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 10/09/2026

+ 145.7 %

+ 41.0 %

+ 66.3 %

+ 36.6 %

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

£2.46

Asset Under Management

141 M £

Net Equity Exposure28/08/2026

96.6%

Data as of: 10 Sep 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: 13 Sep 2026.

Calendar Year Performance (as %)

Data as of: 28 Aug 2026.

FP Carmignac Emerging Markets - A GBP ACC

Comparator Benchmark: MSCI EM NR index


FP Carmignac Emerging Markets A GBP ACC	+23.9%	+2.7%	−2.9%	+40.3%	+67.6%	+40.1%	-
Comparator Benchmark	+23.2%	+2.6%	−1.8%	+38.8%	+75.0%	+50.5%	-
Category Average	+18.9%	−4.9%	+5.0%	+32.9%	+57.1%	+42.3%	-
Ranking (quartile)	2	4	3	1	3	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 28/08/2026.

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: 28 Aug 2026.


Fund	+15.4	+16.3	+17.8
Comparator Benchmark	+14.4	+14.7	+15.4

Calculation : Weekly basis

Ratio

Data as of: 28 Aug 2026.


Sharpe Ratio	+0.8	+0.2	+0.5
Beta	+1.0	+1.0	+1.0
Alpha	−0.0	−0.0	+0.1

Calculation : Weekly basis

Comparator Benchmark: MSCI EM NR index

Source: Carmignac at 28 Aug 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: 28 Aug 2026.

Equity portfolio+21.4%

Mutual fund−0.9%

Total+20.5%

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of: 31 Aug 2026.

The Investment team

[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Head of Emerging Equities, Fund Manager

Naomi WAISTELL

Fund Manager

Market Environment

Emerging markets continued to advance in August, gaining 3.4% in USD terms, supported by a broad recovery across Asia. Emerging Asia rose 3.3%, while Latin America declined by 1.2%, resulting in meaningful regional dispersion during the month.
North Asian technology markets rebounded strongly following July’s correction. South Korea was the standout performer, with the KOSPI gaining 3.4% in local-currency terms, while Taiwan also benefited from renewed strength across the AI infrastructure and semiconductor value chain.
Chinese markets delivered mixed performances as domestic activity continued to soften. Mainland equities rose modestly, while Hong Kong declined. Both manufacturing and non-manufacturing PMIs fell into contraction territory. While policymakers have signaled greater fiscal and counter-cyclical support, he authorities remain reluctant to deploy large-scale stimulus,
India declined by 1.5% despite resilient domestic fundamentals, as renewed geopolitical tensions, higher oil and commodity prices and rising inflation weighed on sentiment. Underlying economic activity remained robust, with real GDP expanding by 7.8%, while the current-account deficit remained contained at just 0.5% of GDP despite higher energy prices.
Latin America consolidated after its strong July performance. Brazil declined modestly as the presidential campaign moved into focus, with polls continuing to show President Lula ahead of Flávio Bolsonaro but the race tightening and investors increasingly focused on the fiscal implications of the election.

Performance Commentary

Against this backdrop, the Fund delivered a positive performance, benefiting from the rebound in Asian technology. Active position sizing and the diversification of our exposure towards less crowded segments of the technology value chain also contributed positively.
Our Taiwanese holdings were the main contributors to performance, led by Asia Vital Components, Universal Microwave Technology, Delta Electronics, BizLink and Voltronic Power. These companies provide diversified exposure across the AI infrastructure value chain, including cooling, connectivity, power management and semiconductor equipment.
Performance was also supported by a broader range of positions beyond technology, including Hyundai Motor in South Korea, Mexican retailer Tiendas BBB, and selected Indian holdings, highlighting the diversification of the Fund’s sources of return.
The Fund nevertheless modestly underperformed its reference indicator, primarily due to weakness in some of our Chinese holdings. CATL was the largest detractor, while Vipshop and Tencent also weighed on our performance.

Outlook and Investment Strategy

We remain constructive on emerging-market equities, while maintaining a selective approach and strict valuation discipline. The asset class continues to benefit from stronger earnings growth than developed markets, attractive relative valuations and exposure to structural trends ranging from AI and advanced manufacturing to electrification and power infrastructure.
AI hardware remains a core conviction, but our focus is increasingly shifting towards the next bottlenecks in the investment cycle. We continue to diversify beyond memory and compute towards areas such as power, cooling, connectivity, advanced packaging and semiconductor equipment, while retaining exposure to our highest-conviction technology leaders.
We also continue to broaden the Fund’s sources of alpha beyond AI and technology. In China, we favour companies exposed to advanced manufacturing and technological self-sufficiency alongside selected consumer and internet franchises. In Latin America, we retain exposure to domestic growth opportunities, while in India we remain underweight but are selectively adding high-quality businesses, notably in the healthcare space, as valuations become more attractive.
We continue to actively manage position sizes during the month, adding to SK Square following the correction and selectively increasing Montage Technology, Grand Process Technology and Beike, while taking some profits in Asia Vital Components and Anta Sports after their strong performance.
Portfolio balance and valuation discipline remain central to our approach, with risk actively allocated towards the areas where our conviction and expected upside are strongest.

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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.