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.
Key documents
Asset Allocation
Equities92.6 %
Other7.4 %
Data as of: 21 Jun 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 47.8 %
0.0 %
+ 42.2 %
- 16.7 %
+ 11.8 %
To 25/06/2024
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
-
- 4.1 %
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
Net Asset Value
147.8 €
Asset Under Management
375 M €
Market
Emerging markets
SFDR - Fund Classification
Article
9
Data as of: 21 Jun 2024.
Data as of: 25 Jun 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.
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 May 2024.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
![[Management Team] [Author] Li-Labbe Haiyan](https://carmignac.imgix.net/uploads/NextImage/0001/18/Haiyan-Li-Labbe.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Haiyan Li-Labbé
Fund Manager
Performance commentary
The Fund posted a negative return in May, as did its reference indicator.
MercadoLibre of Brazil was the main contributor to the Fund’s performance after it published good results for the last quarter.
The Fund’s most costly positions were in South Korea: Hyundai Motor, Samsung Electronics and LG Chem.
Latin American stocks such as Eletrobras, Grupo Banorte and Equatorial Energia were down too.
Outlook strategy
We are keeping a significant allocation to Chinese markets, taking advantage of market inefficiencies and the upside potential for companies with strong balance sheets and valuations that do not fully reflect their fundamentals.
After Chinese stocks rallied, we took some profits on stocks that had performed well, like Miniso, New Oriental.
We increased our exposure to Vipshop, which is lagging well behind other internet stocks and is now one of our top 10 positions.
Before the announcement of India’s election results, we also strengthened our position in real estate management company Embassy Office Parks.
We are remaining exposed to Latin America, and Mexico in particular, which is benefitting from structural trends such as reindustrialisation in North America.
We are keeping a concentrated portfolio balanced between growth and discounted stocks, with a particular emphasis on valuations and sustainability criteria.
Performance Overview
Data as of: 27 Jun 2024.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 30/06/2024
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 21 Jun 2024.| Asia | 79.5 % |
| Latin America | 18.7 % |
| Eastern Europe | 1.8 % |
| Total % Equities | 100.0 % |
Asia79.5 %
 China | 26.7 % |
 South Korea | 18.5 % |
 India | 16.6 % |
 Taiwan | 10.6 % |
 Hong Kong | 3.2 % |
 Malaysia | 2.1 % |
 Singapore | 1.9 % |
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: 21 Jun 2024.Equity Investment Weight92.6 %
Net Equity Exposure92.6 %
Number of Equity Issuers32
Active Share93.0 %
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
Haiyan Li-Labbé
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
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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.
Related articles
Emerging equities • 15 February 2024 • English
2024: A game changer for Emerging Markets
1 minute(s) read
Market environment
China’s weak economy remains a burden, as reflected in the publication of lower retail sales and a fall in the NBS manufacturing index.
May was also notable for elections in a number of countries (India, South Africa and Mexico), which seem to have increased regional volatility.
Brazil’s central bank cut its key interest rate by 25 bps, as opposed to the 50 bps that had been expected, weighing on the national currency and markets.
Emerging markets were down over the month as China and Brazil underperformed.