Equity strategies

Carmignac Portfolio Human Xperience

SICAVThematicESG Thematic Fund Article 9
Share Class
A EUR AccLU2295992163
A thematic Fund focused on customer and employee experience
  • Social thematic Fund : a thematic strategy that focuses both on customer and employee satisfaction.
  • Leveraging the power of social data : quantitative expertise and experience in using ‘alternative’ sources of data.
Asset Allocation
Equities91.8 %
Other8.2 %
Data as of:  30 Apr 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 25.6 %
-
-
+ 25.7 %
+ 21.4 %
From 31/03/2021
To 17/05/2024
Calendar Year Performance 2023
-
-
-
-
-
-
-
+ 19.2 %
- 21.8 %
+ 22.6 %
Net Asset Value
125.6 €
Asset Under Management
103 M €
Market
Thematic Fund
SFDR - Fund Classification

Article

9
Data as of:  17 May 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 Human Xperience 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 Apr 2024.
Fund management team
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst

Market environment

April was a difficult month for equities and bonds due to higher-than-anticipated US inflation and persistently solid growth. This led the markets to lower their expectations of imminent rate cuts at the Federal Reserve, pushing up bond yields and pressurising share prices. The month also brought announcements of Q1 results. Although most companies beat forecasts, the markets were more willing than usual to punish those who fell short. Investors are trying to decide whether earnings growth justifies the rise in prices over the last six months. European equities have held up better than their US peers, benefitting from brighter growth prospects and a less worrisome inflation trend. However, Japanese equities underwent a correction after posting gains in each of the five previous months. The wider spread between the interest rates of Japan and other developed countries exerted downside pressure on the yen and raised concerns about the effect of imported inflation on domestic demand. Chinese equities rallied strongly, brought to life initially by government stimulus, then a slight improvement in sentiment and their particularly attractive valuations.

Performance commentary

Higher-than-expected US inflation and stable US GDP for Q1 slightly undermined global markets in April. This raised fears that central banks may not be ready to ease their monetary policy as previously thought. Our Fund posted a negative absolute return over the month, but matched its reference indicator. Value stocks outperformed, and our lack of exposure to commodity producers did not help our relative performance. Some of our IT (Intel, Microsoft, Samsung) and financial (Mastercard) names were among the heaviest drags in April. Alphabet (communication services) along with Adidas, Unilever, Colgate-Palmolive and Procter & Gamble (consumer) made some of the biggest positive contributions.

Outlook strategy

Our portfolio remains defensively positioned in high-quality, non-cyclical stocks, with just 7% of the portfolio invested in cyclical stocks. We made a few changes to the portfolio during the month. We exited Intel and replaced it with TSMC, which we think offers better quality, leaving us more convinced. We also withdrew from General Mills and Sodexo, whose CHX scores crossed the 30 mark. We opened positions in Garmin and Siemens, while reducing our line in ServiceNow.

Performance Overview

Data as of:  17 May 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 22/05/2024

Carmignac Portfolio Human Xperience Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
North America61.8 %
Europe24.9 %
Asia11.1 %
Asia-Pacific2.2 %
Total % Equities100.0 %
North America61.8 %
usUSA
61.8 %

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:  30 Apr 2024.
Equity Investment Weight91.8 %
Net Equity Exposure91.8 %
Number of Equity Issuers38
Active Share79.4 %

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] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
The social theme is one of the most disregarded areas within ESG. Yet we believe that companies providing positive experiences to both their customers and employees are better positioned to achieve superior returns over the long run.
[Management Team] [Author] Ejikeme Obe

Obe Ejikeme

Fund Manager, Analyst
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.

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