Kristofer Barrett from Carmignac is our Fund Manager of the Month

Kristofer Barrett joined Carmignac in April 2024 as manager of Carmignac Investissement and co-manager of Carmignac Patrimoine to oversee the fund’s equity portfolio. He is also a member of the firm’s strategic investment committee. Before joining Carmignac, Kristofer spent almost 18 years at Swedbank Robur, where he managed several developed and emerging market equity funds. A US and Swedish national, Kristofer has a degree in business and finance from Uppsala University.

When and why did you start your career in the financial sector?

I started investing on my own around the year 2000, driven by curiosity and an interest in how companies create value over time. I formally joined the industry in 2006 as an emerging markets equity analyst at Swedbank Robur in Stockholm and became a fund manager in 2007. Asset management quickly felt like a natural fit, combining long-term thinking, analysis, and a deep understanding of the real economy.

What does a typical working day look like for you? How do you organise your time?

I manage equities globally, so my day starts early by checking Asian markets, followed by the European open, to understand market sentiment and identify potential buying or selling opportunities. A large part of the day is dedicated to research, discussions with the analyst team, exchanging ideas — including with AI tools — and staying as curious as possible about companies. I return to the markets around the US open to monitor the portfolio and think about position sizing. In the evening, once my family is asleep, I often check the US close and listen to podcasts, mainly focused on stocks and technology.

What are the key principles that guide your investment process?

Innovation, quality and valuation. I try to combine curiosity with common sense. The goal is to capture upside potential while maintaining balance and discipline, focusing on companies that can generate sustainable value over time.

How are you adapting your portfolio to the current market environment?

The portfolio is constantly adjusted to ensure that the equities we own are trading below their intrinsic value and are able to grow profits over time. Adaptation is an ongoing process, driven by changes in fundamentals as well as market conditions.

What type of companies do you find most interesting when building a portfolio? Are there any types of companies you would never invest in?

We look for companies that demonstrate innovation and differentiation, whether through their business models, technology, or services. We particularly like cash-rich companies with strong and recurring cash flows. By contrast, we generally find fewer attractive opportunities in sectors such as utilities and real estate.

What has been the biggest challenge you have faced as a fund manager?

Any drawdown is painful. The psychological aspect, both personal and investor-related, is often underestimated in this profession. Yet it plays a central role in decision-making and in the lifestyle that comes with being a fund manager.

What advice would you give to someone who wants to pursue a career in asset management?

Be curious and read extensively — not only financial books, but anything that broadens your perspective. Travel, observe, and try to connect the dots to understand how the world really works. Continuous learning is essential in this industry.

What do you enjoy doing when you are not working?

Spending time with my family, reading, playing strategy computer games, and following developments in technology more broadly. Being a fund manager is very much a lifestyle; curiosity and thinking never really switch off.