| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 38.5% | 43.45% | 40.4% |
Carmignac Portfolio Tech Solutions returned +43.5% in Q2 2026, underperforming its benchmark which gained +49.0% as the manager's more selective semiconductor positioning lagged a highly concentrated and increasingly erratic rally. Asian technology holdings delivered exceptional returns, with South Korean names like SK Hynix and Taiwanese companies including TSMC benefiting from robust AI memory and computing infrastructure demand. The fund's AI infrastructure positions in Broadcom, Nvidia, ASML, and Arista Networks contributed positively from sustained capital expenditure. However, software holdings, particularly Microsoft, detracted as markets favored higher-beta semiconductor names. The manager reduced exposure to hyperscalers and speculative semiconductor positions, concerned that valuations now discount years of aggressive growth despite limited fundamental visibility and that rising infrastructure costs may eventually weigh on demand. The portfolio shifted toward higher-quality semiconductor leaders like Nvidia and enterprise software companies such as Atlassian and GitLab that are positioned to benefit from AI industrialization as enterprises move from experimentation to large-scale deployment. While the medium-term AI infrastructure outlook remains constructive, near-term positioning emphasizes selectivity and quality given signs of market excess and stretched valuations in parts of the sector.
The fund maintains selective exposure to AI infrastructure beneficiaries while reducing speculative semiconductor positions in favor of higher-quality leaders and enterprise software companies positioned to benefit from AI industrialization rather than enthusiasm alone.
Manager expects the AI debate to enter a new phase with increasing questions about value capture between hardware and software companies. While medium-term outlook for AI infrastructure remains constructive, near-term positioning has become more selective given stretched valuations in parts of the semiconductor sector and signs of market excess. Focus shifting toward efficiency themes and enterprise deployment rather than pure infrastructure enthusiasm. Market broadening expected to continue beyond most crowded technology names.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 21 2026 | 2026 Q2 | 005930 KS, 3016.TW, 3110.T, 3227.TW, 4062.T, ANET, ARM, ASML, AVGO, GTLB, INTC, MRVL, MSFT, MU, NVDA, TEAM, TSM | AI, Asia, growth, hardware, infrastructure, semiconductors, software, technology | - | The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. |
| 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 Q2 |
AIManager views AI infrastructure demand as remaining robust but notes increasing market excess and speculation in lower-quality semiconductor names. Efficiency and cost reduction are becoming more important themes as enterprises move from experimentation to deployment. Medium-term outlook for AI infrastructure remains constructive despite more selective positioning. |
Infrastructure Semiconductors Enterprise Deployment Efficiency |
SemiconductorsSemiconductor rally became increasingly erratic with smaller and lower-quality names doubling or tripling despite limited fundamental visibility. Manager reduced exposure to most speculative names and moved toward higher-quality leaders like Nvidia where valuations remain more attractive. Concerns about valuations discounting years of aggressive growth with bottlenecks creating pricing power that may eventually weigh on demand. |
Memory Foundries Equipment Valuations Quality | |
CloudManager reduced exposure to hyperscalers tactically due to concerns about hardware companies capturing too much AI value and rising infrastructure costs potentially weighing on demand. Positioning became more cautious on hyperscalers as the quarter progressed. |
Hyperscalers Infrastructure Capex | |
Enterprise SoftwareManager favors companies positioned to benefit from AI industrialization rather than enthusiasm alone, focusing on software enabling governance, security, and efficient management of AI applications. Exposure includes developer software platforms like Atlassian and GitLab that are embedded in enterprise workflows and should benefit from AI-assisted coding adoption. |
Developer Tools Governance Security Deployment | |
South KoreaSouth Korean holdings such as SK Hynix delivered exceptional returns supported by continued strength in AI memory demand and improving investor sentiment. Korean equities were among the strongest performers in the quarter driven by semiconductor exposure. |
Memory Technology Semiconductors | |
TaiwanTaiwanese names including TSMC, Yageo, and Asia Vital Components contributed positively as demand for high-performance computing infrastructure remained robust. Taiwan was among the strongest performing markets driven by semiconductor exposure. |
Foundries Components Computing | |
| 2026 Q1 |
AISoftware 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 |
OilEscalating 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 | |
GoldOil 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 CreditConcerns 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 | |
RatesNegative 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 |
AIAI 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 |
RatesThe 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 | |
DollarThe 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 | |
InflationThe 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 |
AIThe 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 MinersThe 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 | |
InflationInflation-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 PolicyPresident 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 |
AILarge-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 | |
DollarThe 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 | |
SemiconductorsTaiwan 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 | |
GoldGold 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 | |
VolatilityThe 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 | |
InflationUS 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 |
AIThe 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 MinersThe 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 | |
InflationInflation-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 | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | South Korean holdings such as SK Hynix delivered exceptional returns, supported by continued strength in AI memory demand and improving investor sentiment. |
| TSM | Taiwanese names, including TSMC, Yageo and Asia Vital Components, together with Japanese holdings such as Nitto Boseki and Ibiden, also contributed positively as demand for high-performance computing infrastructure remained robust. |
| 3227.TW | Taiwanese names, including TSMC, Yageo and Asia Vital Components, together with Japanese holdings such as Nitto Boseki and Ibiden, also contributed positively as demand for high-performance computing infrastructure remained robust. |
| 3016.TW | Taiwanese names, including TSMC, Yageo and Asia Vital Components, together with Japanese holdings such as Nitto Boseki and Ibiden, also contributed positively as demand for high-performance computing infrastructure remained robust. |
| 3110.T | Taiwanese names, including TSMC, Yageo and Asia Vital Components, together with Japanese holdings such as Nitto Boseki and Ibiden, also contributed positively as demand for high-performance computing infrastructure remained robust. |
| 4062.T | Taiwanese names, including TSMC, Yageo and Asia Vital Components, together with Japanese holdings such as Nitto Boseki and Ibiden, also contributed positively as demand for high-performance computing infrastructure remained robust. |
| AVGO | Performance was also supported by our selective exposure to AI infrastructure beneficiaries across the semiconductor ecosystem. Holdings such as Broadcom, Nvidia, ASML and Arista Networks benefited from sustained AI-related capital expenditure and continued demand for networking and compute infrastructure. |
| NVDA | Performance was also supported by our selective exposure to AI infrastructure beneficiaries across the semiconductor ecosystem. Holdings such as Broadcom, Nvidia, ASML and Arista Networks benefited from sustained AI-related capital expenditure and continued demand for networking and compute infrastructure. Tactically, this has led us to reduce exposure to hyperscalers and move away from the most speculative semiconductor names. Instead, we are focusing on higher-quality leaders where valuations remain more attractive, such as Nvidia. |
| ASML | Performance was also supported by our selective exposure to AI infrastructure beneficiaries across the semiconductor ecosystem. Holdings such as Broadcom, Nvidia, ASML and Arista Networks benefited from sustained AI-related capital expenditure and continued demand for networking and compute infrastructure. |
| ANET | Performance was also supported by our selective exposure to AI infrastructure beneficiaries across the semiconductor ecosystem. Holdings such as Broadcom, Nvidia, ASML and Arista Networks benefited from sustained AI-related capital expenditure and continued demand for networking and compute infrastructure. |
| MSFT | Our largest detractors were concentrated in software, most notably Microsoft. While our software exposure remains selective, the market continued to favour higher-beta semiconductor names over more diversified technology companies during the quarter. |
| MU | For much of the quarter, however, market leadership remained highly concentrated within the AI supply chain, particularly in semiconductors. Beneath the surface, the rally became increasingly erratic. While companies such as Micron, Intel, Arm and Marvell rose by several hundred percent in the period, Nvidia performed broadly in line with the major indices. |
| INTC | For much of the quarter, however, market leadership remained highly concentrated within the AI supply chain, particularly in semiconductors. Beneath the surface, the rally became increasingly erratic. While companies such as Micron, Intel, Arm and Marvell rose by several hundred percent in the period, Nvidia performed broadly in line with the major indices. |
| ARM | For much of the quarter, however, market leadership remained highly concentrated within the AI supply chain, particularly in semiconductors. Beneath the surface, the rally became increasingly erratic. While companies such as Micron, Intel, Arm and Marvell rose by several hundred percent in the period, Nvidia performed broadly in line with the major indices. |
| MRVL | For much of the quarter, however, market leadership remained highly concentrated within the AI supply chain, particularly in semiconductors. Beneath the surface, the rally became increasingly erratic. While companies such as Micron, Intel, Arm and Marvell rose by several hundred percent in the period, Nvidia performed broadly in line with the major indices. |
| TEAM | This supports our exposure to developer software companies such as Atlassian and GitLab, whose platforms are deeply embedded in enterprise development workflows and should benefit from broader adoption of AI-assisted coding. |
| GTLB | This supports our exposure to developer software companies such as Atlassian and GitLab, whose platforms are deeply embedded in enterprise development workflows and should benefit from broader adoption of AI-assisted coding. |
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