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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on structural AI winners and defensive healthcare compounders while maintaining short long-end sovereign duration, long Italian inflation linkers, and tactical volatility hedges amid persistent fiscal pressures."
Carmignac Patrimoine posted a net return of +3.12% for the third quarter of 2026, significantly outperforming its reference indicator which finished flat at +0.10%, and bringing year-to-date net performance to +7.38% against +6.68% for the benchmark. Capital was deployed effectively across asset classes with equities, fixed income, and foreign exchange all generating positive performance. Fixed income was the standout alpha generator as proactive short duration positioning at the long end of US and European curves captured gains from bear-steepening sovereign yield curves, while allocations were rotated into short-dated euro rates and intermediate Italian inflation-linked paper toward quarter-end. Macroeconomic conditions featured a growing divergence between resilient nominal growth and tightening monetary policy, with persistent inflation and elevated fiscal deficits pushing long-term sovereign bond yields higher. Central banks maintained a restrictive posture, underscored by policy rate hikes from both the Federal Reserve and the European Central Bank. The strategy navigated elevated dispersion by maintaining volatility hedges, while thematic drivers remained centered on the structural artificial intelligence investment cycle and fiscal differentiation across European sovereign debt. Within equities, management captured gains through core technology holdings Nvidia, Atlassian, and Asia Vital Components while taking profits in SK Hynix. Portfolio resilience was bolstered by rotations into quality defensive holdings, including healthcare names Cencora and McKesson alongside Intercontinental Exchange, accompanied by long positions in the Japanese yen and commodities.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
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