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Fund Update: Carmignac Euro - Patrimoine

Das folgende Fund Update bietet einen Rückblick auf die Performance des Fonds über die letzten vier Kalenderjahre sowie über die aktuelle Year-to-Date Entwicklung. Der Fondsmanager François-Joseph Furry zeigt die wichtigsten Punkte des Investmentprozesses und seiner Strategie auf. Funds | 23.05.2012 04:45 Uhr

Investment Universe, Process, Strategy and Benchmark – How does the Fund Manager invest? (ISIN: FR0010149179)

  Investment Universe

Carmignac Euro-Patrimoine is a diversified fund with at least 75% of its assets invested in equities (all caps) of European Union member states and Iceland and Norway, without particular restrictions in terms of geographic area, business sector or type of stock. The remainder, i.e. no more than 25% of assets, is invested in fixed income products and/or cash.
However, the Fund has net equity market exposure of between 0% and 50% through the use of derivatives.

• International equities
- Equities listed in European Union member states
- International equities, emerging markets included
- Standard derivatives

• Bonds
- Eurozone and/or international government and corporate bonds
- Inflation-linked bonds
- Convertible bonds

• Currencies
- Euro
- European currencies excluding the euro, US dollar, sterling and dollar bloc
- Index futures and options

Fund Management Team

Carmignac Euro-Patrimoine is managed by François-Joseph Furry, Carmignac Gestion’s European equity specialist.

The fund manager is able to rely on the support of Frédéric Leroux when carrying out macroeconomic analysis and implementing derivative strategies.
The other fund managers and analysts contribute to the management of Carmignac Euro-Patrimoine by sharing their specialist expertise (regions, sectors, asset classes, etc.).

François-Joseph Furry has been responsible for the management of Carmignac Euro-Patrimoine since 1 December 2008. Before that date, the fund was jointly managed by Edouard Carmignac and Simon Pickard until 2003, Frédéric Leroux and Simon Pickard from September 2003 to October 2005 and David Loggia and Frédéric Leroux between October 2005 and December 2008.

Strategy

Carmignac Euro-Patrimoine is managed on a discretionary basis with an active asset allocation policy. At least 75% of the Fund is invested in equities of European Union member states. The remainder, i.e. a maximum of 25% of assets, is invested in fixed income products denominated in euro, traded on French and foreign markets offering the best growth potential, without particular restrictions in terms of allocation by country, sector or type of stock.

Given the investment philosophy, the Fund’s final allocation may be quite different from that of its performance indicator: 50% DJ Euro Stoxx 50 index + 50% Eonia capitalised. Equally, the final portfolio, structured according to macroeconomic forecasts and financial analysis, may be weighted differently from the performance indicator in terms of geographic areas, sectors, etc.

Depending on his market expectations, the fund manager may vary the portfolio’s equity market exposure in order to outperform the performance indicator (50% DJ Euro Stoxx 50 index + 50% capitalised Eonia index).
The Fund manager may adopt an active hedging policy, where necessary, in order to reduce exposure to equity markets so that the Fund presents a risk profile comparable to that of its performance indicator (50% DJ Euro Stoxx 50 index + 50% Eonia index, capitalised).

Investment Process

Carmignac Euro-Patrimoine’s investment process is driven by a combination of top-down and bottom-up approaches.

The chart below summarises the key stages:

Investment Objectives

Carmignac Euro-Patrimoine is a European diversified fund that seeks to generate a steady performance over a recommended minimum investment horizon of three years.
To prioritise capital protection when the market falls and to obtain a consistent return, the fund manager may if necessary apply an active hedging policy such that equity exposure varies between 0% and 50% of the Fund’s net assets.

Performance Review 2008

David Loggia et Frédéric Leroux: "Carmignac Euro-Patrimoine may have shown more ability to withstand the market downturn than its indicator, -15.98% against -20.18%, but its performance over the 12 months remains disappointing. The market turmoil in the fourth quarter, characterised by a transition to very different market conditions, reassured us regarding our stock selection and underlined the need for more symbiotic management between the stocks held in the portfolio and the composition of the hedging instruments used.

To implement this new management policy, the Fund welcomed a new manager, François-Joseph Furry, who successfully co-managed the alternative management fund Carmignac Market Neutral in 2008."

Performance Review 2009

François-Joseph Furry: "The Fund recorded an annual performance of +9.19% against 10.93% for its performance indicator (50% DJ Euro Stoxx 50 + 50% capitalised Eonia). Carmignac Euro-Patrimoine’s annual performance was achieved in a market environment that was bullish but also extremely chaotic, beginning with a 25% drop that penalised the Fund before rebounding sharply by about 60%. In spite of these sharp fluctuations, the Fund’s volatility remained moderate at 5.1% against 12.5% for its performance indicator and 28% for the European markets. In 2010 we will maintain our policy of protecting capital and managing volatility through hedging, while remaining exposed to potential increases in the most promising European stocks. After a year of similar market performances across all sectors, identifying the companies that have come out of the crisis stronger, and stock selection, will be the fundamental sources of performance in 2010."

Performance Review 2010

François-Joseph Furry: "The Fund recorded an annual performance of +7.70% while its performance indicator slipped 2.68%. The markets remained uncertain throughout the year, torn between strong corporate results and fears surrounding the liquidity and solvency of European States. In this most uncertain environment, stock selection and reactive equity exposure management were essential to the investment strategy. In 2011 we will maintain our policy of protecting capital and managing volatility through hedging, while remaining exposed to potential increases in European stocks."

Performance Review 2011

François-Joseph Furry: "In a highly negative year for the European markets, the fund ended the year almost unchanged with a decline of 1.19%, against a fall of 8.08% for the index. This annual outperformance is chiefly explained by the fact that our underlying portfolio held up well when markets were falling. Our underlying portfolio lost less than 5%, against the Euro Stoxx index, down 17%, due to our sector allocation favouring consumption, energy and gold to the detriment of finance, combined with rigorous stock selection. The second major driver of performance – dynamic management of our derivative positions, on both diversified indices and specific stocks – turned out to be particularly pertinent. On the other hand, our scepticism at the time of the autumn European summits and of the ECB’s liquidity contributions to banks led us to underestimate the sector’s sharp recovery at the end of the year. Our stock selection and sectorial choices proved pertinent, except for the healthcare sector. Volatility control remained satisfactory, having ended the year at 6.84%, against 10.20% for its index."

Performance 2012 - Year-to-Date

François-Joseph Furry: "Carmignac Euro-Patrimoine gained 6.29% over the first quarter of 2012 against a 3.52% rise for its performance indicator, giving the former a 2.77 point lead. The Fund thus confirmed its ability not only to protect its capital in bear markets as in 2011, but also to benefit from rallies when conditions favour equities. The Fund’s volatility was down to 6.3% and remains much lower than its performance indicator’s (8.5%) or European markets’ (22.5%), meaning it offers an attractive risk/return profile. The outperformance over the quarter resulted from our three principal means of generating performance: flexible exposure to equity markets, a sector allocation that reflects our fundamental convictions, and the quality of our long and short stock picking."

Performance since 2008

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