Share Class
LU1623762413
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
Equities94.9 %
Other5.1 %
Data as of: 28 Nov 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
+ 95.5 %
-
+ 9.0 %
+ 39.6 %
+ 26.1 %
To 08/01/2026
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
-
+ 4.5 %
- 18.2 %
+ 26.9 %
+ 57.0 %
- 10.2 %
- 14.2 %
+ 10.6 %
+ 5.3 %
+ 23.4 %
Net Asset Value
195.73 €
Asset Under Management
606 M €
Net Equity Exposure28/11/2025
94.9 %
SFDR - Fund Classification
Article
9
Data as of: 28 Nov 2025.
Data as of: 8 Jan 2026.
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.
.png){kind=logo}
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 Dec 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
Head of Emerging Equities, Fund Manager
Performance commentary
- In this context, our fund posted a positive performance in December, closing the year with a markedly positive return, both in absolute and relative terms.
- Performance was mainly driven by our selection of technology stocks, particularly in South Korea and Taiwan. In this regard, companies exposed to the artificial intelligence theme such as SK Hynix, TSMC and Asia Vital Components made positive contributions.
- Hyundai Motor was also among the main contributors to performance. In December, Hyundai Motor Group and Air Liquide announced the strengthening of their strategic partnership, expanding their collaboration to accelerate the development of a global hydrogen ecosystem. This partnership will allow the company to develop the commercialization of fuel cell electric vehicles (FCEVs) for logistics fleets and public buses, a key area of development for the company, setting a strong foundation for future growth.
- After an excellent year, our Brazilian holdings Axia (Eletrobras) and Equatorial Energia slightly detracted from the fund’s performance during the month.
- Finally, our Indian holdings posted a negative performance, in line with the subdued behavior of local markets over the period.
Outlook strategy
- After years in the shadow of developed markets, EM Equities are showing signs of structural revival, supported by the USD weakness, continued rate cuts, improving corporate governance, clearer industrial policies, resilient earnings growth, and still-attractive valuations vs. developed markets.
- The global backdrop for 2026 should remain constructive but increasingly selective: Moderate growth, easing inflation and interest rates are likely to favour earnings-driven returns, rewarding companies with structural growth, visible profit trajectories, and strong balance sheets - which constitutes the bulk of our Carmignac Emergents’ holdings.
- The fund is well positioned to take advantage of this environment thanks to its balanced portfolio composed of quality-growth stocks linked to the high growth areas, complemented by quality stocks with more moderate growth but higher yield, backed by solid balance sheets and higher cash flow generation.
- Asia remains a key pillar of the fund, particularly through exposure to the AI and semiconductor value chains, where structural demand for advanced computing power continues to accelerate. We maintain our positions in SK Hynix, TSMC, Asia Vital Components, well positioned to benefit from sustained investment in AI infrastructure.
- China continues along a two-speed path, with growth stabilising but unlikely to re-accelerate meaningfully given its reluctance to deploy large-scale reflationary stimulus. Rather than broad market exposure, we focus on selective opportunities tied to new growth engines in innovation, robotics, advanced manufacturing (Horizon Robotics), and mobility (Didi), where companies aligned with policy priorities and global value chains continue to gain relevance.
- Despite a challenging 2025, the long-term growth story in India and South-East Asia remains intact. In India, we maintain our decent exposure to high-quality domestic franchises in banking, insurance and consumption, trading at more reasonable valuations.
- As for Latin America, following a strong yea, we took profits but retain a selective allocation to Mexico (winner of geopolitical tensions) and Brazil where political noise continues to create mispricing.
Performance Overview
Data as of: 8 Jan 2026.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 09/01/2026
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 28 Nov 2025.| Asia | 81.8 % |
| Latin America | 17.3 % |
| Eastern Europe | 0.9 % |
To Access the weekly view
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: 28 Nov 2025.Equity Investment Weight94.9 %
Net Equity Exposure94.9 %
Number of Equity Issuers40
Active Share80.9 %
To Access the weekly view
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
Head of Emerging Equities, 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
Head of Emerging Equities, Fund Manager
Articles that may interest you
Strategies insights • 24 November 2025 • English
Ready for the next emerging markets super cycle
6 minute(s) read
Strategies insights • 11 November 2025 • English
The New Asian Tigers: At the heart of the artificial intelligence revolution
3 minute(s) read
Strategies insights • 24 October 2025 • English
Carmignac Portfolio Emergents: Letter from the Fund Managers - Q3 2025
5 minute(s) read
Did you enjoy the fund page?
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