LU0992626993
- 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.
- A sustainable Fund that aims to positively contribute to the environment and society while seeking to achieve a low carbon footprint.
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To 01/09/2026
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The strategy in a nutshell
![[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
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
Carmignac Portfolio Emergents fund performance
Our monthly comments
Data as of: Jul 31, 2026.Xavier HOVASSE
Performance commentary
- Against this backdrop, the Fund delivered a negative performance over the month. The decline primarily reflected the sharp correction in South Korean and Taiwanese technology stocks, following their strong performance since the beginning of the year.
- In South Korea, SK Square and SK Hynix were the largest detractors, followed by Samsung Electronics. In Taiwan, Grand Process Technology and Asia Vital Components also weighed on performance. These companies, which are exposed to the memory and semiconductor value chain, experienced significant profit-taking during the month.
- In China, performance was also impacted by the weakness of Shenzhen Han's CNC Technology. The company, a leading manufacturer of printed circuit board (PCB) drilling equipment, was caught in the broader sell-off across AI-related technology names. Nevertheless, our selective allocation and active position sizing within the technology sector contributed positively on a relative basis, as the Fund remained less exposed than its benchmark to a sector that experienced particularly sharp declines.
- Conversely, our diversification beyond Asian technology provided positive support to performance. Notably, our stock selection in China (Tencent, New Oriental Education, HK Exchange, Horizon Robotics), Latin America (Banorte, MercadoLibre) and Southeast Asia (Sea, Bank Central Asia) generated positive contributions, illustrating the breadth of investment opportunities across the emerging markets universe.
Outlook strategy
- Despite the heightened volatility in Asian technology stocks, we remain constructive on emerging markets. In our view, the recent correction primarily reflects a valuation reset and the unwinding of crowded positions rather than any deterioration in underlying fundamentals. Emerging market earnings revisions continue to trend upwards, while valuations remain attractive relative to developed markets.
- We remain convinced that the artificial intelligence investment cycle is still in its early stages. Capital expenditure by leading cloud providers continues to grow at a robust pace, supported by high data centre utilisation rates and long-term supply agreements that provide strong earnings visibility for Asia's leading technology companies. While Chinese competitors continue to make progress, we do not believe they pose a meaningful short-term threat to the technological leadership of Korean and Taiwanese industry leaders.
- Against this backdrop, we entered this period of volatility with a more balanced portfolio, having disciplinedly reduced our overweight in memory stocks during the second quarter. We took advantage of the correction to selectively reinforce some of our highest-conviction positions, notably SK Square in South Korea, whose valuation discount remains particularly attractive, and BizLink in Taiwan. We also participated in the IPO of one of India's leading hospital operators, strengthening our exposure to a high-quality company benefiting from the country's long-term structural healthcare growth. At the same time, we continue to maintain an underweight position in both the benchmark's largest technology names and the technology sector overall.
- We are also continuing to diversify the portfolio by gradually increasing our exposure to attractive risk-reward opportunities across China, India and Latin America. The current earnings season increasingly confirms that growth drivers within emerging markets are broadening beyond the traditional AI-related technology leaders.
Performance Overview
Data as of: Sep 1, 2026.Carmignac Portfolio Emergents Portfolio overview
Geographical Breakdown
Data as of: Jul 31, 2026.| Asia | 85.1% |
| Latin America | 14.2% |
| Eastern Europe | 0.7% |
Key figures
Exposure Data
Data as of: Jul 31, 2026.Articles that may interest you
Carmignac Portfolio Emergents: Letter from the Fund Managers - Q2 2026
Why emerging markets call for a more active approach
FOR PROFESSIONAL CLIENTS ONLY
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Market environment