French asset manager Carmignac will extend the investment universe of its Portfolio Grande Europe fund, a sub-fund of the firm’s Luxembourg Sicav, as from 1 December 2017.
Consequently, the fund will lose its eligibility to the French equity savings plan PEA. If the vehicle will remain invested at a minimum of 75% in equities, but not necessarily eligible to the PEA.
The decision will remove constraints to access certain stocks of the strategy’s benchmark – the NR Stoxx 600 index (EUR) (SXXR) and will enable the fund management team, Mark Denham and Vincent Steenman, to optimise the construction of the portfolio and its risk reward ratio.
The Carmignac Portfolio Grande Europe fund invests primarily in equities of European Union member states as well as in equities of non-EU member states or candidates for accession, Turkey and Russia.
It tallied €299m of assets under management as of end October 2017.