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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Carmignac Portfolio Tech Solutions fund focuses on high-quality, resilient technology companies that benefit from the structural shift toward artificial intelligence industrialization. During the second quarter of 2026, the fund gained +43.45%, slightly underperforming its reference indicator's return of +48.98% due to stock selection and underweight positioning in certain US semiconductor names. The market environment was highly momentum-driven, with initial AI enthusiasm spreading to lower-quality semiconductor names and inflating valuations. While hardware and AI memory demand supported exceptional returns for Asian holdings like SK Hynix and TSMC, software names like Microsoft acted as performance detractors. In response, the manager has tactically reduced exposure to hyperscalers and speculative semiconductor stocks, opting to focus on high-quality leaders like Nvidia. Over the medium term, the manager expects the AI landscape to enter a new phase focused on efficiency and enterprise-scale software adoption, supporting selective positions in developer software platforms like Atlassian and GitLab.
Focusing on a well-balanced portfolio of higher-quality technology leaders positioned to benefit from the long-term industrialization and efficient deployment of artificial intelligence.
The manager remains constructive on the medium-term outlook for AI infrastructure, prioritizing a well-balanced portfolio of higher-quality technology companies. Over the coming months, the focus will stay on selecting tech names that can demonstrate fundamental resilience as market participation broadens.
As of Jun 30, 2026
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.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Assigned 0.65. The manager names numerous portfolio holdings across the US, South Korea, Taiwan, and Japan, but does not specify position sizing or detail highly concentrated bets beyond standard high-quality tech names.
Growth Outlook
Assigned 0.75. The manager's medium-term outlook for AI infrastructure remains constructive, though they highlight growing concerns over stretched valuations in high-beta semiconductor names.
Risk Appetite
Assigned 0.50. The fund is taking a balanced posture, actively reducing exposure to high-beta, speculative tech sectors and shifting capital toward robust, cash-flow generative, higher-quality holdings.
Capital Deployment
Assigned 0.50. The manager is actively rebalancing the portfolio by reducing exposure to hyperscalers and speculative semiconductor names to fund additions to higher-quality tech leaders and software. No significant overall cash accumulation or reduction is noted.
Forward Guidance
Assigned 0.50. The manager provides high-level tactical guidance to move away from speculative names and focus on enterprise software and quality leaders, but presents few specific near-term execution timelines.
Language Signal
Assigned 0.55. The language used shows a mix of bullish enthusiasm for structural AI opportunities and notable caution regarding speculative bubbles, high infrastructure costs, and hawkish monetary policy.
Perceived Risk
Assigned 0.65. Significant risks are identified, including potential demand destruction from rising infrastructure costs, aggressive valuations in lower-quality semiconductor names, and hawkish central banks.
Opportunity Density
Assigned 0.60. Opportunities are viewed as increasingly selective, requiring a migration from over-indexed semiconductor momentum plays into higher-quality, valued technology and developer software.
Time Horizon
Assigned 0.75. The investment thesis is framed around a multi-year industrialization and enterprise-scale deployment phase of artificial intelligence, rather than short-term catalyst trading.
Top Conviction Themes
Key Catalysts
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