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 06/02/2026
+ 106.6 %
-
+ 0.4 %
+ 34.9 %
+ 29.1 %
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
2.07 £
Asset Under Management
94 M £
Net Equity Exposure31/12/2025
91.8 %
FP Carmignac Emerging Markets fund performance
Fund performance vs. reference indicator (basis 100 - net of fees)
Data as of: 9 Feb 2026.Calendar Year Performance (as %)
Calendar Year Performance (as %)
Data as of: 30 Jan 2026.- FP Carmignac Emerging Markets - A GBP ACC
- Comparator Benchmark: MSCI EM NR index
| FP Carmignac Emerging Markets A GBP ACC | +5.6 % | +5.6 % | +2.2 % | +29.5 % | +36.4 % | +9.4 % | - |
| Comparator Benchmark | +6.7 % | +6.7 % | +4.8 % | +29.3 % | +42.7 % | +29.8 % | - |
| Category Average | +6.6 % | +6.6 % | +4.9 % | +27.7 % | +38.5 % | +23.8 % | - |
| Ranking (quartile) | 4 | 4 | 4 | 2 | 3 | 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 30/01/2026.
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 Jan 2026.| Fund | +13.8 | +16.3 | +17.4 |
| Comparator Benchmark | +12.5 | +13.9 | +14.8 |
Calculation : Weekly basis
Ratio
Data as of: 30 Jan 2026.| Sharpe Ratio | +0.4 | -0.1 | +0.5 |
| Beta | +1.0 | +1.0 | +1.0 |
| Alpha | 0.0 | 0.0 | 0.0 |
Calculation : Weekly basis
Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 30 Jan 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: 31 Dec 2025.Equity portfolio+1.0 %
Bond Portfolio0 %
Equity derivatives0 %
Bond derivatives0 %
Currency Derivatives0.0 %
Mutual fund0.0 %
Total+1.1 %
Comments from the Investment Team
Read the Investment team's analysis below.
FP Carmignac Emerging Markets Monthly comments
Data as of: 30 Jan 2026.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
- Against this backdrop, the fund delivered a solid absolute performance over the month, although it underperformed its reference indicator.
- The strategy benefited from its exposure to Korean equities, notably through strong rebounds in SK Hynix and Hyundai Motor. Hyundai’ s share price was supported by several strategic announcements, including a partnership with Google, the unveiling of its Atlas humanoid robot, and plans to build a manufacturing facility capable of producing up to 30,000 robots per year by 2028. These developments reinforced its positioning in next-generation technologies.
- Our selective overweight exposure to Latin America, particularly Mexico and Brazil, also contributed positively, notably through holdings such as Grupo Banorte and Axia Energia.
- Conversely, in a month marked by strong rallies in Korean and Taiwanese markets, our relative underweight positioning in these markets detracted from relative performance.
Outlook and Investment Strategy
- After several years in the shadow of developed markets, emerging market equities are showing clear signs of structural revival. We believe a longer-term rally remains supported by a weaker US dollar, prospective interest rate cuts, improvements in corporate governance and industrial policy, exposure to AI-related supply chains and continued earnings growth.
- The global environment in 2026 should remain constructive but increasingly selective. Returns are likely to be more earnings-driven, favouring companies with structural growth, visible profit trajectories and strong balance sheets rather than broad cyclical exposure.
- The fund is well positioned through a balanced portfolio combining quality growth stocks exposed to high-growth structural themes with quality companies offering more moderate growth but higher yields, supported by solid balance sheets and strong cash flow generation.
- Asia remains a core pillar of the portfolio, particularly through exposure to the AI and semiconductor value chains, where demand for advanced computing power continues to accelerate. We maintain positions in SK Hynix, TSMC and Asia Vital Components. During the month, we increased exposure to the memory segment by reinitiating a position in Samsung Electronics and adding Lotes, a key Taiwanese electronics supplier.
- China continues to follow a two-speed growth trajectory, with stabilisation but limited prospects for meaningful re-acceleration given the authorities’ reluctance to deploy large-scale stimulus. Rather than broad market exposure, we focus on selective opportunities linked to innovation. During the month, we initiated a position in Tencent Music Entertainment, the leading music streaming platform in China.
- Despite a challenging 2025, the long-term growth story in India and South-East Asia remains intact. In India, reduced tariff uncertainty can lead to improved sentiment, but elevated valuations and lower forward earnings growth versus EM peers warrant continued selectivity, favouring high-quality domestic franchises.
- In Latin America, we maintain selective exposure to Mexico and Brazil, where political noise continues to create mispricing opportunities. Following a strong year, we reduced exposure by exiting positions such as Hapvida.
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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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