Share Class
LU2277146382
Exploit fixed income opportunities across the entire emerging universe
- Access a wide range of performance drivers across the emerging universe: local debt, external debt and currencies.
- A conviction-driven and non-benchmarked philosophy to uncover the attractive opportunities emerging markets have to offer.
- Environmental, social and governance approach integrated into the investment process.
Key documents
Asset Allocation
Bonds93.1 %
Other6.9 %
Data as of: 30 Jan 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 23.7 %
-
+ 25.5 %
+ 24.4 %
+ 8.3 %
To 05/03/2026
Calendar 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 2024Calendar Year Performance 2025
-
-
-
-
-
+ 2.8 %
- 8.9 %
+ 14.7 %
+ 4.3 %
+ 8.1 %
Net Asset Value
123.71 €
Asset Under Management
455 M €
Modified Duration
30/01/2026
6.2
SFDR - Fund Classification
Article
8
Data as of: 30 Jan 2026.
Data as of: 5 Mar 2026.
?Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Carmignac Portfolio EM Debt 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: 27 Feb 2026.Fund management team
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a positive performance in line with its reference indicator, driven especially by local rates and currencies exposure.
- The fund strongly benefited from its local currency debt exposure, driven by our long positions in South African, Polish and Hungarian rates.
- Our exposure to emerging markets in hard currency detracted from performance, particularly our positions in Argentina and Egypt. Conversely, our protection on high yield credit, especially in the US, partly offset these losses, driven by the widening of credit spreads this month.
- In currencies, the fund benefited from its exposure to commodity-linked currencies such as the Brazilian real and the Mexican peso, as well as from its exposure to the Chinese renminbi.
Outlook strategy
- Despite an environment shaped by heightened geopolitical tensions, emerging market debt remains attractive, supported by solid fundamentals, improving external balances and declining inflation. In this context, we continue to maintain a relatively elevated duration of around 650bps, balanced between local currency and hard currency exposure.
- We remain exposed to local currency debt, staying selective and favoring markets offering attractive real yields, notably Mexico, Poland, South Africa, Colombia and Peru. However, given geopolitical risks over the short term, we are more cautious on oil sensitive countries.
- Hard-currency sovereign debt continues to offer attractive carry, with yields above long-term averages and supported by solid fundamentals. We therefore remain positioned in selected high-yield issues offering compelling opportunities, notably Côte d’Ivoire, Turkey and Egypt.
- Carry remains attractive, particularly in the energy and financial sectors. We remain primarily invested in high-yield issuers and underweight investment grade credit due to very tight credit spreads. In this volatile environment, we have increased our credit protection by adding Turkey CDS to protect against a potential spread widening.
- We maintain significant exposure to the euro. After strong early-year performance, we reduced certain Latin American currencies against the US dollar, notably the Mexican peso (MXN) and Chilean peso (CLP), before redeploying into the Brazilian real (BRL) and South African rand (ZAR) at the end of the period. We remain cautious on Asian currencies however we increased tactically our allocation to the Chinese renminbi, a managed currency less correlated with global risk sentiment.
Performance Overview
Data as of: 5 Mar 2026.?Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
Until 31/12/2023, the reference indicator was JP Morgan GBI – Emerging Markets Global Diversified Composite Unhedged EUR Index (JGENVUEG). Performances are presented using the chaining method.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 06/03/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 30 Jan 2026.| Bonds | 93.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 6.9 % |
| Credit Default Swap | -22.5 % |
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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 bond positioning.
Exposure Data
Data as of: 30 Jan 2026.Modified Duration6.2
Yield to Maturity7.8 %
Average Coupon6.3 %
Number of Issuers60
Number of Bonds90
Average RatingBB+
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
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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
Alessandra ALECCI
Fund Manager
The Fund is best suited for fixed income investors looking for higher returns than those offered by developed markets, by taking advantage of the emerging universe potential.
Alessandra ALECCI
Fund Manager
Articles that may interest you
Strategies insights • 26 February 2026 • English
View on rates: Uneven policies, selective duration
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Press release • 11 February 2026 • English
Carmignac bolsters emerging market debt capabilities
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Strategies insights • 19 January 2026 • English
Carmignac Portfolio EM Debt: Letter from the Fund Manager - Q4 2025
4 minute(s) read
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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.
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