Carmignac Portfolio Alpha Themes

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.