Carmignac: Sell Amazon for Facebook

Could this be the end of the rally for high-multiple tech stocks like Amazon? Carmignac's David Older thinks it could pay to back Facebook instead

David Brenchley 28 January, 2019 | 8:24AM

Facebook, Facebook share price, Amazon, Amazon share price

Valuation discipline will be important in the coming years when investing in tech stocks, as high-multiple names are likely to see lower returns, according to Carmignac.

Despite a tough year for the Carmignac Patrimoine fund, the more racy holdings in its equity portfolio – like Amazon (AMZN), Wayfair (W) and Grubhub (GRUB) – contributed postively to returns in 2018.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Alphabet Inc A1,418.24 USD0.00
Amazon.com Inc2,401.10 USD0.00
Booking Holdings Inc1,648.99 USD0.00
Carmignac Pf Patrimoine F GBP Acc126.80 GBP1.37
Facebook Inc A225.46 USD0.00
GrubHub Inc52.83 USD0.00
Wayfair Inc Class A162.30 USD0.00

About Author

David Brenchley

David Brenchley  is a Reporter for Morningstar.co.uk

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