight were the main reasons for the Fund’s underperformance.
  • However, limited exposure to energy, materials and utilities, and strong stock picking in industrials, paid off.
  • L’Oreal, Estee Lauder, Demant and LVMH were the Fund’s most costly positions in June.

Outlook strategy

  • We made no changes to our portfolio in June.
  • 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 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:  15 Jul 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.​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 16/07/2024

Carmignac Portfolio Family Governed Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
North America60.8 %
Europe38.7 %
Asia-Pacific0.5 %
Total % Equities100.0 %
North America60.8 %
usUSA
60.8 %

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:  28 Jun 2024.
Equity Investment Weight94.1 %
Net Equity Exposure94.1 %
Number of Equity Issuers37
Active Share95.9 %

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.