Quartalsbericht
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Carmignac P. Grande Europe: Letter from the Fund Manager
Carmignac Portfolio Grande Europe A EUR Acc lost -12.6% in the first quarter of 2022, versus -6.0% of its reference indicator¹, mainly on the back of the sectorial rotation characterizing the market in the period.
-
-12.6 %
Performance of the Fund
over the quarter for the A EUR Share class. -
-6.0 %
Performance of the
reference indicator1 over the quarter.
Past performance is not necessarily indicative of future performance. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. Performances are net of fees (excluding possible entrance fees charged by the distributor). Source: Carmignac, Bloomberg, 31/03/2022. Performance of the A EUR Acc share class (ISIN code: LU0099161993). ¹Reference Indicator: Stoxx 600 (Reinvested net dividends).
European Equity Market Review
The first quarter of the year was an eventful one. In the period, the dominant factor affecting European equities was the response of monetary authorities in US and Europe to rising inflation. This activity led to interest rate increases, tapering planning, and withdrawal of quantitative easing measures introduced during the Covid crisis. Although economies worldwide are emerging from Covid lockdowns, many bottlenecks affecting supply chains, logistics, and the labour market are still characterising the environment. This backdrop, which is compounded by high energy prices exacerbated by the Russian invasion of Ukraine, precipitated a sharp market rotation into so-called “value” sectors such as Oils and Commodities. In the first few months of the year, these segments were among the few areas of the market delivering a positive return; however, given they do not meet our financial criteria which is based on high levels of profit and reinvestment, we have virtually no exposure to them. Conversely, higher quality companies and sectors such as Technology, Industrials, and Consumer Goods - where we are focused, and which have relatively higher multiples - came under the most pressure from the rising interest rates environment. This rotation experienced in the market accounts for all the performance disparity in the quarter between the Fund and its reference indicator. To note, we had no direct exposure to Russia or Ukraine and, even if many holdings have some sales in those countries, the overall Fund’s indirect exposure there is proportionally small.
Portfolio Management
At the end of last year, we anticipated the risk of a painful rotation due to inflationary pressure by reducing exposure in the portfolio to what we thought were the most vulnerable areas such as: recently listed companies through IPOs, loss making companies among innovative sectors like biotech and food delivery, as well as the highest multiple stocks. While we cannot control the rotation, we can make sure that the targeted 35-40 companies we own in the Fund are maintaining their profit trajectory. Consequently, as during the full year reporting season all but one of our names met or beat our expectations, we only divested from the one exception, namely Delivery Hero - a food delivery company - where profitability was once again deferred by management. Nevertheless, for the most part, our companies were able to offset rising cost pressure and deliver good results, so we took any weakness as an opportunity to add to some of the names such as: Adyen (electronics payments), Assa Abloy (locks), and LVMH (luxury goods).
Among the sector led movements, there were some highlights. Our pharmaceutical names were relatively strong. Novo Nordisk - a portfolio long-term holding - saw demand for their GLP-1 treatments, for both diabetes and new indication obesity, accelerating and consequently set encouraging growth ambition for 2022. Roche - which instead was added in the period - is another player in the Health Care industry which enhances the Fund’s somehow more defensive bias, a stance called by the current environment. Visibility of revenues and diversified growth drivers leveraging newly launched drugs are in fact important attributes to our investment thesis around the name. Another highlight in the quarter were our renewable energy stocks Vestas (wind turbines) and Orsted (wind farm development), both of which outperformed the market. High and rising energy price levels worldwide were initially caused by supply chain disruption and subsequently exacerbated by the Russian invasion of Ukraine. As a result, economics of renewable energy are becoming relatively more attractive. Additionally, Europe’s concerns around energy supply and its accessibility have accelerated discussions for energy independence. This has pushed both the European Union at an aggregate level and local governments to plan the increase of sovereign energy supply. In this context, renewable energy forms are critical and will become even more attractive for investors. In particular, even if current results for both Orsted and Vestas are being adversely impacted by input cost pressure, we believe market participants will review their medium and long-term outlooks, thus we continue to reinforce this area of the Fund, on any price weakness.
The market rotation we have seen in the period, an extreme downward stock prices movement among high quality / highly valued names, have also created opportunities for us. This generalised downward volatility allowed us to add new names that we believed were previously too expensive, despite being attractive fundamentally. An example is Swiss listed dental equipment company Straumann, market leader in dental implants. While continuing to grow through innovation within the implant division, the company is also building a growing market share in the promising clear aligners segment. Cleared aligners are more fashionable and discrete options used as an alternative to wires, for straightening teeth. We started a position in the name after a more than 30% drop in the stock share price. Another opportunity was Genmab, a Danish biotech company with several products already on the market.
Outlook & Strategy Reminder
With few additions/deletions to the Fund in the period, we head into the remaining part of 2022 with the broad structure of the portfolio unchanged but representing an attractive entry point for investors, having fallen 30% from its recent peak in November 2021. The Fund remains a consequence of our bottom-up stock picking process which focuses on SRI and quality companies, defined by their profitability and high return on capital.
Carmignac Portfolio Grande Europe A EUR Acc
Empfohlene Mindestanlagedauer
Geringstes Risiko Höchstes Risiko
AKTIENRISIKO: Änderungen des Preises von Aktien können sich auf die Performance des Fonds auswirken, deren Umfang von externen Faktoren, Handelsvolumen sowie der Marktkapitalisierung abhängt.
WÄHRUNGSRISIKO: Das Währungsrisiko ist mit dem Engagement in einer Währung verbunden, die nicht die Bewertungswährung des Fonds ist.
RISIKO IN VERBINDUNG MIT DER VERWALTUNG MIT ERMESSENSSPIELRAUM: Die von der Verwaltungsgesellschaft vorweggenommene Entwicklung der Finanzmärkte wirkt sich direkt auf die Performance des Fonds aus, die von den ausgewählten Titeln abhängt.
Der Fonds ist mit einem Kapitalverlustrisiko verbunden.
Carmignac Portfolio Grande Europe A EUR Acc
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
2024 (YTD) ? Year to date |
|
---|---|---|---|---|---|---|---|---|---|---|---|
Carmignac Portfolio Grande Europe A EUR Acc | +10.32 % | -1.40 % | +5.11 % | +10.36 % | -9.56 % | +34.79 % | +14.46 % | +21.73 % | -21.09 % | +14.75 % | +13.32 % |
Referenzindikator | +7.20 % | +9.60 % | +1.73 % | +10.58 % | -10.77 % | +26.82 % | -1.99 % | +24.91 % | -10.64 % | +15.81 % | +10.39 % |
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3 Jahre | 5 Jahre | 10 Jahre | |
---|---|---|---|
Carmignac Portfolio Grande Europe A EUR Acc | +2.89 % | +9.77 % | +7.50 % |
Referenzindikator | +6.67 % | +8.70 % | +7.18 % |
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Quelle: Carmignac am 31/07/2024
Einstiegskosten : | 4,00% des Betrags, den Sie beim Einstieg in diese Anlage zahlen. Dies ist der Höchstbetrag, der Ihnen berechnet wird. Carmignac Gestion erhebt keine Eintrittsgebühr. Die Person, die Ihnen das Produkt verkauft, teilt Ihnen die tatsächliche Gebühr mit. |
Ausstiegskosten : | Wir berechnen keine Ausstiegsgebühr für dieses Produkt. |
Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten : | 1,80% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres. |
Erfolgsgebühren : | 20,00% wenn die Anteilsklasse während des Performancezeitraums den Referenzindikator übertrifft. Sie ist auch dann zahlbar, wenn die Anteilsklasse den Referenzindikator übertroffen, aber eine negative Performance verzeichnet hat. Minderleistung wird für 5 Jahre zurückgefordert. Der tatsächliche Betrag hängt davon ab, wie gut sich Ihre Investition entwickelt. Die obige aggregierte Kostenschätzung enthält den Durchschnitt der letzten 5 Jahre oder seit der Produkterstellung, wenn es weniger als 5 Jahre sind. |
Transaktionskosten : | 0,41% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die Basiswerte für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. |