Carmignac Portfolio Alpha Themes

Investment Objective

The Fund objective is to outperform the EONIA over the minimum investment period of 3 years. In order to achieve its investment objective, the portfolio manager principally implements an equity market neutral strategy. The Fund combines top-down thematic trends with bottom-up industry specific or company fundamentals, to generate asymmetric investment ideas, both on the long and the short side.

Latest Meeting Note

Meeting 24 Feb 2021

The Carmignac Alpha Themes fund is managed by Emmanuel Niogret (ex-Horizon CIO, Edoma LLP, Goldman Sachs) who has ran similar styled thematic strategies across his previous roles. Further, he is supported by a number of geographical and ... Read more

The Carmignac Alpha Themes fund is managed by Emmanuel Niogret (ex-Horizon CIO, Edoma LLP, Goldman Sachs) who has ran similar styled thematic strategies across his previous roles. Further, he is supported by a number of geographical and sector specialists who aide in the deep-dive research required. The aim of the fund is to capture long-term changes and trends and profit from their inflection points, all within an equity market neutral portfolio (-30% - +30% net). The investment process marries top-down thematic research with bottom-up equity analysis. On a micro level the team focus on company fundamentals (TAM analysis, earnings growth, financial & operating leverage, valuation etc), industry analysis (structural drivers, competitive landscape) and company updates, via earnings results and meetings with management. While their top-down research focuses on the macro landscape, secular trends and cyclical drivers. On top of this, ESG factors are integrated into the research process via Carmignac's proprietary ESG rating systems which provides a forward-looking assessment of a company and provides a score between A – E. The output of this creates a long book consisting of high quality, secular growers with inflection points in earnings and rating trends. Shorts are typically structurally challenged companies with fading growth and deteriorating fundamentals. Across all positions the team requires multiple catalysts to deliver returns instead of relying on a single argument.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2020 0.8 0.7 0.7 1.0 0.0 0.1 0.7 1.0 0.9 0.5 0.4 1.0 0.4
2019 0.9 0.9 0.9 0.0 0.2 0.2 0.1 0.8 0.2 0.6 0.7 0.4 0.6

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Close Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.