Diversified strategies

Carmignac Portfolio Emerging Patrimoine

Emerging marketsArticle 8
Share Class

LU0592698954

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.
Asset Allocation
Bonds54 %
Equities39.1 %
Other6.9 %
Data as of:  May 30, 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 42.2 %
+ 32.0 %
+ 13.1 %
+ 17.5 %
+ 2.2 %
From 31/03/2011
To 07/07/2025
Calendar Year Performance 2024
+ 0.2 %
+ 9.8 %
+ 7.3 %
- 14.4 %
+ 18.6 %
+ 20.4 %
- 5.2 %
- 9.6 %
+ 7.8 %
+ 1.9 %
Net Asset Value
142.20 €
Asset Under Management
299 M €
Net Equity Exposure30/05/2025
39.8 %
SFDR - Fund Classification

Article

8
Data as of:  Jul 7, 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:  Jun 30, 2025.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

• Emerging market assets rose during a month marked by tensions in the Middle East.• In the US, GDP growth was revised down to -0.5% in the first quarter, while leading indicators gave mixed signals: PMI indices surprised on the upside, but consumer confidence and household income declined, while core inflation came in higher than expected at +2.7%. • The Federal Reserve kept its key rates in the 4.25% to 4.50% range while delivering a less accommodative message than expected by lowering its growth outlook and raising its inflation forecasts. • Tensions in the Middle East initially pushed oil prices above $80/bbl before falling by more than 10% after the announcement of a ceasefire, also contributing to a tightening of credit spreads of -18 bp on the Itraxx Xover index. • Interest rates moved in different directions in June. In the US, the 10-year rate eased by 17bp, benefiting from weaker economic data, while its German counterpart rose by 11bp. Emerging market external debt performed well over the month, while local debt was flat. • Emerging market equities rose, driven in particular by the rebound in South Korean markets in the wake of the election of the Democratic Party and President JM Lee, with his promises favorable to financial markets. • On the currency front, the dollar continued to fall against the euro, reaching its lowest level since 2021, mainly due to the repatriation of assets amid uncertainty about the impact of the trade war. Against this backdrop, EM currencies suffered against the strength of the euro, although the Brazilian real and Eastern European currencies (the Hungarian forint, Czech koruna and Polish zloty) bucked the trend.

Performance commentary

• During the month, the fund delivered a positive performance, outperforming its reference indicator.• On the fixed income side, the easing of interest rates in Turkey and Indonesia benefited our positions in these countries' local debt. • Our selection of EM debt denominated in hard currencies made a positive contribution, with the appreciation of our positions in Ecuador, Côte d'Ivoire and Egypt. However, this was slightly offset by the protections we put in place to reduce our credit exposure amid tightening credit spreads. • On the equities side, we benefited from the excellent performance of our Taiwanese (TMSC) and South Korean (SK Hynix) investments. • Finally, in currencies, despite the positive contribution of our exposure to the Brazilian real and the Taiwanese dollar, the portfolio was impacted by our exposure, albeit limited, to the US dollar and the Chilean peso.

Outlook strategy

• In an environment marked by uncertainty caused by the introduction of tariffs, geopolitical conflicts and the risk of fiscal slippage in certain countries, we expect the major central banks in developed and emerging countries to maintain an accommodative stance. We are therefore maintaining a moderate level of modified duration, between 3.5 and 4.• With regard to local debt, we remain selective and have positions on rates in countries benefiting from high real rates, such as South Africa and Brazil, but also in certain Eastern European countries (Poland and Hungary). Over the month, we initiated positions on Turkish local rates, which offer some of the highest real rates among the main emerging countries. • In credit, we are maintaining significant exposure, particularly to the external debt of Hungary, Romania, and Côte d'Ivoire, which offer attractive spreads given their fundamentals. However, we remain cautious due to relatively high valuations and are maintaining a significant level of hedging on the iTraxx Xover to protect the portfolio from the risk of widening spreads. • In equities, we made adjustments to the portfolio. We took advantage of the rebound in South Korean markets to close our position in Samsung Electronics and instead strengthen our stake in SK Hynix, the world leader in innovative memory products (HBM products). We also took advantage of the weakness of Indonesian markets in recent months to initiate a position in Bank Central Asia (BCA), the leading private bank in Indonesia, where bank penetration is very low compared with other Asian countries. • Finally, in terms of currencies, we are maintaining relatively low exposure to the US dollar and limited exposure to emerging market currencies. Our currency selection includes Latin American currencies (the Brazilian real and the Chilean peso) and commodity-linked currencies.

Performance Overview

Data as of:  Jul 7, 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™ :  © 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 09/07/2025

Carmignac Portfolio Emerging Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Bonds54 %
Equities39.1 %
Cash, Cash Equivalents and Derivatives Operations6.9 %
View details

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:  May 30, 2025.
Equity Investment Weight39.1 %
Net Equity Exposure39.8 %
Active Share90.8 %
Modified Duration3.1
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.

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

Xavier Hovasse

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
Our aim is to bring together our best emerging market investment ideas in a single Fund.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

Related articles

EventsFebruary 12, 2024English

Annual Meeting 2024

Find out more
OtherAugust 29, 2023English

Carmignac develops Emerging Market Debt team

3 minute(s) read
Find out more
Patrimoine StrategyJuly 26, 2023English

Carmignac P. Emerging Patrimoine: Letter from the Fund Managers

5 minute(s) read
Find out more
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.