Fixed income strategies
Carmignac Portfolio EM Debt
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share 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
Bonds91.7 %
Other8.3 %
Data as of: Feb 27, 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
+ 22.0 %
-
+ 22.9 %
+ 18.6 %
+ 10.0 %
To 08/04/2026
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
122.04 €
Asset Under Management
452 M €
Modified Duration
27/02/2026
6.5
SFDR - Fund Classification
Article
8
Data as of: Feb 27, 2026.
Data as of: Apr 8, 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
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
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: Mar 31, 2026.Fund management team
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a negative performance.
- The Fund was impacted by its local currency debt exposure, despite a reduction in local duration, particularly in EMEA and Latin America, with key detractors including South Africa, Mexico, and Poland.
- Our exposure to emerging markets in hard currency also detracted from performance, particularly our positions in Egypt and Côte d’Ivoire. Conversely, our credit hedges, via iTraxx Xover and on high yield, contributed positively, benefiting from the widening in credit spreads over the month.
- On currencies, the Fund posted a negative contribution overall. Gains from commodity-linked currencies such as the Kazakh tenge and the Colombian peso were more than offset by losses on developed market currencies, as well as exposures to the US dollar and South African rand.
Outlook strategy
- Against a backdrop of escalating geopolitical tensions and a broad market sell-off, we have reduced the overall risk profile of the portfolio by increasing our selectivity and focusing on relative value opportunities. In this context, we significantly reduced the Fund’s duration from around 620bps to 350bps over the month, primarily through a reduction in local currency exposure.
- In a context of elevated energy prices and a resurgence in inflationary pressures, we maintain our exposure to inflation-linked bonds in selected markets (Mexico, Brazil, and Poland), while also adding exposure to inflation through European breakevens.
- We remain invested in local currency debt but have materially reduced our exposure over the month, particularly in EMEA. We scaled back positions in South Africa as well as in Poland and Hungary and exited Czech Republic. At the same, we maintain selective exposure in Latin America and added a tactical position in Romania.
- In hard currency sovereign debt, we maintain an overall stable allocation while keeping our core convictions such as Côte d’Ivoire, Turkey, and Egypt, and increasing our exposure to Romania. In a more volatile environment, we have reinforced our credit protection strategies, notably via CDS on indices and single names to hedge against a widening in spreads.
- On currencies, we maintain a significant exposure to the euro. We slightly reduced our US dollar exposure and reinforced our exposure to commodity-linked currencies such as the Brazilian real, Mexican peso and Kazakh tenge while maintaining exposure to the Chinese renminbi, which remains less correlated to global risk sentiment and benefits from a managed currency framework.
Performance Overview
Data as of: Apr 8, 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™ : © 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 09/04/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Feb 27, 2026.| Bonds | 91.7 % |
| Cash, Cash Equivalents and Derivatives Operations | 5.3 % |
| Money Market | 3 % |
| Credit Default Swap | -25.9 % |
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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 management and bond positioning.
Exposure Data
Data as of: Feb 27, 2026.Modified Duration6.5
Yield to Maturity7.8 %
Average Coupon6.2 %
Number of Issuers61
Number of Bonds93
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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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.
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