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Carmignac P. Emergents
August 2023
Portfolio News
Performance - F EUR ACC shareclass - Cumulative returns (%)
August 2023 | YTD | 1 year | 3 years | 5 years | |
---|---|---|---|---|---|
Carmignac P. Emergents | -4.8% | +6.2% | -1.4% | +3.1% | +40.6% |
Performance reference indicator | -4.7% | +2.8% | -6.2% | +5.7% | +12.6% |
As of 31/08/2023. Carmignac P. Emergents F EUR Acc (ISIN: LU0992626480). Reference indicator: MSCI EM NR USD) (Reinvested net dividends rebalanced quarterly). 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. The fund presents a risk of capital loss.
Market Review
Emerging markets were down in August in the wake of weak global equities in a rising US rates environment.
China was also down, with threat of recession in the US and European economies, combined with high inflation, weighing on demand for products from the world's second-largest economy. In addition, the property market remained fragile, with Country Garden's inability to repay its coupon of $22bn, pushing the government to set up a series of measures to support the property sector by easing restrictions on property purchases. Additionally, Chinese authorities also lowered the MLF medium-term facility rate by 15 basis points to 2.5%, and the LPR one-year LPR rate by 10 bps to 3.45%.
After their strong rebound of the previous months, Latin America markets were also down, impacted by the weakness in commodity prices (copper).
Performance Review
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TOP 3 CONTRIBUTORS
Excellent rebound of our top convictions posing solid returns, beating consensus estimates (Miniso, Mercadolibre).
MINISO (Cons. Disc.) - China
MERCADOLIBRE (Cons. Disc.) - Brazil
VESTA (Real Estate) - Mexico
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TOP 3 DETRACTORS
Weakness in Chinese names and profit taking on Asian tech names) after previous months’ solid performance.
SEA LTD (eCommerce) - Singapore
JD.COM (Cons. Disc.) - China
SAMSUNG (IT) - Korea
Notable portfolio moves
New positions: VIPSHOP (China)
Reinforcements: Eletrobras (Brazil), Ehang (China), Sungrow (China), Sea (Singapore)
Reductions: Miniso (China), Meituan (China); Beike (China)
Positions sold: Chindata (China)
Number of holdings: 35 (target range 35/55)
Positioning as of 31/08/2023
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Our portfolio is currently structured around 4 major socially responsible investment (SRI) themes that are central to our process:
Breakdown of the fund by SDG alignment
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Strategy reminder
* Reference indicator: MSCI EM (USD) (NR reconverted into EUR). 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. The fund presents a risk of capital loss. * F EUR Acc share class, ISIN code: LU0992626480. 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. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Source: Carmignac, MSCI, Morningstar 31/05/2023 Carmignac Portfolio Emergents obtained the French and Belgian SRI Labels: https://www.lelabelisr.fr/en/ ; https://www.towardssustainability.be/ ; https://www.febelfin.be/fr Other investment restrictions apply. Please refer to the fund documentation for a complete description of the fund. 1 Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. For more information please refer to EUR-lex.
* F EUR ACC share class. Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.
Carmignac Portfolio Emergents F EUR Acc
Recommended minimum investment horizon
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EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
EMERGING MARKETS: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.
CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital.
Carmignac Portfolio Emergents F EUR Acc
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
2024 (YTD) ? Year to date |
|
---|---|---|---|---|---|---|---|---|---|---|---|
Carmignac Portfolio Emergents F EUR Acc | +6.45 % | +3.92 % | +1.73 % | +19.76 % | -18.22 % | +25.53 % | +44.91 % | -10.29 % | -14.35 % | +9.79 % | +2.82 % |
Reference Indicator | +11.38 % | -5.23 % | +14.51 % | +20.59 % | -10.27 % | +20.61 % | +8.54 % | +4.86 % | -14.85 % | +6.11 % | +10.05 % |
Scroll right to see full table
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Carmignac Portfolio Emergents F EUR Acc | -3.44 % | +6.60 % | +4.97 % |
Reference Indicator | +0.27 % | +4.00 % | +4.82 % |
Scroll right to see full table
Source: Carmignac at 31/07/2024
Entry costs : | We do not charge an entry fee. |
Exit costs : | We do not charge an exit fee for this product. |
Management fees and other administrative or operating costs : | 1,32% of the value of your investment per year. This estimate is based on actual costs over the past year. |
Performance fees : | 20,00% when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years. |
Transaction Cost : | 0,37% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell. |