Share Class
GB00BJHPHZ49
A high-conviction, bottom-up European Ex-UK Equity strategy
- An investment process seeking profitable companies with attractive long-term prospects, built on robust fundamentals and strong business models
- A high-conviction, low turnover, concentrated portfolio designed to maximise long-term alpha generation
Key documents
Asset Allocation
Equities91.3 %
Other8.7 %
Data as of: 28 Feb 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 75.5 %
-
+ 69.2 %
+ 18.4 %
- 4.7 %
To 27/03/2025
Calendar 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 2023Calendar Year Performance 2024
-
-
-
-
+ 18.2 %
+ 27.1 %
+ 13.9 %
- 14.8 %
+ 13.9 %
+ 6.8 %
Net Asset Value
1.75 £
Asset Under Management
99 M £
Net Equity Exposure28/02/2025
91.3 %
Data as of: 28 Feb 2025.
Data as of: 27 Mar 2025.
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.
FP Carmignac European Leaders 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 Feb 2025.Fund management team
![[Management Team] [Author] Denham Mark](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Denham-Mark.png?auto=format%2Ccompress&fit=fill&w=3840)
Mark Denham
Head of Equities, Fund Manager
Performance commentary
- In February, the fund registered a negative performance in both absolute and relative terms.
- This underperformance was primarily driven by a notable shift in investor sentiment from growth stocks, such as those in the Technology sector, to value stocks, especially banks, which we do not hold.
- Novo Nordisk, one of the fund's top holdings, performed well after the FDA (US regulator) confirmed that their drugs are no longer in short supply. Additionally, Kingspan, a recent addition to the portfolio, delivered exceptional performance following better-than-expected results and positive comments regarding data centre demand.
- The main detractors over the month were Technology stocks ASML and Capgemini.
- ASML declined due to concerns over potential restrictions from the Trump administration, while Capgemini dropped by more than 15% after projecting flat growth expectations for 2025, reflecting broader economic concerns in Europe.
Outlook strategy
- During the month, we made some adjustments in our portfolio by initiating new positions in the Fund.
- We invested in DSV, a logistics company that aligns with our financial and SRI criteria. Although it has faced recent challenges and a valuation decline, we see this as a long-term investment opportunity.
- Additionally, we initiated a position in Fineco, the Italian online banking and investment platform, enhancing our exposure to the Financials sector.
- This, combined with a modest increase in Nordnet, strengthens our focus on the wealth management theme.
- The Fund continues to rely on bottom-up fundamental analysis with a medium-long term horizon.
- We stick to our process of focusing on profitable companies with high returns on capital, reinvesting for growth and maintain our focus on stocks and sectors with strong visibility on sales and profits.
Performance Overview
Data as of: 27 Mar 2025.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 29/03/2025
FP Carmignac European Leaders Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Feb 2025.| Europe | 100.0 % |
To Access the weekly view
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 Feb 2025.Equity Investment Weight91.3 %
Net Equity Exposure91.3 %
Number of Equity Issuers40
Active Share78.0 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
Mark Denham
Head of Equities, Fund Manager
In our approach to European equities, we focus on sustainable high-quality companies which demonstrate high levels of profitability while favoring profits reinvestment over profits distribution to grow the business for the future.
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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.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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 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.
Market environment