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.
SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk
To view this article, become a Morningstar Basic member.
Register For Free
The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.