Diversified strategies
Carmignac Portfolio Emerging Patrimoine
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU0992631647
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
Equities47.2 %
Bonds45.1 %
Other7.7 %
Data as of: 30 Sep 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
+ 92.2 %
+ 59.1 %
+ 24.9 %
+ 37.6 %
+ 14.0 %
To 21/10/2026
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
+ 10.5 %
+ 8.0 %
- 13.8 %
+ 19.2 %
+ 21.1 %
- 4.6 %
- 9.0 %
+ 8.2 %
+ 2.5 %
+ 15.0 %
Net Asset Value
€192.2
Asset Under Management
379 M €
Net Equity Exposure30/09/2026
27.6%
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2026.
Data as of: 21 Oct 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 Sep 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- The Fund delivered a positive performance over the month, outperforming its reference indicator, supported in particular by our emerging market currency selection and rates strategies.
- Emerging market currencies were the main contributor to performance, led by selected Asian currencies. The Kazakh tenge benefited from persistently high commodity prices, while the South Korean won and Taiwanese dollar also contributed positively.
- Rates strategies added to returns over the month. Brazilian local rates contributed positively, while the largest gains came from our short positions in US and German 10-year government bonds, as the sell-off in developed market rates continued.
- Equities also contributed positively, supported by our exposure to Korean and Taiwanese stocks, which more than offset the negative contribution from our Chinese equity holding.
- Hard-currency debt was the only detractor from performance, as spreads widened toward the end of the month, weighing in particular on our exposure to Argentina sovereign debt. These losses were, however, largely offset by our high-yield credit hedges through CDS.
Outlook strategy
- We remain constructive on emerging market assets, supported by improving fundamentals, contained inflation, manageable fiscal deficits and credible monetary policy. We have turned more cautious on local debt, cutting portfolio duration to around 0.3 and increasing shorts in developed-market sovereign bonds to hedge global rates pressure. Net equity exposure was also reduced to around 27%, while stronger earnings growth and attractive valuations versus developed markets remain supportive.
- On equities, we remain constructive but selective, with a strong focus on valuations. AI hardware remains a core conviction, while we diversify alpha sources across China, Latin America and India, favoring globally competitive industrials, cash-generative consumer names, financials, utilities and domestic growth opportunities. In Latin America, we increased our position in Peruvian bank Credicorp while maintaining exposure to Brazilian utilities ahead of October’s general elections, where greater fiscal orthodoxy could support Brazilian markets and our holdings.
- Hard-currency sovereign debt remains our strongest fixed-income conviction. Despite tight investment-grade spreads, we see attractive opportunities in high yield and special situations, notably in Azerbaijan, Côte d’Ivoire and Argentina, supported by solid fundamentals and attractive carry.
- Local debt remains under pressure, prompting reduced exposure, particularly in EMEA markets such as South Africa. In Poland, we added a short position in 10-year rates amid rising fiscal risks. We retain selective exposure to markets with supportive domestic dynamics, including Brazil ahead of the electoral cycle, as well as Indonesia and Kazakhstan.
- On currencies, we remain constructive but selective, supported by attractive carry. We retain exposure to commodity-linked currencies and favor the Mexican peso, supported by contained inflation, and the Chinese renminbi, given its low correlation, attractive valuation and potential for gradual appreciation. Conversely, we reduced euro exposure to around 20% and trimmed our Hungarian forint position.
- Finally, we maintain portfolio hedges through CDS credit protection, shorts in selected developed-market sovereign bonds and inflation-linked strategies to mitigate spread widening, global rates pressure and persistent inflation.
Performance Overview
Data as of: 21 Oct 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 23/10/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 30 Sep 2026.| Equities | 47.2 % |
| Bonds | 45.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 7.7 % |
| Credit Default Swap | -25.4 % |
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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 2026.Equity Investment Weight47.2%
Net Equity Exposure27.6%
Active Share87.8%
Modified Duration1.0
Yield to Maturity7.5%
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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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