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.
- A sustainable Fund that aims to positively contribute to the environment and society while seeking to achieve a low carbon footprint.
Key documents
Asset Allocation
Equities93.3 %
Other6.7 %
Data as of: 30 Sep 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 83.0 %
-
+ 19.7 %
+ 42.3 %
+ 22.2 %
To 06/11/2025
Calendar 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 2023Calendar Year Performance 2024
- 4.1 %
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
+ 4.8 %
Net Asset Value
182.97 €
Asset Under Management
528 M €
Net Equity Exposure30/09/2025
97.0 %
SFDR - Fund Classification
Article
9
Data as of: 30 Sep 2025.
Data as of: 6 Nov 2025.
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.
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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 Oct 2025.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
Fund Manager
Performance commentary
- In October, the fund delivered strong absolute and relative performance, significantly outperforming its reference index, largely driven by the exceptional strength of the Asian technology sector.
- SK Hynix was the largest contributor, gaining more than 60% over the month. The company reported excellent quarterly results, with 39% year-on-year revenue growth in the third quarter with a USD 5 billion strategic partnership with Amazon to develop an AI data center in South Korea, which further boosted investor confidence.
- TSMC, the fund’s biggest holding, also posted solid gains, benefiting from its central role in the global semiconductor supply chain, posting a 40% year-on-year increase in revenues. The portfolio further benefited from positions in Hyundai Motor and LG Chem, as well as from strong contributions by its Indian holdings, notably Kotak Mahindra and ICICI Lombard.
- Conversely, VIPShop and Sea Ltd slightly were weak during the period, with limited impact on the fund’s overall performance.
Outlook strategy
- After years lagging developed markets, emerging-market equities are showing signs of structural revival. We continue to see multiple tailwinds for a sustained EM rally — a softer USD, rate cuts, improving corporate governance and industrial policies, clearer trade dynamics and resilient earnings growth.
- Asia remains our strategic focus, particularly through exposure to the artificial intelligence value chain. We hold high-conviction positions in SK Hynix and TSMC, two core enablers of the global AI buildout.
- In China, two positive trends stand out: a stronger push toward technological innovation and a revival of investor interest in Hong Kong markets. We are selectively positioned in innovation and battery leaders (CATL) and future mobility (Didi), while favouring high-yielding, shareholder-friendly names.
- Latin America remains a core allocation, anchored in Brazil and Mexico. We retain conviction in Brazilian utilities and Mexican bank, though we have partially trimmed exposure after a strong year-to-date rally.
- While India has underperformed short term, we see the long-term growth story intact, maintaining exposure to quality domestic franchises in banking, insurance, and consumption, largely insulated from tariff risks.
- With the MSCI EM index nearing 15x current Price earnings (P/E) ratio, close to their historic highs, we’re staying disciplined — taking profits on outperformers like Equatorial, SK Hynix, and adding to high-conviction stocks where we see more upside potential such as Policybazaar and Didi.
- We also initiated a position in Horizon Robotics, China’s leading provider of smart driving solutions, designing chips that enable autonomous and energy-efficient vehicles. The company has a proprietary solution combining hardware and software in a unique platform, creating sticky customers and a clear technological edge. We see the company as a key beneficiary of China’s rapid adoption of autonomous driving, supported by strong government incentives and rising demand from local carmaker. The pullback in September offered a compelling entry point.
Performance Overview
Data as of: 6 Nov 2025.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 08/11/2025
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2025.| Asia | 81.2 % |
| Latin America | 17.8 % |
| Eastern Europe | 1.0 % |
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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: 30 Sep 2025.Equity Investment Weight93.3 %
Net Equity Exposure97.0 %
Number of Equity Issuers38
Active Share83.2 %
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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
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
Fund Manager
Articles that may interest you
Strategies insights • 24 October 2025 • English
Carmignac Portfolio Emergents: Letter from the Fund Managers - Q3 2025
5 minute(s) read
Strategies insights • 25 July 2025 • English
Carmignac Portfolio Emergents: Letter from the Fund Managers - Q2 2025
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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.
Market environment