Carmignac Patrimoine

Investor Summary

The current management team represents a collaborative approach following the transition from founder Édouard Carmignac's leadership. Jacques Hirsch and the co-management team bring extensive experience in macro overlay, portfolio construction, and risk management, while Guillaume Rigeade and Eliezer Ben Zimra provide over 15 years of bond fund management experience overseeing fixed income and foreign exchange segments. Kristofer Barrett joined from Swedbank Robur where he spent 18 years managing strategies with significant assets under management. The team emphasizes a 360° view of opportunities across financial markets through collaboration with in-house analysts and experts.

Fund Strategy

Carmignac Patrimoine employs a dynamic and flexible approach designed to optimise asset allocation across varying market environments, seeking to capture attractive investment opportunities while maintaining resilience during periods of market stress. The investment philosophy is based on long-term convictions with adequate diversification in terms of regions and sectors, combining top-down and bottom-up analysis, with a focus on stocks with strong business models trading below intrinsic value and a broad fixed-income spectrum including emerging markets and structured credit. The core equity portfolio revolves around three key long-term themes: the connected consumer, digitisation, and demographic and social changes.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
6.97%	-0.25%	-0.25%

Executive Summary

Carmignac Patrimoine returned -0.25% in Q1 2026, broadly in line with its reference indicator. The quarter began with continued AI-driven momentum but shifted dramatically as geopolitical tensions involving the US, Israel and Iran triggered an oil shock, driving inflation expectations higher and causing broad market selloffs. The portfolio was impacted by AI-related disruption concerns particularly affecting software and mega-cap technology names, as well as the broader risk-off move in March. However, the diversified approach proved resilient with negative duration positioning contributing positively as yields rose, hedging strategies across credit and equities delivering gains, and energy names like Schlumberger providing support. Active management of gold exposure and currency positioning in commodity-linked currencies added value. Current positioning reflects high uncertainty with reduced risky asset exposure, tactical equity hedging through futures and options, and rate positioning favoring German short-term rates given overly optimistic ECB tightening expectations. The fund maintains meaningful technology allocation but refocused on companies with strong competitive moats to withstand AI disruption.

Core Thesis

Diversified multi-asset approach with tactical positioning across equities, rates, currencies and commodities to navigate uncertain environment marked by geopolitical tensions, AI disruption concerns, and growth slowdown risks while maintaining exposure to technology companies with strong competitive moats.

Forward Outlook

Current positioning reflects high degree of uncertainty. While markets appear to have largely priced in inflation shock, they continue to underestimate risk of growth slowdown. Against this backdrop, have reduced exposure to risky assets and adjusted positioning along yield curve. Maintain meaningful allocation to technology where valuations have adjusted significantly but refocused on companies with strong competitive moats.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 8 2026	2026 Q1	SLB	AI, diversification, duration, energy, Geopolitical, Hedging, Multi-Asset	-	Multi-asset fund navigated volatile Q1 2026 marked by AI disruption concerns and geopolitical oil shock through diversified positioning. Negative duration stance and hedging strategies offset equity headwinds from technology rotation and broader risk-off move. Currently positioned defensively with reduced risk asset exposure while maintaining selective technology allocation focused on companies with strong competitive moats.
Jan 15 2026	2025 Q4	-	Central Banks, Currency, duration, emerging markets, fixed income, Global Bonds, inflation, Trade Policy	-	Global bond fund outperformed benchmark by 6.50% in 2025, driven by emerging market hard-currency debt and selective duration management. Portfolio maintains cautious positioning with moderate duration exposure, significant emerging market allocation, and limited US dollar exposure. Strategy focuses on capitalizing on central bank easing cycles while managing risks from trade tensions and fiscal concerns.
Oct 21 2025	2025 Q3	ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM	AI, Bonds, equities, Europe, Gold Miners, inflation, technology, US	-	Carmignac Patrimoine outperformed in Q3 2025 driven by AI technology exposure and gold miners. The fund maintains equity selection focus on AI companies and structural themes while using inflation-linked instruments and gold as macro protection. Key risk is resurgent inflation from wages and tariffs despite accommodative policies supporting growth.
Jul 18 2025	2025 Q2	-	Asia, Currency, Europe, gold, inflation, technology, Trade Policy, volatility	-	Carmignac Patrimoine outperformed significantly in volatile Q2 2025, driven by technology stock selection and strategic euro positioning as the dollar weakened 8%. Managers maintain elevated equity exposure with enhanced downside protection, strong euro conviction, and defensive fixed income positioning. The fund capitalizes on AI innovation while preparing for continued uncertainty through comprehensive risk management.
Mar 31 2025	2025 Q1	ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM	AI, Bonds, equities, Europe, gold, inflation, technology, US	-	Carmignac Patrimoine outperformed in Q3 2025 driven by AI technology exposure and gold miners. The fund expects continued global growth but warns of inflation resurgence from wages and tariffs. Strategy focuses on selective equity picks in AI and industrials while maintaining protection through gold, inflation-linked bonds, and hedges against sustainably higher interest rates.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 8 2026

2026 Q1

SLB

AI, diversification, duration, energy, Geopolitical, Hedging, Multi-Asset

Multi-asset fund navigated volatile Q1 2026 marked by AI disruption concerns and geopolitical oil shock through diversified positioning. Negative duration stance and hedging strategies offset equity headwinds from technology rotation and broader risk-off move. Currently positioned defensively with reduced risk asset exposure while maintaining selective technology allocation focused on companies with strong competitive moats.

Jan 15 2026

2025 Q4

Central Banks, Currency, duration, emerging markets, fixed income, Global Bonds, inflation, Trade Policy

Global bond fund outperformed benchmark by 6.50% in 2025, driven by emerging market hard-currency debt and selective duration management. Portfolio maintains cautious positioning with moderate duration exposure, significant emerging market allocation, and limited US dollar exposure. Strategy focuses on capitalizing on central bank easing cycles while managing risks from trade tensions and fiscal concerns.

Oct 21 2025

2025 Q3

ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM

AI, Bonds, equities, Europe, Gold Miners, inflation, technology, US

Carmignac Patrimoine outperformed in Q3 2025 driven by AI technology exposure and gold miners. The fund maintains equity selection focus on AI companies and structural themes while using inflation-linked instruments and gold as macro protection. Key risk is resurgent inflation from wages and tariffs despite accommodative policies supporting growth.

Jul 18 2025

2025 Q2

Asia, Currency, Europe, gold, inflation, technology, Trade Policy, volatility

Carmignac Patrimoine outperformed significantly in volatile Q2 2025, driven by technology stock selection and strategic euro positioning as the dollar weakened 8%. Managers maintain elevated equity exposure with enhanced downside protection, strong euro conviction, and defensive fixed income positioning. The fund capitalizes on AI innovation while preparing for continued uncertainty through comprehensive risk management.

Mar 31 2025

2025 Q1

ANET, APH, CNC, GOOGL, MELI, NVDA, NVO, TSM

AI, Bonds, equities, Europe, gold, inflation, technology, US

Carmignac Patrimoine outperformed in Q3 2025 driven by AI technology exposure and gold miners. The fund expects continued global growth but warns of inflation resurgence from wages and tariffs. Strategy focuses on selective equity picks in AI and industrials while maintaining protection through gold, inflation-linked bonds, and hedges against sustainably higher interest rates.

QUARTER	THEMES	TAGS
2026 Q1	AI Software sector hit hard as investors reassessed disinflationary impact of AI and growing risk of disruption across business models from financial services to consulting. Portfolio impacted by AI-related disruption concerns particularly in software, certain mega-cap technology names, and financial services. Maintain meaningful allocation to technology where valuations have adjusted significantly, refocusing on companies with strong competitive moats better positioned to withstand AI-driven disruption.	Software Technology Disruption Valuations Moats
	Oil Escalating geopolitical tensions involving US, Israel and Iran resulted in oil shock that drove inflation expectations and US dollar higher. Higher commodity prices present potential implications for credit spreads. Energy names such as Schlumberger provided support during the quarter.	Geopolitical Inflation Energy Commodities
	Gold Oil shock triggered sharp correction in gold. Active management of gold exposure including significant reduction between January and March proved timely and contributed positively to performance. Recently reintroduced tactical allocation to gold albeit at significantly lower levels than in the past.	Correction Tactical Allocation Timing
	Private Credit Concerns started to emerge around private credit notably due to its exposure to technology and in some cases opaque financing structures. Public credit markets remained broadly resilient with only limited spread widening despite rising risk aversion.	Technology Financing Structures Risk
	Rates Negative duration positioning since start of year was key contributor to performance. Repricing of inflation expectations and rise in yields brought back echoes of 2022 environment. Actively managed positioning taking profits on short duration strategies following March sell-off. Initiated long positions on German short-term rates as market expectations for ECB tightening appear overly optimistic.	Duration Inflation Yields ECB Positioning
2025 Q4	AI AI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025.	Artificial Intelligence Technology Market Concentration Growth Innovation
	Rates The Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles.	Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions
	Dollar The U.S. dollar fell more than 9% during 2025, which supported international markets outperforming the U.S. by the widest margin since 2009. The dollar was pressured by high starting valuation and mounting concerns about global investor concentration in U.S. assets.	Currency Dollar Weakness International Markets Valuation
	Inflation The inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term.	Inflation Federal Reserve Economic Data Monetary Policy
2025 Q3	AI The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and surge in deals across infrastructure and cloud computing sectors. The fund maintains targeted diversification within technology covering the entire AI value chain across geographical zones and capitalisation segments.	Hyperscalers Cloud Computing Infrastructure Technology Semiconductors
	Gold Miners The fund's positions in gold miners continued to benefit from investor and central bank desire to diversify holdings away from the dollar amid loss of credibility in US institutions. The managers maintain exposure to gold mining companies as protection against current valuations and limited protective role of bonds.	Gold Dollar Diversification Central Banks Protection Credibility
	Inflation Inflation-linked strategies contributed to fund performance, benefiting from more resilient inflation than expected in eurozone and vigorous recovery in US consumer price indices. The main risk lies in resurgence of inflationary pressures driven by rising wages, higher tariffs, and weak global trade dynamics.	Inflation-Linked Consumer Prices Wages Tariffs Trade
2025 Q2	Trade Policy President Trump's announcement of broad-based tariffs triggered significant market volatility, with a 90-day suspension later sparking recovery. Trade tensions continue to shape market dynamics and currency movements.	Tariffs Trade Policy Volatility Dollar
	AI Large-cap technology stocks and shares linked to artificial intelligence fueled market momentum, with technological innovation continuing to gain traction despite political uncertainties as a compelling long-term investment theme.	Technology Innovation Semiconductors Value Chain
	Dollar The US dollar declined 8% against the euro over the quarter due to trade tensions and uncertainty. Managers maintain strong conviction in favoring the euro over the US dollar going forward.	Currency Euro Weakness Diversification
	Semiconductors Taiwan and South Korea were notable outperformers, buoyed by strong exposure to the semiconductor sector. The fund's targeted exposure to the technology value chain in Asia contributed significantly to performance.	Taiwan Korea Technology Asia Chips
	Gold Gold mining stocks performed strongly, capitalizing on renewed investor demand for safe-haven assets in an uncertain climate. Managers continue to view gold as a valuable safe-haven asset.	Safe Haven Mining Uncertainty Protection
	Volatility The quarter was marked by significant volatility across equity and bond markets. Exposure to the VIX offered effective protection against sharp fluctuations, and managers reinforced downside protection through put options.	VIX Protection Hedging Risk Management
	Inflation US inflation remained moderate but continued to exceed the Federal Reserve's target. Markets appear too optimistic about the speed at which US inflation will revert to target levels, with risk of resurgence persisting.	Fed Target Pricing Power Rates
2025 Q1	AI The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and a surge in deals and partnerships across infrastructure and cloud computing sectors. The fund maintains targeted diversification within the technology sector covering the entire AI value chain across geographical zones and capitalisation segments.	Hyperscalers Cloud Infrastructure Technology Semiconductors
	Gold Miners The fund's positions in gold miners continued to benefit from the desire of investors and central banks to diversify their holdings away from the dollar in the face of a loss of credibility in US institutions. The fund maintains exposure to gold mining companies as part of protection strategies considering current valuations and limited protective role of bonds.	Gold Dollar Central Banks Diversification Protection
	Inflation Inflation-linked strategies contributed to fund performance during the quarter, benefiting from more resilient inflation than expected in the eurozone and vigorous recovery in consumer price indices in the United States. The main risk lies in the resurgence of inflationary pressures driven by rising wages, higher tariffs, and weak global trade dynamics.	Inflation-linked Consumer Prices Wages Tariffs Trade

QUARTER

THEMES

AI

Software sector hit hard as investors reassessed disinflationary impact of AI and growing risk of disruption across business models from financial services to consulting. Portfolio impacted by AI-related disruption concerns particularly in software, certain mega-cap technology names, and financial services. Maintain meaningful allocation to technology where valuations have adjusted significantly, refocusing on companies with strong competitive moats better positioned to withstand AI-driven disruption.

Software Technology Disruption Valuations Moats

Oil

Escalating geopolitical tensions involving US, Israel and Iran resulted in oil shock that drove inflation expectations and US dollar higher. Higher commodity prices present potential implications for credit spreads. Energy names such as Schlumberger provided support during the quarter.

Geopolitical Inflation Energy Commodities

Gold

Oil shock triggered sharp correction in gold. Active management of gold exposure including significant reduction between January and March proved timely and contributed positively to performance. Recently reintroduced tactical allocation to gold albeit at significantly lower levels than in the past.

Correction Tactical Allocation Timing

Private Credit

Concerns started to emerge around private credit notably due to its exposure to technology and in some cases opaque financing structures. Public credit markets remained broadly resilient with only limited spread widening despite rising risk aversion.

Technology Financing Structures Risk

Rates

Negative duration positioning since start of year was key contributor to performance. Repricing of inflation expectations and rise in yields brought back echoes of 2022 environment. Actively managed positioning taking profits on short duration strategies following March sell-off. Initiated long positions on German short-term rates as market expectations for ECB tightening appear overly optimistic.

Duration Inflation Yields ECB Positioning

2025 Q4

AI

AI was a dominant market driver of U.S. stocks and continues to influence market leadership. The AI-driven rally led to historic levels of market concentration with just five stocks accounting for nearly 45% of the S&P 500's total return in 2025. Strong AI-related investment was the backbone of U.S. growth in 2025.

Artificial Intelligence Technology Market Concentration Growth Innovation

Rates

The Federal Reserve has cut interest rates 1.75% since 2024, easing financial conditions and supporting markets. The Fed resumed rate cuts in September and markets expect further easing into 2026, albeit at a slower pace. Historically, equities have responded favorably following the restart of easing cycles.

Federal Reserve Interest Rates Monetary Policy Easing Financial Conditions

Dollar

The U.S. dollar fell more than 9% during 2025, which supported international markets outperforming the U.S. by the widest margin since 2009. The dollar was pressured by high starting valuation and mounting concerns about global investor concentration in U.S. assets.

Currency Dollar Weakness International Markets Valuation

Inflation

The inflation storm that dominated recent years appeared to be easing, at least in the short term. November and December inflation surprised to the downside, easing investor concerns about persistent inflation pressures. However, inflation is likely to remain above target near term.

Inflation Federal Reserve Economic Data Monetary Policy

2025 Q3

AI

The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and surge in deals across infrastructure and cloud computing sectors. The fund maintains targeted diversification within technology covering the entire AI value chain across geographical zones and capitalisation segments.

Hyperscalers Cloud Computing Infrastructure Technology Semiconductors

Gold Miners

The fund's positions in gold miners continued to benefit from investor and central bank desire to diversify holdings away from the dollar amid loss of credibility in US institutions. The managers maintain exposure to gold mining companies as protection against current valuations and limited protective role of bonds.

Gold Dollar Diversification Central Banks Protection Credibility

Inflation

Inflation-linked strategies contributed to fund performance, benefiting from more resilient inflation than expected in eurozone and vigorous recovery in US consumer price indices. The main risk lies in resurgence of inflationary pressures driven by rising wages, higher tariffs, and weak global trade dynamics.

Inflation-Linked Consumer Prices Wages Tariffs Trade

2025 Q2

Trade Policy

President Trump's announcement of broad-based tariffs triggered significant market volatility, with a 90-day suspension later sparking recovery. Trade tensions continue to shape market dynamics and currency movements.

Tariffs Trade Policy Volatility Dollar

AI

Large-cap technology stocks and shares linked to artificial intelligence fueled market momentum, with technological innovation continuing to gain traction despite political uncertainties as a compelling long-term investment theme.

Technology Innovation Semiconductors Value Chain

Dollar

The US dollar declined 8% against the euro over the quarter due to trade tensions and uncertainty. Managers maintain strong conviction in favoring the euro over the US dollar going forward.

Currency Euro Weakness Diversification

Semiconductors

Taiwan and South Korea were notable outperformers, buoyed by strong exposure to the semiconductor sector. The fund's targeted exposure to the technology value chain in Asia contributed significantly to performance.

Taiwan Korea Technology Asia Chips

Gold

Gold mining stocks performed strongly, capitalizing on renewed investor demand for safe-haven assets in an uncertain climate. Managers continue to view gold as a valuable safe-haven asset.

Safe Haven Mining Uncertainty Protection

Volatility

The quarter was marked by significant volatility across equity and bond markets. Exposure to the VIX offered effective protection against sharp fluctuations, and managers reinforced downside protection through put options.

VIX Protection Hedging Risk Management

Inflation

US inflation remained moderate but continued to exceed the Federal Reserve's target. Markets appear too optimistic about the speed at which US inflation will revert to target levels, with risk of resurgence persisting.

Fed Target Pricing Power Rates

2025 Q1

AI

The fund benefited from ongoing enthusiasm around artificial intelligence, sustained by significant investments from hyperscalers, robust corporate earnings, and a surge in deals and partnerships across infrastructure and cloud computing sectors. The fund maintains targeted diversification within the technology sector covering the entire AI value chain across geographical zones and capitalisation segments.

Hyperscalers Cloud Infrastructure Technology Semiconductors

Gold Miners

The fund's positions in gold miners continued to benefit from the desire of investors and central banks to diversify their holdings away from the dollar in the face of a loss of credibility in US institutions. The fund maintains exposure to gold mining companies as part of protection strategies considering current valuations and limited protective role of bonds.

Gold Dollar Central Banks Diversification Protection

Inflation

Inflation-linked strategies contributed to fund performance during the quarter, benefiting from more resilient inflation than expected in the eurozone and vigorous recovery in consumer price indices in the United States. The main risk lies in the resurgence of inflationary pressures driven by rising wages, higher tariffs, and weak global trade dynamics.

Inflation-linked Consumer Prices Wages Tariffs Trade

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
SLB	On the equity side, energy names such as Schlumberger, along with more defensive segments like consumer staples, provided support.

TICKER

COMMENTARY

SLB

On the equity side, energy names such as Schlumberger, along with more defensive segments like consumer staples, provided support.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

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Shares Bought

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No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

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Amount Sold

Shares Sold

% Change

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No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

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No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Oil

Gold

Private Credit

Rates

AI

Rates

Dollar

Inflation

AI

Gold Miners

Inflation

Trade Policy

AI

Dollar

Semiconductors

Gold

Volatility

Inflation

AI

Gold Miners

Inflation

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Jacques Hirsch Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Carmignac Patrimoine