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
Bonds50.4 %
Equities41.2 %
Other8.4 %
Data as of: 30 Jun 2026.
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
+ 82.6 %
+ 89.0 %
+ 27.5 %
+ 39.8 %
+ 27.1 %
To 09/07/2026
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
+ 11.0 %
+ 9.2 %
- 12.1 %
+ 21.3 %
+ 21.7 %
- 4.6 %
- 7.8 %
+ 9.3 %
+ 3.5 %
+ 16.1 %
Net Asset Value
US$ 182.6
Asset Under Management
382 M €
Net Equity Exposure30/06/2026
36.4%
SFDR - Fund Classification
Article
8
Data as of: 30 Jun 2026.
Data as of: 9 Jul 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.
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](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
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
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: 30 Jun 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- The Fund delivered a strong positive performance primarily driven by equities followed by EM currencies.
- Equities were the main contributor to performance, driven primarily by our Korean memory holding SK Square as well as selected Indian stocks, notably Five-Star Business Finance.
- Emerging market currencies also contributed positively, with gains across several regions led by the Colombian peso, Egyptian pound, Kazakhstani tenge and Indian rupee.
- Local rates added to performance, supported by our positions in Polish, Hungarian and Colombian local government bonds.
- Finally, hard currency sovereign debt contributed positively, notably through our positions in Argentina and Colombia, although part of these gains was offset by our iTraxx Xover credit protection in an environment of tightening credit spreads.
Outlook strategy
- Against a backdrop of easing inflation, supported by lower energy prices, we increased portfolio duration from 2.5 to 2.8, mainly through local currency debt, and raised net equity exposure to 36%. Having tightened policy ahead of developed markets, EM central banks have greater scope to pause or ease, reinforcing our constructive view on local rates, hard-currency credit and EM currencies.
- n local currency debt, we increased exposure to Eastern Europe (notably Poland and the Czech Republic) and Latin America (Colombia and Mexico). Lower oil prices and still-elevated local yields continue to offer attractive yield compression and risk-adjusted opportunities.
- In hard-currency sovereign debt, we maintained a stable allocation focused on our core convictions (Romania, Côte d’Ivoire and Ecuador), while retaining CDS protection on high-yield indices and selected issuers.
- We maintained exposure to inflation-linked strategies through bonds in Mexico and Poland, as well as European breakevens, to hedge against potential second-round inflation effects.
- We maintained a positive equity bias, focusing on companies with structural growth, strong earnings visibility and solid balance sheets. Asia remains a core pillar through AI (SK Square) and China's energy transition (CATL), alongside diversification into Latin America. During the month, we reduced SK Square and Taiwan Semiconductor following their strong performance to keep portfolio risk and concentration under control.
- On currencies, we cut euro exposure to 6% while keeping limited US dollar exposure (7%), reallocating toward EM currencies. We remain constructive on EM FX, adding lagging Asian currencies (Indian rupee, Indonesian rupiah and Thai baht) while increasing exposure to the Colombian peso.
Performance Overview
Data as of: 9 Jul 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 31/12/2012, 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 10/07/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 30 Jun 2026.| Bonds | 50.4 % |
| Equities | 41.2 % |
| Cash, Cash Equivalents and Derivatives Operations | 8.4 % |
| Credit Default Swap | -20.9 % |
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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 Jun 2026.Equity Investment Weight41.2%
Net Equity Exposure36.4%
Active Share86.9%
Modified Duration2.8
Yield to Maturity7.2%
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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Articles that may interest you
Strategies insights • 20 April 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q1 2026
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Press release • 11 February 2026 • English
Carmignac bolsters emerging market debt capabilities
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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