Equity management
CARMIGNAC GESTION Luxembourg
CARMIGNAC Portfolio Euro-Entrepreneurs E USD Acc Hdg
Monthly report - May 2017 (Data as of 31/05/2017)
Date of 1st NAV
Legal Form
Reference Indicator
Morningstar Category
Base Currency
Income Allocation
M. DENHAM
16/11/2015
SICAV
ISIN
Bloomberg Code
Share Class AUM
NAV
Stoxx 200 Small (Reinvested net dividends)
Europe Equity - Currency Hedged
USD
Accumulation
Risk Scale
LU1299304201
CAREEUC LX
34 676 $
118.67 $
Lower risk
1
PERFORMANCE
FUND INDICATOR
Month
Higher risk
2
3
4
5
M. HEININGER
6
7
1.97 % 0.52 %
Beginning of
the year
16.39 % 13.41 %
Investment rate : 90.40% | Equity exposure : 94.51% | Cash & equivalent* : 9.60%
Geographical Exposure breakdown
Carmignac Gestion Global Strategy
- • The euro appreciated against the dollar
- • Equity markets continued to follow a positive trend
- • Oil prices fell
Net Currency Exposure
US Dollar
EUR
100.35%
-19.46%
GBP
4.92%
Other
0.11%
Eastern Europe, Middle
East and Africa
-0.02%
ASIAN BLOC
0.00%
AUD and CAD
0.00%
Short
Net
Gross
-0.02 %
85.18 %
85.22 %
Netherlands
18.45 %
0.00 %
18.44 %
18.45 %
United Kingdom
13.80 %
0.00 %
13.79 %
13.80 %
Belgium
13.15 %
0.00 %
13.15 %
13.15 %
Germany
11.99 %
0.00 %
11.99 %
11.99 %
France
9.04 %
0.00 %
9.04 %
9.04 %
Spain
7.15 %
0.00 %
7.15 %
7.15 %
Finland
5.48 %
0.00 %
5.48 %
5.48 %
Austria
4.49 %
0.00 %
4.49 %
4.49 %
Ireland
1.66 %
-0.02 %
1.64 %
1.67 %
11.08 %
-1.75 %
9.33 %
12.83 %
Switzerland
9.82 %
-0.93 %
8.89 %
10.74 %
USA
1.27 %
-0.82 %
0.45 %
2.08 %
Other countries
0.00 %
-0.01 %
-0.01 %
0.01 %
96.28 %
-1.77 %
94.51 %
98.05 %
ex European Union
14.10%
CHF
Long
85.20 %
European Union
Total
Evolution of the fund and its indicator since launch
Annual Performances (%)
19.51%
15.43%
Carmignac Portfolio Euro-Entrepreneurs E USD Acc Hdg
Reference Indicator
Cumulative Performance (%)
Annualised Perf. (%)
1 Month
3 Months
1 Year
Since inception
Since inception
Carmignac Portfolio Euro-Entrepreneurs E USD Acc Hdg
1.97
12.04
22.76
19.51
12.85
Reference Indicator
0.52
8.60
16.66
15.43
10.22
Category Average
1.77
9.56
14.92
11.27
7.23
Ranking (quartile)
2
1
1
1
1
Source: Morningstar for the category average and quartiles
Statistical Data (%)
Fund Volatility
Indicator Volatility
Sharpe Ratio
Beta
Alpha
VaR
1 Year
11.77
17.55
1.96
0.59
0.21
Portfolio VaR
Indicator VaR
Contribution to Monthly Gross Performance
13.80%
12.96%
Historical Value at Risk 99% 20d calculated over a two-year
period
Equity Portfolio
Bond Portfolio
Equity Derivatives
Currency Derivatives
Total
*Cash, cash equivalents and derivatives operations
For more information on breakdowns, please go to our Fund pages on our website www.carmignac.com
Past performance is not a reliable indicator of future performance. Performance is calculated net of management fees. The capital in these funds is not guaranteed.
Additional information, prospectuses, KIIDs (Key Investor Information Documents), articles of association, and annual and interim reports are available on our website
www.carmignac.com. This document may not be reproduced, in whole or in part, without prior authorisation from the management company.
Source: Carmignac unless otherwise indicated.
Carmignac Gestion Luxembourg - Subsidiary of Carmignac Gestion - Management Company of UCITS (licence granted by CSSF on 10/06/2013) - (public limited company) with share capital of 3 000 000 € - RCS
Luxembourg B67549 - 7 rue de la Chapelle L-1325 Luxembourg
2.13%
0.00%
0.22%
0.01%
2.36%
Equity management
CARMIGNAC GESTION Luxembourg
CARMIGNAC Portfolio Euro-Entrepreneurs E USD Acc Hdg
Monthly report - May 2017 (Data as of 31/05/2017)
Management Comments
The Fund turned in a positive performance, beating its reference indicator. European equities rose again in May, with PMIs still high. And at the end of the
month, Mario Draghi addressed the European parliament to defend the ECB's pursuit of a highly accommodative monetary policy. Our stock picking was
rewarded, especially in the financial sector. We also drew strength from Scandinavian FinTech pioneer Ferratum. It continued its revenue growth from 2016,
announcing strong Q1 results that were welcomed by investors. Luxury caterer Do & Co provided a boost too. However, Micro Focus International suffered
from a profit warning by Hewlett Packard Enterprise, the US company whose software business the UK software publisher is in the process of taking over.
Pharmaceutical compounding specialist Fagron was another faller. Exposure was high at the end of the period.
Sector Exposure Breakdown
Short
Net
Gross
Cons. Services
21.73 %
-0.12 %
21.61 %
21.85 %
Financials
18.18 %
-0.15 %
18.03 %
18.34 %
Industrials
15.51 %
-0.10 %
15.41 %
15.61 %
Technology
13.30 %
-0.17 %
13.13 %
13.46 %
Healthcare
9.78 %
-0.11 %
9.67 %
9.89 %
Basic Materials
7.26 %
-0.02 %
7.24 %
7.28 %
Telecommunication
6.11 %
-0.02 %
6.09 %
6.13 %
Cons. Goods
4.42 %
-0.09 %
4.33 %
4.50 %
Utilities
0.00 %
-0.03 %
-0.03 %
0.03 %
Oil & Gas
0.00 %
-0.05 %
-0.05 %
0.05 %
Regional Indexes
0.00 %
-0.92 %
-0.92 %
0.92 %
96.28 %
-1.77 %
94.51 %
98.05 %
Total
EQUITY COMPONENT
Equity Exposure - 1 Year Period (%AUM)
Long
Top 10 Net Exposure - Long
Equity Exposure Rate
Equity Investment Rate
Equity Exposure Rate = Equity Investment Rate + Equity Derivatives Exposure
Top 10 Net Exposure - Short
Name
Country
Sector
%
FAGRON NV
Belgium
Healthcare
6.01 %
FERRATUM OYJ
Finland
Financials
5.39 %
ALTICE SA
Netherlands
Telecommunication
4.72 %
DO & CO AG
Austria
Cons. Services
4.42 %
TESSENDERLO CHEMIE
Belgium
Basic Materials
4.22 %
MICRO FOCUS INTER.
United Kingdom
Technology
4.09 %
ASR NEDERLAND
Netherlands
Financials
3.33 %
PARQUES REUNIDOS SERVICIOS C
Spain
Cons. Services
3.30 %
VIFOR PHARMA
Switzerland
Cons. Services
2.98 %
IMCD GROUP NV
Netherlands
Basic Materials
Region
Sector
2.92 %
41.39 %
Capitalisation Exposure Breakdown
Long
Short
Net
4.78 %
-0.75 %
4.03 %
5.53 %
Mid (1000 - 8000 MEUR)
65.23 %
-0.10 %
65.13 %
65.33 %
Small (<1000 MEUR)
26.27 %
0.00 %
26.27 %
26.27 %
0.00 %
-0.92 %
-0.92 %
0.92 %
96.28 %
-1.77 %
94.51 %
98.05 %
Large (>8000 MEUR)
Regional Indexes
Total
Gross
For more information on breakdowns, please go to our Fund pages on our website www.carmignac.com
Source: Carmignac unless otherwise indicated.
Carmignac Gestion Luxembourg - Subsidiary of Carmignac Gestion - Management Company of UCITS (licence granted by CSSF on 10/06/2013) - (public limited company) with share capital of 3 000 000 € - RCS
Luxembourg B67549 - 7 rue de la Chapelle L-1325 Luxembourg
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