Naomi Waistell to join Carmignac EM equities team

Carmignac has announced the appointment of Naomi Waistell as emerging market (EM) portfolio manager.

Based in London, Naomi will report to Mark Denham, head of equities. She will become co-manager of the firm’s Article 9 Carmignac EM strategy¹ alongside Xavier Hovasse. The pair will be supported by Yunfan Bao, a dedicated greater China analyst, Amol Gogate, EM equity manager and the wider EM and investment team.

Naomi has 15 years’ experience as a portfolio manager and will join Carmignac from Polar Capital, where she has worked since 2020. At Polar Capital, she co-managed a quality-growth EM fund. The fund had first decile net performance in its Morningstar category over five years² and during Naomi’s tenure as co-portfolio manager, its AUM increased from €167 million to €1.5 billion³. Consistent with Carmignac’s approach to integrate ESG analysis into its investment process, Naomi has also focused on sustainable investing, developing and optimising the approach of the funds she’s managed.

Prior to Polar Capital, Naomi worked at Newton Investment Management for a decade managing EM, global and European equity funds. She started her career in asset management in 2007, is a CFA Charterholder and holds an MBA from the University of Cambridge.

Naomi’s appointment coincides with the departure of Haiyan Li-Labbé who left the firm at the end of 2024 to pursue a career outside of portfolio management.

Mark Denham comments:

“We’re looking forward to welcoming Naomi Waistell to Carmignac. She has significant experience in emerging market and sustainable investment and will be a valuable addition to our investment team. Her proven approach is consistent with our investment style, which centres on identifying high-quality companies that can provide sustainable returns and have superior ability to navigate macro, political and ESG headwinds. Naomi’s appointment is further testament to Carmignac’s broad appeal to talented fund managers who believe in active, conviction-driven investing.”

“I’d also like to thank Haiyan Li-Labbé for her contribution to the business and wish her the best of luck.”

Naomi Waistell adds:

“Carmignac has a great reputation in emerging market investing, having been an early pioneer of the asset class and I look forward to joining its industry-leading team. 2025 is set to be an exciting but volatile year, with the repercussions of monetary policy normalisation in emerging markets and a second mandate for Donald Trump. I am more convinced than ever that an active approach, with a clear consistent process that focuses on deep company analysis and cuts through noise, is the optimum way to identify emerging market investment opportunities and avoid potential pitfalls.”