Share Class
LU1299303229
Grasping the most promising opportunities within the emerging universe
- A concentrated and high conviction portfolio seeking high alpha generation across the diversified emerging market universe.
- A Fund focused on selecting high-quality companies that offer attractive long-term growth prospects, with sound financials and sustainable profitability.
- A sustainable Fund that aims to positively contribute to the environment and society while seeking to achieve a low carbon footprint.
Key documents
Asset Allocation
Equities96 %
Other4 %
Data as of: 11 Apr 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 34.7 %
-
+ 25.4 %
+ 1.6 %
- 6.4 %
To 17/04/2025
Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024
- 4.1 %
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
+ 4.8 %
Net Asset Value
134.74 €
Asset Under Management
329 M €
Net Equity Exposure31/03/2025
98.0 %
SFDR - Fund Classification
Article
9
Data as of: 11 Apr 2025.
Data as of: 17 Apr 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Portfolio Emergents fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.Our monthly comments
Data as of: 31 Mar 2025.Fund management team
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier Hovasse
Head of Emerging Equities, Fund Manager
Performance commentary
- In this context, the fund posted a negative performance, as did its reference indicator.
- Our main detractor was Taiwan's TSMC, following the downward trend of the American tech giants, penalised by global economic uncertainties. As a result, our positions in Elite Material and Lite-On also had a negative impact on our portfolio.
- Our portfolio of Chinese stocks weighed on the fund's good performance. We can mention the decline in the stock of Beike, a provider of transactional services in the real estate sector, which saw its stock fall following the publication of its quarterly results, which were disappointing, particularly in terms of profitability.
- In India, the price of Kotak Mahindra stock continued to rise in 2025, benefiting from the appointment of a new chief technology officer, a major turning point in the bank's technological leadership.
- Finally, our Latin American portfolio was unable to support the portfolio over the period, as was the case with the MercadoLibre stock, which fell back in March after a strong start to the year.
Outlook strategy
- Despite the uncertainties related to D. Trump's policies, we remain constructive on emerging equities, believing that current valuations reflect a pessimistic scenario. Moreover, emerging markets are benefiting from the uncertainty in the United States: Trump's policies seem to have the opposite effect, benefiting emerging markets.
- We remain constructive on China, given the change in perception. The markets realise that geopolitical tensions are hurting China but are not destroying it. Moreover, technological progress, particularly in AI and productivity, should provide further stimulus to the economy. This is why we want to maintain a decent exposure to China, with a slight underweight. Our Chinese portfolio is mainly composed of technology/innovative companies. Conversely, we avoid the old economy and cyclical sectors.
- We are maintaining a significant allocation to India, where the long-term outlook remains promising (strong growth, political stability, healthy current account) despite the recent weakness. Our trip to India confirmed the country's promising outlook and the recent correction offers us interesting entry points on stocks that we are following.
- We took advantage of this correction to increase our exposure to India by strengthening our positions in the e-commerce, tech and insurance sectors, which have fallen sharply. We are increasing our stake in PB Fintech (Policybazaar), the leader in online insurance services, capturing 21% of all new insurance products sold in India thanks to its unique platform.
- Finally, we remain constructive on our Latin American portfolio, where valuations remain attractive. Despite the tariff risks, we remain constructive on Mexico. President Sheinbaum has managed to maintain good relations with D. Trump. Meanwhile, in Brazil, despite the significant rebound since the beginning of the year, we are maintaining our Brazilian stocks (particularly in energy infrastructure companies) due to their attractive risk/return profile.
Performance Overview
Data as of: 17 Apr 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ : © YYYY Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 22/04/2025
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Mar 2025.| Asia | 77.5 % |
| Latin America | 21.5 % |
| Eastern Europe | 1.0 % |
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Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.Exposure Data
Data as of: 31 Mar 2025.Equity Investment Weight98.0 %
Net Equity Exposure98.0 %
Number of Equity Issuers38
Active Share82.9 %
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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Xavier Hovasse
Head of Emerging Equities, Fund Manager
For over 30 years, Carmignac has been a pioneer in emerging markets. The combination of our fundamental financial analysis and our extra-financial approach, strengthened over the years, enables us to navigate emerging markets through our dedicated strategy.
Xavier Hovasse
Head of Emerging Equities, Fund Manager
Related articles
Emerging equities • 17 April 2025 • English
Carmignac Portfolio Emergents: Letter from the Fund Manager
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Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.The Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment