Carmignac Portfolio Investissement - Bronze

FUND RESEARCH UPDATE: Fund rating downgraded to Bronze

Thomas Lancereau, CFA 30 June, 2015 | 9:22AM
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We have downgraded Carmignac Portfolio Investissement to a Morningstar Analyst Rating™ of Bronze from its previous level of Silver. We are concerned by the number of departures among the team’s equity managers (Emerging Markets, Commodities, Europe) over the past 18 months. Although the fund remains managed by the very experienced Edouard Carmignac, those departures have weighed down on our view of the firm’s investment culture. Furthermore, the fund continues to be negatively affected by its higher-than-peers costs. While risk-adjusted performance has been disappointing over the three and five years ended May 2015, we still believe in this largely top-down-driven approach’s merits over the long term. Although it is weaker than in the past, our positive conviction is supported by the experience of the fund’s manager and his consistent and distinctive investment strategy.

See the latest Morningstar fund rating news here.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Carmignac Pf Investissement F EUR Acc  

About Author

Thomas Lancereau, CFA

Thomas Lancereau, CFA  Director of Fund Analysis, Morningstar France

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