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Carmignac P. Emergents
October 2023
Portfolio News
Cumulative returns (%)
October 2023 | YTD | 1 year | 3 years | 5 years | |
Carmignac P. Emergents | -2.5% | +4.4% | +8.9% | -4.9% | +49.8% |
Reference indicator* | -3.7% | -1.2% | +3.6% | -1.5% | +16.0% |
As of 31/10/2023. 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 October, in line with the correction of global equity markets.
The Chinese economy remained fragile. The economy’s weakness was reflected in the contraction of indicators such as the Caixin manufacturing index (49.5 versus an estimate of 50.8) and the non-manufacturing index (50.6 versus 51.8). However, the authorities have announced an increase in the country’s annual budget deficit target from 3.0% to 3.8% of GDP, the first mid-year revision in 25 years.
October also brought renewed tension to the Middle East, creating fresh uncertainty and volatility for commodities. Latin American markets rallied at the start of the month before sliding like emerging markets in general.
Performance Review
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TOP 3 CONTRIBUTORS
Rebound of our top convictions in China and India.
- NEW ORIENTAL (Education) - China
- WUXI BIOLOGICS (Healthcare) - China
- ICICI LOMBARD (Insurance) - India
-
TOP 3 DETRACTORS
Weakness in our Chinese consumer and Latin American names.
- JD.COM (Consumer Disc.)- China
- LG CHEM EV (Batteries) - S. Korea
- EHANG (Industry)- China
Notable portfolio moves
- New positions: -
- Reinforcements: Didi (China), Sungrow (China), JD.com (China), LG Chem (S. Korea), Kotak Mahindra (India)
- Reductions: Miniso (China), New Oriental (China)
- Positions sold: -
- Number of holdings: 35 (target range 35/55)
Positioning as of 31/10/2023
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Breakdown of the fund by SGD 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 % |
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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. |