Betting on Europe’s Strengths Helped This Fund Beat 95% of Peers
- Carmignac Grande Europe snapped up beaten-down shares in rout
- Denham’s fund also has focused on renewable-energy stocks
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In a tough year for European stocks, Carmignac Gestion fund manager Mark Denham is not only beating the market but also enjoying positive returns, thanks to bets on beaten-down industry bellwethers and renewable-energy shares.
His Carmignac Portfolio Grande Europe fund is up 12% this year versus a 7.4% drop in the Stoxx Europe 600 Index and it’s beating 95% of peers. A conviction that some kind of normalcy would return to a post-pandemic world prompted Denham to snap up shares of U.K. caterer Compass Group Plc and Spanish travel-booking company Amadeus IT Group SA after the market rout in the spring, he said.