Share Class
LU0992626480
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
Equities95 %
Other5 %
Data as of: Jan 30, 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
+ 137.2 %
+ 123.1 %
+ 13.5 %
+ 44.7 %
+ 31.1 %
To 05/03/2026
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
+ 1.7 %
+ 19.8 %
- 18.2 %
+ 25.5 %
+ 44.9 %
- 10.3 %
- 14.3 %
+ 9.8 %
+ 5.5 %
+ 23.6 %
Net Asset Value
237.22 €
Asset Under Management
723 M €
Net Equity Exposure30/01/2026
95.0 %
SFDR - Fund Classification
Article
9
Data as of: Jan 30, 2026.
Data as of: Mar 5, 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.
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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: Feb 27, 2026.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, the Fund delivered a solid performance over the month, outperforming its reference indicator.
- The main contributors to performance were our positions in Korean technology stocks exposed to AI-related hardware, notably SK Hynix and Samsung Electronics, both of which reported strong earnings growth accompanied by favorable outlooks. Samsung also announced its “AI-Driven Factories” strategy, aimed at transforming all of its production sites through AI by 2030.
- Taiwan also contributed positively, driven by TSMC, the world’s leading semiconductor foundry, as well as several key players within its ecosystem, including Asia Vital Components, Elite Material and Lotes.
- In Latin America, we benefited from our investments in the Brazilian utilities company Axia Energia, as well as our Mexican industrial real estate company Vesta.
- Conversely, MercadoLibre declined in February despite strong revenue growth, as earnings disappointed on the margins and profitability due to investments in logistics and fintech.
- Finally, our Chinese positions were somewhat weak, notably Tencent, Didi Global and New Oriental Education, amid a less supportive environment for Chinese technology stocks.
Outlook strategy
- After several years in the shadow of developed markets, emerging market equities are showing clear signs of structural revival. We believe a longer-term rally remains supported by a weaker US dollar, prospective interest rate cuts, improvements in corporate governance and industrial policy, exposure to AI-related supply chains and continued earnings growth.
- The global environment in 2026 should remain constructive but increasingly selective amid geopolitical tensions. Returns are likely to be more earnings-driven, favouring companies with structural visible growth trajectories and strong balance sheets rather than broad cyclical exposure.
- The fund is well positioned through a balanced portfolio combining quality growth stocks exposed to high-growth structural themes with quality companies offering more moderate growth but higher yields, supported by solid balance sheets and strong cash flow generation. We also maintain a balanced exposure between commodity exporting and importing countries.
- Asia remains a core pillar of the portfolio, particularly through exposure to the AI and semiconductor value chains, where demand for advanced computing power continues to accelerate. We maintain positions in SK Hynix, TSMC and Lotes. During the month, we diversified our tech exposure by initiating a new position in Voltronic Power, a Taiwanese company manufacturing uninterruptible power supplies (UPS)—devices that provide immediate backup electricity when the main power source fails or fluctuates. The company also offers energy storage solutions.
- We remain selectively positioned on China. Rather than broad market exposure, we focus on targeted opportunities linked to innovation. During the month, we added to some of our Chinese position such as CATL that did not perform well since the beginning of the year despite its solid fundamentals.
- Despite a challenging 2025, the long-term growth story in India and South-East Asia remains intact. However, given short term concerns and geopolitical tensions, we maintain an underweight positioning in India, waiting for more attractive entry points.
- In Latin America, we maintain selective exposure to Mexico and Brazil, where political noise continues to create mispricing opportunities. We maintain a decent exposure to the region that appears to be the relative winner of the geopolitical tensions and commodity prices increases.
Performance Overview
Data as of: Mar 5, 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.
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.
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 07/03/2026
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jan 30, 2026.| Asia | 84.1 % |
| Latin America | 15.2 % |
| Eastern Europe | 0.8 % |
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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 equity positioning.
Exposure Data
Data as of: Jan 30, 2026.Equity Investment Weight95.0 %
Net Equity Exposure95.0 %
Number of Equity Issuers40
Active Share79.6 %
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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
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 • January 26, 2026 • English
Carmignac Portfolio Emergents: Letter from the Fund Managers - Q4 2025
3 minute(s) read
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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.
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.
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