PRODUCT REVIEW — ACTIVE FUND
37-year track record, top quartile across all periods, 9.60%/year since inception. Carmignac Investissement is the strongest possible case for active management. Here is what it reveals about the structural limits of active funds — even when they are genuinely good.
IN BRIEF
Carmignac Investissement is objectively one of the best active global equity funds available in Belgium: +3,481% since 1989, 9.60%/year annualised net of all fees. Using its 10-year return (8.77%/year) in our 30-year simulation, the fund generates +€351,800 net vs +€270,611 for our 8%/year ETF assumption — the fund wins this comparison. But our 8% ETF is conservative: the MSCI AC World has returned ~11%/year over 10 years — a period during which Carmignac underperformed its own benchmark by 57 percentage points. And there are still 4% entry fees and a 1.32% STT on every redemption.
Source: Carmignac Investissement KID (FR0010148981) and official Carmignac performance data, April 2026.
Carmignac Investissement is not an ordinary fund. Since its launch by Edouard Carmignac in January 1989, it has navigated the 1987 crash (already invested), the dot-com bubble, the 2008 crisis, COVID, and the 2022 rate cycles — delivering +3,481% cumulative, or ~9.60%/year net of all fees, including performance fees. This is one of the longest and most robust track records in active asset management worldwide.
| Carmignac Inv. (A EUR Acc) | MSCI AC World | Category (average) | |
|---|---|---|---|
| 1 year | +22.3% | +12.5% | +3.4% |
| 3 years (cumulative) | +58.6% | +49.4% | +27.1% |
| 5 years (cumulative) | +37.3% | +60.5% | +22.9% |
| 10 years (cumulative) | +132.3% | +189.4% | +134.4% |
| Since inception (37 years) | +3,481% (~9.60%/year) — historical context only | — | — |
| Ranking vs peers | Top quartile over 1, 3, 5 and 10 years | ||
Source: Carmignac, Morningstar, March 2026.
Carmignac Investissement beats 75% of its active peers across all measured periods. This is the strongest possible case for active management. And yet — it underperforms its own benchmark over 5 and 10 years.
Over the past 10 years, the MSCI AC World returned +189.4% cumulatively versus +132.3% for Carmignac — a 57-point gap in favour of the passive market. This is not an anomaly: it is the arithmetic consequence of fees applied to a growing capital base, every year, regardless of market conditions.
Entry fee: up to 4%
Carmignac charges no entry fee when investing directly. But Belgian distribution banks apply up to 4% — meaning €120 lost on every €3,000 invested before your money starts working.
At 9.60%/year, it takes ~5 months just to recover the 4% entry fee charged on day one.
TER: 2.15%/year + 20% performance fee
The 2.15%/year ongoing charges (management 1.80% + transactions 0.35%) apply to the full capital every year. On top of that, in years when Carmignac outperforms the MSCI AC World, a 20% fee on the excess is added.
STT on redemption: 1.32% capped at €4,000
As a French FCP registered with the FSMA, a securities transaction tax of 1.32% applies to every redemption, capped at €4,000. For an ETF: 0.12%. On a large portfolio the €4,000 cap limits the impact — but the base cost is still 11 times higher than an ETF for redemptions below that threshold.
REYNDERS TAX — NOT APPLICABLE
Carmignac Investissement is invested ~92% in equities. The Reynders tax (30% on the fixed-income component) does not apply — the same situation as a pure equity ETF like IMIE.
Simulation over 30 years, €300/month, €108,000 total invested. Carmignac: uses actual annualised 10-year return (8.77%/year net of all fees — source: Carmignac, March 2026). World ETF: ClearInvest standard assumption of 8%/year (historical average MSCI ACWI IMI 2005–2025).
| Carmignac Investissement | World ETF IMIE (8%/year) | |
|---|---|---|
| Entry fee | −4% → €288/month invested | 0% → €300/month invested |
| Return used | 8.77%/year (actual annualised 10-year return, net of all fees — source: Carmignac, March 2026) | 8.00%/year (ClearInvest standard assumption) |
| Gross final capital | ~€502,700 | ~€408,000 |
| STT on redemption | −€4,000 (capped) | −€389 (0.12% on purchase) |
| CGT 10% (net gain) | −€38,900 | −€29,000 |
| Net total value | ~€459,800 | ~€378,611 |
| Real net gain | +€351,800 | +€270,611 |
Using Carmignac's actual 10-year return (8.77%/year net), the fund generates ~€459,800 net vs ~€378,611 for our 8%/year ETF. Our 8% ETF assumption is deliberately conservative: the MSCI AC World — the index a passive ETF tracks — has returned ~11%/year over the same period. Over the period when Carmignac delivered 8.77%/year, its own benchmark returned ~11%/year.
Sensitivity analysis: if the ETF returns...
| If ETF returns... | Carmignac (8.77%/year) | ETF net | Winner |
|---|---|---|---|
| 8.00%/year | +€459,800 | +€270,611 | Carmignac |
| 8.77%/year * | +€459,800 | +€481,150 | ETF (narrowly) |
| 11.00%/year ** | +€459,800 | +€698,500 | ETF by a wide margin |
* Same return as Carmignac over 10 years — no 4% entry fee or 1.32% STT: €300 invested vs €288 for Carmignac.
** Actual return of the MSCI AC World over the past 10 years.
Note: all ETF values are net of CGT (10% above the €10,000 annual exemption).
Methodology note: the 8.77%/year return used for Carmignac Investissement is its actual annualised 10-year return, net of all fees including performance fees (source: Carmignac, March 2026). The ETF return of 8%/year is based on the historical average of the MSCI ACWI IMI over 20 years (2005–2025). Past performance does not guarantee future results.
There are genuinely good active managers. Carmignac is proof of that over 37 years. Some independent asset managers also have impressive track records over 10 to 15 years. The problem is not that they do not exist.
The problem is twofold:
Identifying them in advance
Of the thousands of funds marketed in Belgium, academic studies show that 85 to 90% will not beat their benchmark over 15 years, fees included. The 10 to 15% that outperform are identifiable in hindsight — not in advance. In 1989, nobody knew that Carmignac would be one of the rare survivors at 37 years with a solid track record. Today you know it — but you cannot go back in time to invest. The question is not 'Has Carmignac performed well?' but 'Which fund would you choose in 2024 for the next 30 years — and how would you know in advance?'
The fee burden
Even the best managers carry a permanent structural handicap. Fees of 1.50% to 2.15%/year do not add up — they compound on a growing capital base, every year, regardless of performance. Over 30 years, this handicap represents hundreds of thousands of euros that the manager must earn back before creating any value for you. Carmignac managed it — but that is the exception, not the rule, and its own passive benchmark still beat it over 10 years.
Survivorship bias
The funds that underperformed and closed between 1989 and 2026 no longer appear in any statistics. You are comparing Carmignac to the current universe of active funds — but that universe has been filtered by survival. The real universe included thousands of funds that no longer exist. Carmignac is the needle. The haystack was much larger than it appears.
By investing in a World ETF at 0.17%/year, you capture with certainty ~99% of global economic growth. By searching for the right active fund, you are betting on your ability to identify in advance one of the rare needles in a haystack of thousands of funds — while paying 1.50% to 2% in fees per year while you search.
1. Carmignac Investissement is objectively one of the best active global equity funds available in Belgium. 37 years, 9.60%/year, consistently top quartile.
2. Using its 10-year return (8.77%/year), it generates +€351,800 net vs +€270,611 for our 8%/year ETF. This is the only exception in our product review series.
3. But this comparison is biased in the fund's favour: our 8% ETF is below the actual 10-year return of its own benchmark (~11%). On a fair like-for-like index comparison, passive wins.
4. Survivorship bias, dependence on the founding manager, and the cost structure (4% entry, 2.15%/year, 20% performance fee, 1.32% STT on exit) are permanent structural risks.
5. The real problem is not Carmignac — it is the selection. How do you know in 2026 which fund will be the exception in 30 years? The tools available to you (past track record, manager reputation, investment philosophy) are the same ones used by investors who chose the thousands of funds that underperformed and closed since 1989.
6. For an investor with access to an ETF broker: the ETF remains the default choice. Carmignac is the exception that proves the rule — and even this exception deserves scrutiny.
Potentially justifiable use
If you want an active global equity fund with a long horizon (15+ years), Carmignac Investissement is the benchmark of its category. But buy it directly from Carmignac (0% entry) or through an independent broker, not via your bank (4% entry).
Avoid via your bank
The 4% bank entry fee and the 1.32% STT on every redemption significantly erode the fund's long-term advantage.
Last updated: April 2026
Simulation for illustrative purposes only. Past performance does not guarantee future results. This content is provided for educational purposes only and does not constitute investment advice within the meaning of MiFID II. Last updated: April 2026.