Equity strategies
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 08/01/2026
+ 102.6 %
-
+ 4.8 %
+ 34.9 %
+ 29.4 %
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
2.03 £
Asset Under Management
92 M £
Net Equity Exposure28/11/2025
91.4 %
FP Carmignac Emerging Markets fund performance
Fund performance vs. reference indicator (basis 100 - net of fees)
Data as of: 10 Jan 2026.Calendar Year Performance (as %)
Calendar Year Performance (as %)
Data as of: 31 Dec 2025.- FP Carmignac Emerging Markets - A GBP ACC
- Comparator Benchmark: MSCI EM NR index
| FP Carmignac Emerging Markets A GBP ACC | +28.9 % | +0.6 % | +5.2 % | +28.9 % | +39.4 % | +6.5 % | - |
| Comparator Benchmark | +24.4 % | +1.5 % | +4.8 % | +24.4 % | +41.0 % | +24.8 % | - |
| Category Average | +22.7 % | +1.2 % | +4.5 % | +22.7 % | +37.7 % | +19.2 % | - |
| Ranking (quartile) | 1 | 4 | 2 | 1 | 2 | 4 | - |
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.
Source: Carmignac at 31/12/2025.
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 Dec 2025.| Fund | +14.0 | +16.6 | +17.4 |
| Comparator Benchmark | +12.5 | +14.3 | +14.8 |
Calculation : Weekly basis
Ratio
Data as of: 31 Dec 2025.| Sharpe Ratio | +0.5 | -0.1 | +0.5 |
| Beta | +1.0 | +1.0 | +1.0 |
| Alpha | 0.0 | +0.4 | 0.0 |
Calculation : Weekly basis
Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 31 Dec 2025.
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: 28 Nov 2025.Equity portfolio-3.2 %
Bond Portfolio0 %
Equity derivatives0 %
Bond derivatives0 %
Currency Derivatives0.0 %
Mutual fund0.0 %
Total-3.2 %
Comments from the Investment Team
Read the Investment team's analysis below.
FP Carmignac Emerging Markets Monthly comments
Data as of: 31 Dec 2025.The Investment 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, our fund posted a positive performance in December, closing the year with a markedly positive return, both in absolute and relative terms.
- Performance was mainly driven by our selection of technology stocks, particularly in South Korea and Taiwan. In this regard, companies exposed to the artificial intelligence theme such as SK Hynix, TSMC and Asia Vital Components made positive contributions.
- Hyundai Motor was also among the main contributors to performance. In December, Hyundai Motor Group and Air Liquide announced the strengthening of their strategic partnership, expanding their collaboration to accelerate the development of a global hydrogen ecosystem. This partnership will allow the company to develop the commercialization of fuel cell electric vehicles (FCEVs) for logistics fleets and public buses, a key area of development for the company, setting a strong foundation for future growth.
- After an excellent year, our Brazilian holdings Axia (Eletrobras) and Equatorial Energia slightly detracted from the fund’s performance during the month.
- Finally, our Indian holdings posted a negative performance, in line with the subdued behavior of local markets over the period.
Outlook and Investment Strategy
- After years in the shadow of developed markets, EM Equities are showing signs of structural revival, supported by the USD weakness, continued rate cuts, improving corporate governance, clearer industrial policies, resilient earnings growth, and still-attractive valuations vs. developed markets.
- The global backdrop for 2026 should remain constructive but increasingly selective: Moderate growth, easing inflation and interest rates are likely to favour earnings-driven returns, rewarding companies with structural growth, visible profit trajectories, and strong balance sheets - which constitutes the bulk of our Carmignac Emergents’ holdings.
- The fund is well positioned to take advantage of this environment thanks to its balanced portfolio composed of quality-growth stocks linked to the high growth areas, complemented by quality stocks with more moderate growth but higher yield, backed by solid balance sheets and higher cash flow generation.
- Asia remains a key pillar of the fund, particularly through exposure to the AI and semiconductor value chains, where structural demand for advanced computing power continues to accelerate. We maintain our positions in SK Hynix, TSMC, Asia Vital Components, well positioned to benefit from sustained investment in AI infrastructure.
- China continues along a two-speed path, with growth stabilising but unlikely to re-accelerate meaningfully given its reluctance to deploy large-scale reflationary stimulus. Rather than broad market exposure, we focus on selective opportunities tied to new growth engines in innovation, robotics, advanced manufacturing (Horizon Robotics), and mobility (Didi), where companies aligned with policy priorities and global value chains continue to gain relevance.
- Despite a challenging 2025, the long-term growth story in India and South-East Asia remains intact. In India, we maintain our decent exposure to high-quality domestic franchises in banking, insurance and consumption, trading at more reasonable valuations.
- As for Latin America, following a strong yea, we took profits but retain a selective allocation to Mexico (winner of geopolitical tensions) and Brazil where political noise continues to create mispricing.
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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.
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