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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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