FP Carmignac Emerging Markets

Share Class

GB00BK1W2P36

Risk Indicator

6 / 7

Recommended Minimum Investment Horizon

5 years

Cumulative Performance since launch Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months

From 15/05/2019 To 06/08/2026

+ 139.6 %

+ 38.6 %

+ 59.7 %

+ 42.4 %

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

+ 13.6 %

+ 63.0 %

- 15.6 %

- 9.5 %

+ 7.2 %

+ 0.9 %

+ 28.9 %

Net Asset Value

£2.4

Asset Under Management

139 M £

Net Equity Exposure30/06/2026

95.5%

Data as of: 6 Aug 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.

Equity strategiesFP Carmignac Emerging Markets

FP Carmignac Emerging Markets fund performance

Fund performance vs. reference indicator (basis 100 - net of fees)

Data as of: 9 Aug 2026.

Calendar Year Performance (as %)

Data as of: 31 Jul 2026.

FP Carmignac Emerging Markets - A GBP ACC

Comparator Benchmark: MSCI EM NR index


FP Carmignac Emerging Markets A GBP ACC	+20.7%	−6.8%	+4.3%	+40.9%	+56.7%	+40.1%	-
Comparator Benchmark	+20.0%	−4.4%	+5.8%	+34.2%	+62.4%	+52.0%	-
Category Average	+24.9%	+0.2%	+22.4%	+46.3%	+71.6%	+40.1%	-
Ranking (quartile)	2	1	1	1	2	3	-

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.

Source: Carmignac at 31/07/2026.

Statistics (%)

These measures are used to assess a Fund's risk-adjusted performance. A well-performing Fund should ideally have a solid return (measured by the Sharpe ratio and alpha) relative to its risk (measured by volatility), while being well aligned with market expectations (measured by beta relative to the reference indicator).

Volatility

Data as of: 31 Jul 2026.


Fund	+15.7	+16.5	+17.9
Comparator Benchmark	+14.6	+14.8	+15.4

Calculation : Weekly basis

Ratio

Data as of: 31 Jul 2026.


Sharpe Ratio	+0.6	+0.2	+0.5
Beta	+1.0	+1.0	+1.0
Alpha	−0.1	−0.0	+0.1

Calculation : Weekly basis

Comparator Benchmark: MSCI EM NR index

Source: Carmignac at 31 Jul 2026.

Monthly Gross Performance Contribution

The contribution to performance demonstrates the different sources of returns. The sum of these elements is equal to the performance before the deduction of management fees applicable to the portfolio for the period in question. Fees payable for the period account for the difference between the gross performance and the net performance.

Monthly Gross Performance Contribution

Data as of: 30 Jun 2026.

Equity portfolio+2.3%

Equity derivatives+0.0%

Currency Derivatives−0.0%

Mutual fund−0.0%

Total+2.3%

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of: 31 Jul 2026.

The Investment team

[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Head of Emerging Equities, Fund Manager

Naomi WAISTELL

Fund Manager

Market Environment

In July, emerging markets declined by 3.1% in US-dollar terms, with significant regional dispersion: emerging Asia fell by 4.5%, while Latin America gained 4.8%. The correction across North Asia’s technology-heavy markets contrasted with the resilience of Hong Kong, India and Brazil.
South Korea and Taiwan were the main areas of weakness, amid significant profit-taking in artificial intelligence and semiconductor stocks following their strong performance since the beginning of the year. In South Korea, the overcrowded positioning on Samsung Electronics and SK Hynix, combined the deleveraging of single-stock leveraged ETFs, amplified the sell-off and led to several trading halts. Advances by Chinese AI players and the successful IPO of memory-chip manufacturer CXMT also revived concerns about increasing competition and future pricing pressure across the sector.
Chinese markets delivered mixed performances: the Hang Seng gained 13.1%, supported notably by major internet / technology platforms, while the domestic market declined by 7.9%, as investors reassessed valuations and the prospective returns on hyperscaler spending, against a backdrop of persistently weak domestic economic activity.
India proved more resilient, with the BSE Sensex rising by 2.1%, supported by encouraging quarterly results and renewed foreign investor flows.
In Latin America, Brazil gained 3.5%, benefiting from its significant exposure to the energy and commodity sectors.

Performance Commentary

Against this backdrop, the Fund delivered a negative performance over the month. The decline primarily reflected the sharp correction in South Korean and Taiwanese technology stocks, following their strong performance since the beginning of the year.
In South Korea, SK Square and SK Hynix were the largest detractors, followed by Samsung Electronics. In Taiwan, Grand Process Technology and Asia Vital Components also weighed on performance. These companies, which are exposed to the memory and semiconductor value chain, experienced significant profit-taking during the month.
In China, performance was also impacted by the weakness of Shenzhen Han's CNC Technology. The company, a leading manufacturer of printed circuit board (PCB) drilling equipment, was caught in the broader sell-off across AI-related technology names. Nevertheless, our selective allocation and active position sizing within the technology sector contributed positively on a relative basis, as the Fund remained less exposed than its benchmark to a sector that experienced particularly sharp declines.
Conversely, our diversification beyond Asian technology provided positive support to performance. Notably, our stock selection in China (Tencent, New Oriental Education, HK Exchange, Horizon Robotics), Latin America (Banorte, MercadoLibre) and Southeast Asia (Sea, Bank Central Asia) generated positive contributions, illustrating the breadth of investment opportunities across the emerging markets universe.

Outlook and Investment Strategy

Despite the heightened volatility in Asian technology stocks, we remain constructive on emerging markets. In our view, the recent correction primarily reflects a valuation reset and the unwinding of crowded positions rather than any deterioration in underlying fundamentals. Emerging market earnings revisions continue to trend upwards, while valuations remain attractive relative to developed markets.
We remain convinced that the artificial intelligence investment cycle is still in its early stages. Capital expenditure by leading cloud providers continues to grow at a robust pace, supported by high data centre utilisation rates and long-term supply agreements that provide strong earnings visibility for Asia's leading technology companies. While Chinese competitors continue to make progress, we do not believe they pose a meaningful short-term threat to the technological leadership of Korean and Taiwanese industry leaders.
Against this backdrop, we entered this period of volatility with a more balanced portfolio, having disciplinedly reduced our overweight in memory stocks during the second quarter. We took advantage of the correction to selectively reinforce some of our highest-conviction positions, notably SK Square in South Korea, whose valuation discount remains particularly attractive, and BizLink in Taiwan. We also participated in the IPO of one of India's leading hospital operators, strengthening our exposure to a high-quality company benefiting from the country's long-term structural healthcare growth. At the same time, we continue to maintain an underweight position in both the benchmark's largest technology names and the technology sector overall.
We are also continuing to diversify the portfolio by gradually increasing our exposure to attractive risk-reward opportunities across China, India and Latin America. The current earnings season increasingly confirms that growth drivers within emerging markets are broadening beyond the traditional AI-related technology leaders.

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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.

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.