Dare to invest in emerging markets
Emerging markets (EM) have historically been associated with volatility, governance concerns and macroeconomic risks, leading many investors to overlook their potential. As a result, EMs remain underinvested in many global portfolios, despite signs of renewed recent momentum. Far from being homogeneous, EMs offer a diverse set of opportunities, where active managers and selective stock pickers can generate appealing risk adjusted returns, to make the most of these new dynamics, if they know where to look.
Against this backdrop, FP Carmignac Emerging Markets is designed to capture these new dynamics together with the long-term growth potential of EM through a high-conviction, actively managed approach focused on identifying mispriced growth opportunities among quality companies with structural growth drivers.
EMERGING MARKETS: A CHANGE OF PARADIGM
EMs have changed profoundly. They are no longer just a cyclical play on global growth, commodities or developed-market demand. Today, the EM universe is becoming more self-sufficient, more diversified and increasingly central to global innovation, supply chains and domestic consumption.
This creates a striking paradox: EMs are becoming increasingly central to global growth, innovation and geopolitics, yet currently remain underallocated in global portfolios, while still offering stronger earnings growth at significantly lower valuations compared to their developed market peers.
DEEP DIVE INTO OUR INSIGHTS
Why emerging markets call for a more active approach
Revival after 15 years of underperformance: Why emerging markets now matter more than ever
Thirty-seven years in emerging markets: Carmignac's pioneering expertise
How the Middle East conflict is reshaping emerging markets
The Strait of Hormuz shock: a turning point for emerging markets' energy story
Why the emerging markets trade is nowhere near its end
FP CARMIGNAC EMERGING MARKETS, GRASPING PROMISING OPPORTUNITIES WITHIN THE EMERGING UNIVERSE
Leveraging the expertise of an emerging markets pioneer with a proven long-term track record
A high-conviction approach with rigorous valuation discipline
Investing responsibly to create long-term value
Identifying the structural winners of tomorrow
We seek to invest in companies exposed to the most powerful long-term growth trends shaping emerging markets. Today, this includes beneficiaries of:
- Artificial Intelligence and digitalisation;
- Energy transition and electrification;
- Advanced manufacturing and automation;
- Rising financial penetration;
- Infrastructure development;
- New consumption patterns.
We focus on businesses with a strong competitive advantage, high returns on capital, robust free cash flow generation and attractive long-term growth prospects. Importantly, these opportunities are sought across the entire EM universe, from Asia to Latin America, allowing the portfolio to adapt as leadership evolves across countries, sectors and themes.
Discover the co-fund managers of FP Carmignac Emerging Markets presenting their strategy to seize the long-term growth potential of emerging market equities:
«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
CONVICTION WITH DISCIPLINE
One of the key differentiators of FP Carmignac Emerging Markets is the team's ability to remain disciplined, even when markets become euphoric.
The portfolio managers continuously reassess both the fundamentals and the valuation of every position. Winning positions are actively managed, profits are taken when valuations become stretched, and capital is redeployed into new opportunities where risk-reward profiles are more attractive. This philosophy applies equally to stock selection and portfolio implementation.
The team's objective is not simply to participate in market rallies, but to generate sustainable alpha through stock selection, country allocation and position sizing. This discipline extends to every aspect of portfolio construction: dynamic position sizing with active profit taking, as well as risk management and diversification.
ACTIVE POSITION SIZING
RISK MANAGEMENT
AN ACTIVE MANAGEMENT AT THE SERVICE OF PERFORMANCE
Emerging markets are increasingly characterised by a widening gap between winners and losers. We believe this environment is particularly favourable for active managers.
Rather than hugging the benchmark, FP Carmignac Emerging Markets is built around high-conviction ideas supported by deep fundamental research.
We are not managing the portfolio around a commitment to momentum. We remain fundamentally bottom-up investors focused on identifying mispriced growth companies with strong fundamentals, attractive valuations and long-term structural growth drivers.
This philosophy is reflected in the portfolio's overall risk-adjusted performance profile. In 2025, the fund has delivered an information ratio of approximately 1.1 and an overall capture ratio of around 1.2, demonstrating our ability to participate in rising markets while remaining mindful of downside risks. More broadly, we focus heavily on generating positive asymmetry: when our investments are successful, we aim to capture meaningful upside, while ensuring that unsuccessful positions remain appropriately sized and controlled.
FUND PERFORMANCE SINCE LAUNCH
*Comparator Benchmark: MSCI EM NR index.
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. Source: Carmignac at 30/06/2026
FP Carmignac Emerging Markets
FP Carmignac Emerging Markets A GBP ACC
- Recommended minimum investment horizon
- 5 years
- Risk indicator*
- 6/7
- SFDR - Fund Classification
- Article -
*Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.
Main risks of the fund
Performance
| FP Carmignac Emerging Markets | +29.5 | +28.9 | +0.9 | +7.2 | −9.5 | −15.6 | +63.0 | +13.6 |
| Reference Indicator | +25.5 | +24.4 | +9.4 | +3.6 | −10.0 | −1.6 | +14.7 | +8.8 |
| FP Carmignac Emerging Markets | +21.5% | +6.4% | +14.0% |
| Reference Indicator | +21.3% | +8.1% | +9.8% |
Source: Carmignac at 30 Jun 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.
Reference Indicator: MSCI EM NR index
Marketing communication. Please refer to the KIID/prospectus of the Fund before making any final investment decisions. This document is intended for professional clients. Please refer to the Key Investor Information document (KIID) / prospectus of the fund before making any final investment decision. The decision to invest should consider all its characteristics or objectives as described in its prospectus. This material may not be reproduced, in whole or in part, without prior authorisation from the Management Company. This document was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd and is being distributed in the UK by Carmignac Gestion Luxembourg.
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FP Carmignac ICVC (the “Company”) is an Investment Company with variable capital incorporated in England and Wales under registered number 839620 and is authorised by the Financial Conduct Authority (the “FCA”) with effect from 04/04/2019 and launched on 15 May 2019. FundRock Partners Limited is the Authorised Corporate Director (the “ACD”) of the Company and is authorised and regulated by the Financial Conduct Authority. Registered Office: Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY, UK (Registered in England and Wales under No 4162989). Carmignac Gestion Luxembourg SA has been appointed as the Investment Manager and distributor in respect of the Company. Carmignac UK Ltd and Carmignac Gestion S.A. have been appointed as sub-Investment Managers of the Company. Carmignac UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 984288).
CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tel : (+33) 01 42 86 53 35 Investment management company approved by the AMF Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676.
CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel : (+352) 46 70 60 1 Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF. Public limited company with share capital of € 23,000,000 - RCS Luxembourg B 67 549.