Performance Review 2006
Performance Review 2007
Performance Review 2008
Performance Review 2009
Performance Review 2010
Rose Ouahba, Edouard Carmignac: "In 2010 Carmignac Patrimoine posted a net performance of +6.93%, compared with +15.28% for its performance indicator. In equities, the Fund recorded a gross performance of +5.12% against +8.96% for its performance indicator. This difference is mainly due to the fact that the Fund’s level of exposure to the equity markets was maintained at an average of 31% over the year, compared with approximately 50% for its composite indicator. Regarding the bond component, the Fund recorded a gross performance of +4.61% against +6.32% for its performance indicator. This negative relative performance compared to its indicator is notably due to a deliberate lack of exposure to bonds denominated in yen which make up almost 30% of the bond index and which contributed 3.62% to the performance of the bond component of Carmignac Patrimoine’s indicator over the period. The bond portfolio’s modified duration was 0.95 at the end of the year compared with 5.93 for its bond index."
Performance Review 2011 - Year-to-Date
Rose Ouahba, Edouard Carmignac: "The Carmignac Patrimoine fund ( Class A) performance YTD – 30/06/2011 is -4,6% compared to the benchmark 50% MSCI ACWF (Eur) / 50% Citi WGBI (Eur) at -4.05%. There are three key reasons why the fund has reported a negative performance year to date. In the first quarter, the equity market experienced a strong sectorial rotation combined with a rotation of investor flows away from emerging markets to developed markets. Secondly, our core emerging market investments in consumer, financial and infrastructure themes remained vulnerable to the indiscriminant rotation towards European investments where we have been underweight due to the European crisis over the most part of the first part of the year. Lastly, the Euro recovery against the USD penalized our USD denominated and USD assimilated investments."
Performance since 2006
Investment Process and Strategy – How does the Fund Manager invest?
Rose Ouahba, Edouard Carmignac: "The objective of the Fund is to outperform its performance indicator, which consists of 50% MSCI AC World index converted into euro, the Morgan Stanley international equity index, + 50% Citigroup WGBI All Maturities EUR index, the world bond index. The Fund aims to achieve a return by investing a minimum of 50% in bonds, treasury bills and transferable debt securities on the European and international markets, with the remainder invested in European and international equities. The investment policy takes into account the principle of risk spreading by means of the diversification of investments. The breakdown of the portfolio between the different asset classes and categories of UCITS (equities, balanced, bonds, money market, etc.) based on fundamental analysis of the global macroeconomic environment and its indicators (growth, inflation, deficits, etc.) may vary according to the manager’s expectations. The sensitivity of the portfolio may fluctuate between -4 and +10. "
Investment Outlook
Rose Ouahba, Edouard Carmignac: "In the equity part of the portfolio we anticipate that the emerging market portfolio will perform well as the difference between the economic activity level between developed and emerging countries widens. The portfolio will particularly benefit from the change in the tight monetary policy conditions as inflation peaks in the third quarter. The portfolio is well shielded from the impending European crisis and will remain underweight European investments in the medium term.. On the bond side, we will continue to manage the duration of the portfolio upwards being sure to stay absent from peripheral sovereign debts preferring only German sovereigns . We will continue to maintain selective emerging market currency, sovereign and corporate bonds that reflect strong macroeconomic and healthy balance sheet properties.Our developed market corporate debt portfolio will continue to benefit from high yields and a generally favourable, low default risk environment."
