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Equity strategies

Carmignac Portfolio Emergents

Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 9
Share Class

LU0992626480

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.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Equities90.6 %
Other9.4 %
Data as of:  Dec 31, 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 78.2 %
+ 64.5 %
+ 23.8 %
+ 1.1 %
+ 8.1 %
From 15/11/2013
To 14/01/2025
Calendar Year Performance 2024
+ 3.9 %
+ 1.7 %
+ 19.8 %
- 18.2 %
+ 25.5 %
+ 44.9 %
- 10.3 %
- 14.3 %
+ 9.8 %
+ 5.5 %
Net Asset Value
178.24 €
Asset Under Management
374 M €
Market
Emerging markets
SFDR - Fund Classification

Article

9
Data as of:  Jan 14, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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.
Equity strategiesCarmignac Portfolio Emergents
Equity strategiesCarmignac Portfolio Emergents
Share Class

LU0992626480

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  Dec 31, 2024.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager

Market environment

  • Emerging equities rose in December, buoyed by the outperformance of Chinese markets, while Latin American markets disappointed.
  • In China, the release of economic indicators was mixed, with an NBS manufacturing PMI down (50.5 in December compared with 51.5 in November) and a non-manufacturing PMI up (52.2 in December compared with 50 in November).
  • China's leaders reaffirmed their intention to step up fiscal measures in the forthcoming months.
  • In South Korea, President Yoon Suk-Yeol declared martial law in response to the blocking of the budget by the opposition-dominated government. This led to numerous demonstrations, plunging the country into a political crisis.
  • In Brazil, in addition to the complex political and economic situation, annual inflation is back on the rise (4.87% in November compared with 4.76% in October). To tackle this, the Central Bank of Brazil continued its cycle of monetary tightening by raising its rate by 100 basis points.

Performance commentary

  • Against this backdrop, the fund posted a negative performance in December, underperforming its reference indicator.
  • The fund was penalised by its exposure to the South Korean market, with holdings Samsung Electronics, LG Chem and Hyundai making a negative contribution to the strategy's performance.
  • In Brazil, political instability drove the Bovespa index into negative territory, negatively impacting our holdings in Eletrobras and MercadoLibre.
  • However, we benefited from our allocation to Taiwan, with the decent performance of players involved in the artificial intelligence value chain, such as TSMC, as well as smaller players such as Elite Material and Lite-On.

Outlook strategy

  • Following a challenging 2024, where emerging markets underperformed compared to the US, we remain optimistic about emerging equities. We believe current valuations are overly pessimistic.
  • We anticipate that the economic decoupling between the US and China will not have the severe negative impact expected by the market. Notably, China's exports to the US constitute only 13% of its total exports.
  • On the opposite, Trump's protectionist policies have led us to adopt a cautious approach towards export driven Asian economies.
  • Regarding China, after maintaining a neutral exposure throughout the year, we reduced our exposure following the significant rally spurred by the announcement of stimulus measures. We are now maintaining a measured allocation, underweight relative to our ref. indicator.
  • We continue to hold an important allocation to India, where the long-term outlook remains promising. However, due to stretched valuations and technical factors, such as the large inflow of capital in recent years, we are being more selective.F8
  • Our significant exposure to the artificial intelligence theme remains, and we have increased our investment by adding SK Hynix to our portfolio. SK Hynix is the world leader in manufacturing sophisticated memories known as HBM (High Bandwidth Memory), currently fulfilling 100% of Nvidia's orders for its AI graphics cards.
  • Despite a tough 2024, we remain positive about our Latin American portfolio. We now find our Brazilian assets to be very attractively valued, along with our investments in electricity concessions.

Performance Overview

Data as of:  Jan 14, 2025.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ :  © 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.
Source: Carmignac at 15/01/2025

Carmignac Portfolio Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Dec 31, 2024.
Asia78.3 %
Latin America20.6 %
Eastern Europe1.1 %
Total % Equities100.0 %
Asia78.3 %
cnChina
21.4 %
inIndia
21.0 %
twTaiwan
14.9 %
krSouth Korea
12.9 %
hkHong Kong
3.2 %
myMalaysia
2.8 %
sgSingapore
2.3 %
View Portfolio allocation

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:  Dec 31, 2024.
Equity Investment Weight90.6 %
Net Equity Exposure92.3 %
Number of Equity Issuers37
Active Share81.4 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Hovasse Xavier

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.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.