Carmignac Patrimoine - Bronze

FUND RESEARCH UPDATE: Fund rating downgraded to Bronze

Thomas Lancereau, CFA 30 June, 2015 | 9:24AM
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We have downgraded Carmignac Patrimoine 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 comanaged by the very experienced Edouard Carmignac and Rose Ouahba, 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&rsquo

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Carmignac Patrimoine A EUR Acc734.07 EUR0.25Rating

About Author

Thomas Lancereau, CFA

Thomas Lancereau, CFA  Director of Fund Analysis, Morningstar France