Paris-headquartered investment manager Carmignac has revamped its Carmignac Portfolio Euro-Patrimoine fund, managed by Malte Heininger to make it a long/short equity strategy.
The fund, launched in 2013 and with assets under management of €323m at the end of February 2018, has been rebranded to Carmignac Portfolio Long-Short European Equities, effective 26 Feburary 2018.
It now follows a long-short equity strategy yet with a long equity bias, and a fixed income component that has not been modified compared to the former strategy (up to 50% of the fund’s net assets invested).
At least 50% of the Carmignac Portfolio Long-Short European Equities fund’s net assets are invested in smid and large caps from the European Union, Switzerland, Iceland and Norway.
It is understood equity exposure of the vehicle will vary from -20% to 50% of the fund’s assets.
Another amendment to the strategy has been a change in its benchmark from 50% Euro Stoxx 50 (Reinvested net dividends) and 50% Eonia compounded to 85% Eonia compounded and 15% Stoxx 600 (Reinvested net dividends).
The fund’s performance fees have been increased from 10% to 20% with the implementation of a high watermark.