# PROFILE
SFDR Fund Classification: Article 8
Domicile: Luxembourg
Dividend Policy: Accumulation
140
120
100
80
12/15 02/16
02/17
02/18
02/19
02/20
02/21
02/22
38%
02/23
Fund Type: UCITS
Legal Form: SICAV
SICAV Name: Carmignac Portfolio Fiscal Year End: 31/12 Subscription/Redemption: Daily
Order Placement Cut-Off Time: Before 15:00 (CET/CEST)
Carmignac Portfolio Long-Short European Equities E EUR Acc	Malte Heininger since 31/12/2015
CUMULATIVE AND ANNUALIZED PERFORMANCE (as of 28/02/2023 - Net of fees)
	Cumulative Performance (%)		Annualised Performance (%)	
Fund Inception Date: 15/11/2013 Date of 1st NAV: 20/11/2015 Base Currency: EUR
Fund AUM: 847M€ / 898M$ (1)
Share class AUM: 28M€
Since
1	1	3	5
Since
3	5	Since
Since
NAV: 138.05€
30/12/2022 Month  Year Years Years 20/11/2015	Years Years 20/11/2015 31/12/2015
Morningstar Category™: Long/Short Equity -
E EUR Acc	-1.8	-1.7	-6.8	10.2	9.0	38.0	3.3	1.7	4.5	4.6
MONTHLY PERFORMANCE (Net of fees)
|  | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2023 | -0.1% | -1.7% | — | — | — | — | — | — | — | — | — | — | -1.8% |  |
| 2022 | -1.1% | -0.9% | -0.4% | 1.5% | -2.4% | 2.8% | -2.6% | 0.2% | 0.2% | -3.5% | -0.6% | -0.5% | -7.0% |  |
| 2021 | -2.6% | 3.8% | -0.1% | 3.6% | -0.7% | 2.0% | 0.8% | 3.3% | 1.7% | 2.3% | -1.0% | -1.1% | 12.4% |  |
| 2020 | 1.9% | -2.9% | -0.6% | 3.7% | -0.9% | 3.7% | -2.0% | 4.0% | -4.5% | -1.5% | 3.0% | 2.8% | 6.3% |  |
| 2019 | -1.8% | -0.6% | 1.1% | -0.8% | 0.9% | -1.8% | -0.5% | -1.2% | -2.7% | -0.4% | 6.0% | 0.9% | -1.1% |  |
| 2018 | -0.1% | 2.5% | -2.3% | 1.2% | 1.8% | -0.4% | -1.0% | 1.5% | -0.8% | -0.2% | 0.6% | 0.8% | 3.4% |  |
| 2017 | 1.2% | -2.3% | 0.5% | 2.8% | 0.9% | 0.8% | 1.4% | 0.5% | 3.3% | 2.8% | 0.1% | 2.0% | 14.8% |  |

Europe

## FUND MANAGER(S)
Malte Heininger since 01/01/2016

## REFERENCE INDICATOR
From 1 January 2022, the Fund’s investment objective is an absolute performance objective.

## OTHER ESG CHARACTERISTICS
Minimum % Taxonomy Alignment	0%
Minimum % Sustainable Investments	0%
Principal Adverse Impact Indicators	Yes

## PERFORMANCE
| STATISTICS (%) |  |  |  | VAR |  |  | CONTRIBUTION |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 Year 3 | Years |  | Fund VaR | 2.5% |  | Equity Portfolio | -0.6% |
| Fund Volatility | 4.9 | 8.1 |  |  |  |  | Equity Derivatives | -0.6% |
| Sharpe Ratio | -1.4 | 0.4 |  |  |  |  | Currency Derivatives | -0.3% |
| Beta | -0.1 | 0.1 |  |  |  |  | Mutual Fund | -0.1% |
| Sortino Ratio | -2.1 | 0.6 |  |  |  |  | Total | -1.6% |

Calculation : Weekly basis
Gross monthly performance
* For the share class Carmignac Portfolio Long-Short European Equities E EUR Acc. Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. (1) Exchange Rate EUR/USD as of 28/02/2023.

## PORTFOLIO BREAKDOWN
Equity Long Exposure	84.6%
Equity Short Exposure	-83.0%
Equity Net Exposure	1.6%
Equity Gross Exposure	167.6%

## NET EQUITY EXPOSURE - 3 YEAR HORIZON (% AUM) (1)
50
40
30
20
10
0
-10
-20
02/20 05/20 08/20 11/20 02/21 05/21 08/21 11/21 02/22 05/22 08/22 11/22 02/23 02/23
| NET SECTORIAL EXPOSURE |  |  |  |  | NET GEOGRAPHICAL EXPOSURE |  |  | NET CAPITALISATION EXPOSURE |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |
| Telecommunication Services |  |  | 7.4% |  | North America | -0.9% |  | Large (>10000 MEUR) | 23.0% |
|  |  |  |  |  |  |  |  |  |  |
| Financials |  |  | 6.9% |  | Europe EUR | 22.1% |  | Mid (2000 - 10000 MEUR) | 7.5% |
|  |  |  |  |  |  |  |  |  |  |
| Industrials |  |  | 5.2% |  | Europe ex-EUR | 10.0% |  | Small (<2000 MEUR) | 0.6% |
|  |  |  |  |  |  |  |  |  |  |
| Consumer Staples |  |  | 4.2% |  | Equity Basket Derivatives | 0.6% |  | Equity Basket Derivatives | 0.6% |
|  |  |  |  |  |  |  |  |  |  |
| Consumer Discretionary |  |  | 2.7% |  | Index Derivatives | -30.2% |  | Index Derivatives | -30.2% |
| Materials |  |  | 2.4% |  |
| Information Technology |  |  | 2.2% |
| Healthcare |  |  | 1.4% |
| Real Estate |  |  | -1.2% |
| Equity Basket Derivatives |  |  | 0.6% |
| Index Derivatives |  |  | -30.2% |


## TOP NET EXPOSURE - LONG	TOP NET EXPOSURE - SHORT
| Name | Country | Sector | % |  | Region | Sector | % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PRADA S.P.A. | Italy | Consumer Discretionary | 4.8% |  | USA | Information Technology | -1.6% |
| UMG | Netherlands | Communication Services | 3.4% |  | Germany | Healthcare | -1.0% |
| PINTEREST A | USA | Communication Services | 2.4% |  | USA | Consumer Discretionary | -0.8% |
| ASR NEDERLAND | Netherlands | Financials | 2.3% |  | USA | Consumer Discretionary | -0.8% |
| OSRAM LICHT AG | Germany | Industrials | 2.1% |  | France | Financials | -0.8% |
| ALCON | Switzerland | Healthcare | 2.1% |  | Germany | Consumer Discretionary | -0.8% |
| PUMA | Germany | Consumer Discretionary | 2.0% |  | USA | Consumer Discretionary | -0.8% |
| HEINEKEN NV | Netherlands | Consumer Staples | 1.9% |  | USA | Consumer Discretionary | -0.7% |
| ING GROEP NV | Netherlands | Financials | 1.9% |  | Netherlands | Information Technology | -0.7% |
| SCHIBSTED GRUPPEN | Norway | Communication Services | 1.8% |  | United Kingdom | Consumer Discretionary | -0.7% |
| Total |  |  | 24.6% |  | Total |  | -8.6% |

- Equity Exposure Rate = Equity Investment Rate + Equity Derivatives Exposure.

Translation (ENIT, 2023-02-28):
# PROFILO
Classificazione SFDR: Articolo 8 Domiciliazione: Lussemburgo Destinazione dei proventi: Capitalizzazione
140
120
100
80
12/15 02/16
02/17
02/18
02/19
02/20
02/21
02/22
38%
02/23
Tipo di Fondo: UCITS
Forma giuridica: SICAV
Nome SICAV: Carmignac Portfolio
Chiusura dell'esercizio: 31/12 Sottoscrizione/Rimborso: Giorno lavorativo Termine ultimo accettazione ordini: entro le
Carmignac Portfolio Long-Short European Equities E EUR Acc	Malte Heininger dal 31/12/2015
PERFORMANCE CUMULATE E ANNUALIZZATE (al 28/02/2023 - al netto delle commissioni)
Rendimenti cumulati (%)	Performance annualizzate (%)
ore 15:00 (CET/CEST)
Data di lancio del Fondo: 15/11/2013
Data primo NAV: 20/11/2015
Valuta di quotazione: EUR
Patrimonio Gestito del Fondo: 847M€ / 898M$ (1)
Dal
1	1	3	5
Dal
3	5	Dal
Dal
Patrimonio Gestito del Fondo: 28M€
 30/12/2022 Mese  anno anni  anni 20/11/2015  anni anni 20/11/2015 31/12/2015 
E EUR Acc	-1.8	-1.7	-6.8	10.2	9.0	38.0	 3.3	1.7	4.5	4.6	
PERFORMANCE MENSILE (al netto delle commissioni)
|  | Gen | Feb | Mar | Apr | Mag | Giu | Lug | Ago | Set | Ott | Nov | Dic | Anno |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2023 | -0.1% | -1.7% | — | — | — | — | — | — | — | — | — | — | -1.8% |  |
| 2022 | -1.1% | -0.9% | -0.4% | 1.5% | -2.4% | 2.8% | -2.6% | 0.2% | 0.2% | -3.5% | -0.6% | -0.5% | -7.0% |  |
| 2021 | -2.6% | 3.8% | -0.1% | 3.6% | -0.7% | 2.0% | 0.8% | 3.3% | 1.7% | 2.3% | -1.0% | -1.1% | 12.4% |  |
| 2020 | 1.9% | -2.9% | -0.6% | 3.7% | -0.9% | 3.7% | -2.0% | 4.0% | -4.5% | -1.5% | 3.0% | 2.8% | 6.3% |  |
| 2019 | -1.8% | -0.6% | 1.1% | -0.8% | 0.9% | -1.8% | -0.5% | -1.2% | -2.7% | -0.4% | 6.0% | 0.9% | -1.1% |  |
| 2018 | -0.1% | 2.5% | -2.3% | 1.2% | 1.8% | -0.4% | -1.0% | 1.5% | -0.8% | -0.2% | 0.6% | 0.8% | 3.4% |  |
| 2017 | 1.2% | -2.3% | 0.5% | 2.8% | 0.9% | 0.8% | 1.4% | 0.5% | 3.3% | 2.8% | 0.1% | 2.0% | 14.8% |  |


## CONTRIBUTO ALLA PERFORMANCE LORDA
NAV: 138.05€
Categorie Morningstar™: Long/Short Equity - Europe

## GESTORE DEL FONDO
Malte Heininger dal 01/01/2016

## INDICE DI RIFERIMENTO
A partire dal 1° gennaio 2022, l'obiettivo di investimento diventa un obiettivo di performance assoluta.

## ALTRE CARATTERISTICHE ESG
% Minima di allineamento alla tassonomia ... 0%
% Minima di investimenti sostenibili	0%
Principali impatti negativi considerati	Sì

## STATISTICHE (%)
VAR

## MENSILE
|  | 1 anno | 3 anni |  | VaR % Fondo | 2.5% |  | Portafoglio azionario | -0.6% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Volatilite del fondo | 4.9 | 8.1 |  |  |  |  | Derivati Azioni | -0.6% |
| Ratio di Sharpe | -1.4 | 0.4 |  |  |  |  | Derivati Valute | -0.3% |
| Beta | -0.1 | 0.1 |  |  |  |  | OICR | -0.1% |
| Sortino Ratio | -2.1 | 0.6 |  |  |  |  | Totale | -1.6% |

Calcolo: base mensile
Gross monthly performance
* Per Carmignac Portfolio Long-Short European Equities E EUR Acc. Scala di Rischio del KID (documento contenente le informazioni chiave). Il rischio 1 non significa che l'investimento sia privo di rischio. Questo indicatore può evolvere nel tempo. (1) Tasso di cambio EUR/USD al 28/02/2023.

## ESPOSIZIONE DI PORTAFOGLIO
Esposizione azionaria lunga	84.6%
Esposizione azionaria corta	-83.0%
Esposizione azionaria netta	1.6%
Esposizione azionaria lorda	167.6%

## ANDAMENTO DELL’ESPOSIZIONE AZIONARIA NETTA A 3 ANNI (% DEL PATRIMONIO) (1)
50
40
30
20
10
0
-10
-20
02/20 05/20 08/20 11/20 02/21 05/21 08/21 11/21 02/22 05/22 08/22 11/22 02/23 02/23
ESPOSIZIONE SETTORIALE NETTA
ESPOSIZIONE GEOGRAFICA NETTA
ESPOSIZIONE DI CAPITALIZZAZIONE NETTA
Telecomunicazioni
7.4%
America Settentrionale
-0.9%
Grandi (>10000 MEUR)
23.0%
Finanza
6.9%
Europe EUR
22.1%
Medie (2000 - 10000 MEUR)
7.5%
Industria Beni di consumo Beni voluttuari
Materiali
5.2%
4.2%
2.7%
2.4%
Europe ex-EUR Derivati sulla componente
azionaria
Derivati su indici
10.0%
0.6%
-30.2%
Piccole (<2000 MEUR) Derivati sulla componente
azionaria
Derivati su indici
0.6%
0.6%
-30.2%
Settore IT	2.2%
Healthcare	1.4%
Investimento immobiliare
Derivati sulla componente
azionaria
-1.2%
0.6%
Derivati su indici	-30.2%

## TOP 10 ESPOSIZIONE NETTA - LONG	TOP 10 ESPOSIZIONE NETTA - SHORT
| Nome | Paese | Settore | % |  | Regione | Settore | % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PRADA S.P.A. | Italia | Beni voluttuari | 4.8% |  | Stati Uniti | Settore IT | -1.6% |
| UMG | Paesi Bassi | Servizi di Comunicazione | 3.4% |  | Germania | Healthcare | -1.0% |
| PINTEREST A | Stati Uniti | Servizi di Comunicazione | 2.4% |  | Stati Uniti | Beni voluttuari | -0.8% |
| ASR NEDERLAND | Paesi Bassi | Finanza | 2.3% |  | Stati Uniti | Beni voluttuari | -0.8% |
| OSRAM LICHT AG | Germania | Industria | 2.1% |  | Francia | Finanza | -0.8% |
| ALCON | Svizzera | Healthcare | 2.1% |  | Germania | Beni voluttuari | -0.8% |
| PUMA | Germania | Beni voluttuari | 2.0% |  | Stati Uniti | Beni voluttuari | -0.8% |
| HEINEKEN NV | Paesi Bassi | Beni di consumo | 1.9% |  | Stati Uniti | Beni voluttuari | -0.7% |
| ING GROEP NV | Paesi Bassi | Finanza | 1.9% |  | Paesi Bassi | Settore IT | -0.7% |
| SCHIBSTED GRUPPEN | Norvegia | Servizi di Comunicazione | 1.8% |  | Regno Unito | Beni voluttuari | -0.7% |
| Totale |  |  | 24.6% |  | Totale |  | -8.6% |

- Tasso di esposizione azionaria = Tasso di investimento azionario + Esposizione ai derivati su azioni