Diversified strategies
Carmignac Portfolio Emerging Patrimoine
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU0592699259
An all-inclusive, sustainable Emerging Market solution
- Accessing a rich and heterogenous universe of EM bonds, equities, and currencies in a sustainable manner.
- Offering portfolio diversification by exploiting decorrelations between regions, sectors and asset classes.
- Dynamic and flexible management to quickly adapt to market movements.
Key documents
Asset Allocation
Equities44.8 %
Bonds41.1 %
Other14.1 %
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
+ 59.3 %
+ 74.9 %
+ 23.1 %
+ 38.8 %
+ 14.7 %
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
- 0.6 %
+ 11.0 %
+ 9.2 %
- 12.1 %
+ 21.3 %
+ 21.7 %
- 4.6 %
- 7.8 %
+ 9.3 %
+ 3.5 %
Net Asset Value
159.35 $
Asset Under Management
317 M €
Net Equity Exposure30/09/2025
38.3 %
SFDR - Fund Classification
Article
8
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.
Carmignac Portfolio Emerging Patrimoine 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
Alessandra Alecci
Fund Manager
Performance commentary
- Over the month, the Fund delivered a positive performance, outperforming its reference indicator, benefitting from its Equity and fixed income investments.
- The fund strongly benefited from its hard-currency sovereign exposure, particularly its positions in Argentina, Côte d’Ivoire and Egypt.
- On the Equity side, we benefited from the solid rebound of our Asian tech companies, notably the leading memory chip company Hynix and the world leading foundry TSMC. Our Indian holdings also supported the performance.
- Our local rate strategies contributed slightly positively to performance, driven by our long position in South Africa and Brazilian rates. On the other hand, our exposure to Colombian rates weighed on performance.
- On the currency front, the Fund benefited mainly from its exposure to Latin American currencies, particularly the Chilean peso, as well as from Asian currencies (Kazakh tenge and Indonesian rupiah).
Outlook strategy
- In a context of easing inflation and acoomodative monetary policies across emerging markets, we are maintaining a constructive view on Emerging markets assets with a relatively high equity exposure (around 40%) and a moderate level of modified (around 280 basis points), combining local and hard-currency bonds.
- We maintain our exposure to local debt, favoring countries with high real yields such as South Africa, the Czech Republic, Hungary, Poland, and several in Latin America, including Colombia and Brazil, as well as Indonesia in Asia. Conversely, we hold short positions in developed markets, notably the United States.
- Regarding hard currency emerging debt, we favor high-yield (HY) issuers, with diversified exposure to countries such as Côte d’Ivoire, South Africa, Romania, and Egypt, which offer attractive yields despite their solid fundamentals, leading to opportunities from mispricing.
- Although the credit segment continues to offer attractive carry, particularly in the energy and financial sectors, we have reinforced our credit hedges through the iTraxx Crossover index, given tight spread valuations.
- On the Equity side, we maintain our significant exposure to Asia particularly through exposure to the artificial intelligence value chain, with high-conviction positions in SK Hynix and TSMC, together with some diversification into China, India and Latin America. After the solid YTD run, we’re staying disciplined — taking profits on outperformers like Equatorial, Hynix, and adding to high-conviction stocks where we see more upside potential such as Policybazaar and Didi.
- Finally, we remain cautious on currencies, maintaining significant exposure to the euro while having increased our allocation to the US dollar, complemented by selective exposure to certain Eastern European currencies. We also hold selective positions in emerging market currencies, particularly those of commodity exporters in Latin America (BRL) and Africa (ZAR).
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.
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31/12/2021, the reference indicator was 50% MSCI Emerging Markets index, 50% JP Morgan GBI - Emerging Markets Global Diversified Index. The performances are presented using the chaining method.
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 Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 30 Sep 2025.| Equities | 44.8 % |
| Bonds | 41.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 14.1 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: 30 Sep 2025.Equity Investment Weight44.8 %
Net Equity Exposure38.3 %
Active Share90.5 %
Modified Duration2.2
Yield to Maturity6.5 %
Average RatingBBB-
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
Xavier Hovasse
Fund Manager
Alessandra Alecci
Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier Hovasse
Fund Manager
Articles that may interest you
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Carmignac develops Emerging Market Debt team
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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