Equity strategies

Carmignac Emergents

Emerging marketsArticle 9
Share Class

FR0010149302

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
Equities97.2 %
Other2.8 %
Data as of:  31 Jul 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 768.3 %
+ 78.5 %
+ 18.7 %
+ 18.8 %
+ 14.6 %
From 03/02/1997
To 04/09/2025
Calendar Year Performance 2024
+ 5.2 %
+ 1.4 %
+ 18.8 %
- 18.6 %
+ 24.7 %
+ 44.7 %
- 10.7 %
- 15.6 %
+ 9.5 %
+ 4.6 %
Net Asset Value
1323.79 €
Asset Under Management
948 M €
Net Equity Exposure31/07/2025
97.2 %
SFDR - Fund Classification

Article

9
Data as of:  4 Sep 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.

Carmignac 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:  29 Aug 2025.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 June 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

• Emerging markets ended August slightly in negative territory, (MSCI EM -1.0%, CSI 300 +8.8%, BSE Sensex 30 -4.6%, KOSPI -4.3% in euro terms) undergoing a classic phase of consolidation after a strong first half of the year.• India continued to exhibit solid momentum, with GDP expanding by +7.8% year-on-year in Q2 2025. However, this robust economic performance was not sufficient to lift the market, which closed the month in negative territory, suffering from President Trump’s decision to raise tariffs on Indian goods to 50%, in retaliation for India’s continued purchases of Russian oil.
• In China, economic activity indicators remained in expansionary territory, with the NBS General PMI at 50.5 and July trade data surprising to the upside (exports up +7.2% year-on-year), but retail sales disappointed (up only +3.7% versus +4.6% expected). Despite mixed macro signals, the market performed well overall—particularly A-shares, which rebounded sharply.
• In South Korea, following an exceptional start to the year, equity markets experienced a mild correction, giving back part of their earlier gains.
• In Brazil, markets extended their rally, supported by both attractive valuations and the decline in President Lula’s approval ratings, which were seen as a potential catalyst for more market-friendly policy expectations.

Performance commentary

• Over the month, our strategy delivered a positive performance, outperforming its ref. indicator that is in negative territory. • We strongly benefited from our Latin American holding, notably Eletrobras that rallied sharply following the release of its quarterly results and the announcement of a dividend exceeding USD 750 million.
• Our Chinese portfolio also showed strong momentum, driven in particular by VIPSHOP and Miniso, both of which reported solid quarterly earnings.
• Conversely, our Indian holdings (ICICI Lombard, Kotak Mahindra, Embassy) weighed on performance, as did our South Korean positions (SK Hynix, LG Chem), which gave back part of their gains after an excellent start to the year.

Outlook strategy

· After years in the shadow of developed markets, emerging-market equities are showing signs of a structural revival, benefitting from compelling valuations, improving earnings momentum, and long-term structural themes taking shape — keeping us constructive on the asset class. · Asia remains a strategic focus, particularly through continued exposure to the artificial intelligence value chain. We hold high-conviction positions in companies like SK Hynix and TSMC.
· Our trip to China confirmed two encouraging trends: the growing emphasis on tech innovation and renewed interest in Hong Kong markets. We are selectively positioned in themes like innovation (CATL) and future mobility (Didi), while focusing on high yielding stocks with shareholder-friendly policies.
· Latin America remains a core allocation, particularly Mexico, which benefits from geopolitical tensions and supply chain shifts. While we maintain our conviction in Banorte and MercadoLibre, we’ve partially trimmed exposure after a strong rally YTD.
· While Indian equities have underperformed broader markets in the short term — impacted by a mixed earnings season, and the announcement of 50% U.S. tariffs — we believe that the long-term structural growth story remains intact. We maintain our exposure, focusing on quality domestic companies (banks, insurance, consumption), shielded from direct tariff impact.
· Over the month, we took profits on names that had performed well since the start of the year (Eletrobras in Brazil, Elite Material in Taiwan). Conversely, we increased exposure to names that had underperformed and where valuations appeared attractive (Didi in China, Hynix in South Korea, BCA in Indonesia).

Performance Overview

Data as of:  4 Sep 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 07/09/2025

Carmignac Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Jul 2025.
Asia79.3 %
Latin America19.6 %
Eastern Europe1.1 %
View details

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:  31 Jul 2025.
Equity Investment Weight97.2 %
Net Equity Exposure97.2 %
Number of Equity Issuers37
Active Share82.5 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 June 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
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.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager
View Fund's characteristics

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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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.