Equity strategies
Carmignac Portfolio Human Xperience
Luxembourg SICAV sub-fundThematicESG Thematic Fund Article 9Share Class
LU2295992247
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.
Key documents
Asset Allocation
Equities94.2 %
Other5.8 %
Data as of: 31 Jul 2024.
Risk Indicator
6/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 29.6 %
0.0 %
0.0 %
+ 15.9 %
+ 16.0 %
To 29/08/2024
Calendar Year Performance 2014Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023
-
-
-
-
-
-
-
+ 19.8 %
- 21.3 %
+ 23.4 %
Net Asset Value
129.56 €
Asset Under Management
105 M €
Market
Thematic Fund
SFDR - Fund Classification
Article
9
Data as of: 31 Jul 2024.
Data as of: 29 Aug 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: 31 Jul 2024.Fund management team
![[Management Team] [Author] Ejikeme Obe](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ejikeme-Obe.png?auto=format%2Ccompress&fit=fill&w=3840)
Obe Ejikeme
Fund Manager, Analyst
Performance commentary
- Over the month of July our fund delivered a negative return in absolute terms and underperformed its benchmark.
- Although our stock selection in healthcare and tech benefitted the fund with stocks like Roche, Danaher, Accenture and Samsung, our underweight Financials was the largest detractor
- Our overweight to consumer sectors also did not support our performance over the month with stocks like Costco, Hyundai, Marriott and Amazon being among our largest detractors
- Our biggest detractor during the month was Novo Nordisk. This was mainly due to further declines in momentum and the announcement of competition from rival Roche, which published preliminary data on an oral GLP-1 product.
Outlook strategy
- Over the month of July, we initiated new positions in Cap Gemini and UBS.
- we also reduced some of our more cyclical and higher beta names such as Siemens, VIPshop, TSMC, NVidia and took some profits on Novo Nordisk
- We remain cautious in positioning our portfolio and continue to focus on quality, less cyclical companies.
Performance Overview
Data as of: 29 Aug 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 31/08/2024
Carmignac Portfolio Human Xperience Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jul 2024.| North America | 59.4 % |
| Europe | 26.9 % |
| Asia | 10.9 % |
| Asia-Pacific | 2.8 % |
| Total % Equities | 100.0 % |
North America59.4 %
 USA | 59.4 % |
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 Jul 2024.Equity Investment Weight94.2 %
Net Equity Exposure94.2 %
Number of Equity Issuers40
Active Share80.2 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
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.
Obe Ejikeme
Fund Manager, Analyst
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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.
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Thematic equities • 17 April 2024 • English
Carmignac Portfolio Human Xperience celebrates its three-year anniversary
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Market environment
In the US, the economy is slowly paving the way for a soft landing, with job creation and retail sales easing over the month. At the same time, inflation continued to trend lower. In Europe, growth surprised to the upside at +0.3% in the second quarter, while inflation picked up slightly.
As expected, the Fed left short-term rates unchanged during their July meeting. However, the combination of a less dynamic job growth and lower inflation sets the stage for the Fed to potentially lower rates in September.
The Bank of Japan raised interest rates for the first time in 15 years and unveiled a detailed plan to slow its massive bond buying, taking another step towards normalization.
In July, political volatility came from the US. Trump survived an assassination attempt, Biden ended his 2024 candidacy, and Harris' nomination boosted Democrats' standing in the polls, hinting at a closely contested election.
Equity market underwent a significant rotation during the month, with small cap and value stocks performing well and outperforming mega cap and growth stocks.
The Q2 earnings season has started and brought a mix of both positive and negative surprises, leading to increased market volatility. In summary, the results have been strong on EPS beats but weak on sales. Tech sectors have raised concerns after some disappointment about the pace and timing of AI revenue.