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Equity strategies

FP Carmignac Emerging Markets

Share Class

GB00BK1W2P36

FP Carmignac Emerging Markets fund performance

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

Data as of:  8 Nov 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  30 Oct 2026.
FP Carmignac Emerging Markets - A GBP ACC
Comparator Benchmark: MSCI EM NR index
FP Carmignac Emerging Markets A GBP ACC+9.2%−12.4%−9.5%+5.6%+47.6%+29.6%-
Comparator Benchmark+13.9%−8.8%−5.1%+11.9%+65.6%+43.0%-
Category Average+23.5%+1.1%−1.2%+29.0%+68.9%+46.2%-
Ranking (quartile)344233-
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.
Source: Carmignac at 30/10/2026.

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:  30 Oct 2026.
Fund+16.1+16.8+18.0
Comparator Benchmark+14.8+15.0+15.4
Calculation : Weekly basis

Ratio

Data as of:  30 Oct 2026.
Sharpe Ratio +0.5+0.1+0.4
Beta+1.0+1.0+1.0
Alpha (annualised)+0.3+0.2+0.9
Calculation : Weekly basis
Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 30 Oct 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 Sep 2026.
Equity portfolio+1.0%
Mutual fund+0.1%
Total+1.0%

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of:  30 Oct 2026.
The Investment team
[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Fund Manager

Naomi WAISTELL

Fund Manager
Source and Copyright: Citywire. Naomi WAISTELL is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 September 2026. 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 markets delivered mixed performances in October. South Korea, Taiwan, China and Brazil went down, while India and Mexico ended the month higher.
  • In China, better-than-expected economic data failed to improve investor sentiment, with the CSI 300 falling over the month. GDP growth accelerated to +4.5% year-on-year in the third quarter, from +4.3% previously, while retail sales improved to +1.1% in September from +0.4% in August. However, these figures did little to offset persistent concerns around weak domestic demand and the prolonged property downturn, which continues to weigh on household confidence and investment.
  • In Asia, the correction was concentrated in South Korea and Taiwan, which sit at the heart of the global artificial intelligence value chain. After a spectacular year-to-date rally, semiconductor and AI infrastructure stocks experienced significant profit-taking. Investors continue to question the pace of spending by the major US AI players and the returns these investments will ultimately generate, leading to multiple compression despite still-robust fundamentals.
  • In Brazil, the presidential election triggered a particularly sharp market reaction. Lula’s re-election, with 52% of the vote against Flávio Bolsonaro, caught investors off guard after several weeks in which markets had increasingly priced in a political transition. The day after the election, Brazilian equities fell by around 14%, while the real lost close to 11% against the US dollar, its largest daily decline since 1999. Investors quickly refocused on the country’s fiscal trajectory, with elevated deficits and debt already complicating the outlook for monetary easing.

Performance Commentary

  • Against a particularly volatile backdrop, the Fund delivered negative absolute and relative performance in October. The main drag came from the sharp sell-off in AI-related stocks in Taiwan, compounded by broad-based weakness in Chinese equities, which fell significantly over the month. Our Korean and Brazilian exposures also detracted, albeit to a lesser extent.
  • Our Korean and Taiwanese holdings detracted from performance, notably SK Square, SK Hynix, Samsung Electronics and TSMC. The decline reflected a broader market move rather than any deterioration in fundamentals, while earnings releases remained solid.
  • In China, CATL was penalised by disappointing earnings growth, while Shenzhen Han’s CNC and VNET suffered from the broader correction in technology infrastructure stocks.
  • In Brazil, Axia Energia and Equatorial Energia corrected sharply following the presidential election, reflecting a reassessment of political, fiscal and currency risks rather than any deterioration in company fundamentals.
  • By contrast, Vesta and Grupo Banorte supported our Mexican exposure, although this was not enough to offset the month’s main detractors.

Outlook and Investment Strategy

  • Following October’s correction, we remain constructive on emerging-market equities while maintaining discipline on valuations and position sizing. The asset class continues to benefit from stronger earnings growth than developed markets and attractive relative valuations
  • Our conviction in the AI infrastructure cycle remains intact. Despite concerns around hyperscaler spending and financing, demand and earnings trends remain robust across the semiconductor and infrastructure companies in which we invest. However, we manage this exposure carefully with active positive sizing.
  • We used the volatility to adjust the portfolio and add to our high conviction stocks on weakness. In Korea, we exited LG Chem and SK Hynix and added to SK Square on weakness. We trimmed Asia Vital Components after a strong run and exited Bank Central Asia in Indonesia.
  • We initiated a position in HD Hyundai Electric, a leading manufacturer of high-voltage transformers and grid equipment. The company is well positioned to benefit from the electrification and US power-infrastructure investment cycle, increasingly supported by rising electricity demand from AI data centres.
  • In Brazil, we slightly reduced exposure between the two rounds of the presidential election as uncertainty increased. Following the sharp post-election repricing, we remain selective and continue to closely monitor the fiscal trajectory. In China, the recent sell-off has brought valuations in selected technology and advanced manufacturing companies back to attractive levels, creating opportunities to selectively add on weakness.
  • Overall, October’s volatility allowed us to reallocate capital towards more attractive opportunities, while maintaining our long-term investment framework.

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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.