Equity strategies

Carmignac Portfolio Family Governed

Luxembourg SICAV sub-fundThematicESG 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.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Equities92.7 %
Other7.3 %
Data as of:  30 Sep 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 81.9 %
0.0 %
+ 77.2 %
+ 16.8 %
+ 18.7 %
From 31/05/2019
To 03/10/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 11.6 %
+ 16.8 %
+ 27.8 %
- 18.1 %
+ 21.4 %
Net Asset Value
181.92 €
Asset Under Management
18 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

8
Data as of:  3 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.
Equity strategiesCarmignac Portfolio Family Governed
Equity strategiesCarmignac Portfolio Family Governed
Share Class

LU2004385154

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  30 Aug 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

  • The equity markets experienced a volatile month in August 2024: despite the ferocity and depth of the sell-off in early August, equity markets were quick to recover, with many indices back at their previous highs at the end of the month.

  • Several forces triggered the sell-off in early August, including weak US macro data which exacerbated expectations for rate cuts, the implosion of the Yen carry trade as well as other technical market factors.

  • The month was also marked by the earnings season during which elevated market volatility in response to a few Q2 reports were masking the reality of better-than-expected earnings season.

  • At the end of the month, all eyes were on Nvidia ‘s earnings report which revealed earnings that fell short of expectations, even though revenue more than doubled in the last quarter.

  • Overall, August saw a "defensive" sector rotation with utilities, staples, healthcare outperforming.

Performance commentary

  • Our Fund delivered a positive performance in both absolute and relative terms over the month of August.
  • Our overweight to Healthcare and Consumer discretionary as well as stock selection in these sectors were the largest contributors to performance.
  • Eli Lilly and Novo Nordisk, both leading the way in the fight against obesity and diabetes were among our largest contributors over the month.
  • Straumann and Demant in the more consumer focused side of healthcare as well as Veeva in the heath tech segment were also large contributors to performance.
  • We saw strong stock selection in consumer stocks like Coca-Cola Consolidated, Hermes and Garmin.
  • Although we performed well in August, our returns were undermined by our overweight to Industrials. Indeed, Old Dominion Freight, Copart and WW Grainger were among our weakest performers.

Outlook strategy

  • During the month of August we made no significant changes to the portfolio.
  • In the current market environment, we remain cautious in our portfolio positioning and continue to focus on less cyclical family-owned companies.
  • We continue to believe that the resilience that comes from investing in quality family and founder-owned businesses will be the key strength of our strategy going forward.

Performance Overview

Data as of:  3 Oct 2024.
View Performance in detail
​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 05/10/2024

Carmignac Portfolio Family Governed Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Sep 2024.
North America64.9 %
Europe34.6 %
Asia-Pacific0.5 %
Total % Equities100.0 %
North America64.9 %
usUSA
64.9 %
View Portfolio allocation

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:  30 Sep 2024.
Equity Investment Weight92.7 %
Net Equity Exposure92.7 %
Number of Equity Issuers36
Active Share96.1 %

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
View characteristics and risks
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.