Calendar Year Performance 2014Calendar 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 2023
+ 13.1 %
+ 3.0 %
+ 3.8 %
+ 17.9 %
- 8.9 %
+ 10.0 %
- 0.2 %
+ 25.5 %
- 22.4 %
+ 12.7 %
Net Asset Value
1993.14 €
Asset Under Management
118 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 16 Jul 2024.
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.
The MSCI EM index in EUR gained 5.3% in June as Taiwanese and Korean technology companies involved in the AI revolution rallied, and Indian stocks were strong after national elections.
Latin American markets were down, with Mexico declining after election results, and Lula spooking the markets amid fears of a deterioration in public finances in Brazil.
Chinese markets backtracked on the previous weeks’ rally due to gloomy economic data and concerns about the US elections.
Performance commentary
The Fund delivered a positive monthly return, outperforming its reference indicator.
Our Indian stocks performed extremely well across all sectors: Max Healthcare in healthcare, Jyoti CNC Automation in industrials, and TBO Tek in the consumer sector.
Our investments in Vietnam (FPT) and Turkey (BIM) also drove performance.
However, we suffered somewhat from weakness in our Chinese stocks (Yadea).
Outlook strategy
We still have an optimistic view of emerging market small and mid-caps due to some encouraging macroeconomic data, especially in Latin America and South-East Asia on which the Fund is focused.
The vast emerging world presents numerous opportunities across all regions and sectors.
IPOs are another source of opportunities for the Fund. During the month we signed up to the successful IPO of TBO Tek, an online travel platform in India.
India remains our heaviest regional weighting and is an excellent local market in which to find long-term growth stocks.
In response to the development of artificial intelligence, we are maintaining our exposure to the Asian (Taiwanese, Korean) semiconductor market through companies such as Gold Circuit Electronics and Lotes, a Taiwanese electronic components manufacturer.
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.
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.
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Market environment