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 12/05/2026

+ 143.0 %

+ 38.2 %

+ 72.6 %

+ 52.4 %

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

2.43 £

Asset Under Management

134 M £

Net Equity Exposure31/03/2026

90.1 %

Data as of: 12 May 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 May 2026.

Calendar Year Performance (as %)

Data as of: 30 Apr 2026.

FP Carmignac Emerging Markets - A GBP ACC

Comparator Benchmark: MSCI EM NR index


FP Carmignac Emerging Markets A GBP ACC	+15.6 %	+14.4 %	+9.5 %	+49.4 %	+60.8 %	+22.9 %	-
Comparator Benchmark	+13.4 %	+11.3 %	+6.2 %	+44.2 %	+62.5 %	+36.7 %	-
Category Average	+13.2 %	+11.0 %	+6.2 %	+43.1 %	+57.6 %	+29.7 %	-
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 30/04/2026.

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 Apr 2026.


Fund	+14.7	+16.1	+17.6
Comparator Benchmark	+13.3	+14.3	+15.1

Calculation : Weekly basis

Ratio

Data as of: 30 Apr 2026.


Sharpe Ratio	+0.8	0.0	+0.6
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 30 Apr 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 Apr 2026.

Equity portfolio+14.8 %

Bond Portfolio0 %

Equity derivatives0 %

Bond derivatives0 %

Currency Derivatives0.0 %

Mutual fund0.0 %

Total+14.8 %

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of: 30 Apr 2026.

The Investment team

[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Head of Emerging Equities, Fund Manager

Naomi WAISTELL

Fund Manager

Market Environment

After a month of heightened volatility in March, global and emerging equity markets rebounded sharply (MSCI EM +13%, Kospi +32%, CSI 300 +7%, Bovespa +3%).
This rebound was initially supported by the announcement of ceasefires in Iran, as well as the resumption of several rounds of negotiations between U.S. and Iranian leaders. Although no concrete agreement was reached, particularly regarding Iran’s uranium enrichment program, the easing of geopolitical tensions led to a decline in oil prices over the period and supported equity markets returning to positive territory.
Subsequently, Asian markets were supported by the start of the quarterly earnings season, particularly within the technology sector. In this regard, many artificial intelligence-related companies, especially in South Korea and Taiwan, reported excellent earnings and outlooks. These strong performances were driven by accelerating U.S. investment in memory chips and semiconductors, against a backdrop where demand continues to exceed available supply.
In this context, Taiwan became the largest weighting in the MSCI Emerging Markets Index ahead of China, driven by the strong performance of TSMC, which continues to benefit from substantial investment flows linked to the expansion of AI-related components.
In Brazil, the central bank lowered its policy rate by 25 basis points to 14.5% amid easing domestic inflation. While this moderate cut still reflects lingering macroeconomic uncertainties, it nevertheless marks the beginning of a gradual monetary easing cycle given the still elevated nominal and real interest rates in the country.

Performance Commentary

Over the month, the fund delivered an excellent performance, outperforming its reference indicator
Our exposure to technology stocks was the main driver of performance, benefiting both from a more supportive geopolitical environment in the Middle East and from strong first-quarter 2026 earnings releases.
The main contributors were SK Hynix, which once again reported record results, alongside SK Square and Samsung Electronics. Our Taiwanese holdings also performed well, notably TSMC, Asia Vital Components, Elite Material, and Lotes.
CATL, a leading manufacturer of electric vehicle and renewable energy storage batteries, stood out with particularly strong results, posting a 49% year-on-year increase in profit while continuing to invest in resources to secure its supply chains.
Finally, the Latin American portfolio contributed positively to overall performance, driven by Axia Energia, which experienced a technical rebound following the decline in its share price the previous month.

Outlook and Investment Strategy

Despite a more uncertain geopolitical environment, we remain constructive on emerging markets. While some short-term factors — particularly the global growth outlook and the stagflationary shock — are less supportive, the structural drivers of the asset class remain firmly in place. Emerging markets’ central role in global technology value chains continues to support earnings resilience.
Earnings growth remains structurally stronger than in developed markets, supported by improving margins, better capital discipline, and more consistent profitability. Valuations, although less discounted than in the past, remain attractive relative to developed markets.
In an uncertain geopolitical environment, we expect higher volatility, but also greater dispersion across countries, sectors, and stocks — an environment conducive to active management driven by stock selection, where performance increasingly depends on energy exposure, external balance sheet strength, and earnings visibility. In this context, our main geographic overweight positions remain concentrated in Latin America, an allocation that has so far proved relevant.
Over the longer term, however, performance will increasingly depend on the ability to identify companies with strong pricing power, solid balance sheets, and exposure to structural growth trends. Our positioning reflects this approach, with a preference for companies offering high earnings visibility, particularly in the technology, energy, and industrial transformation sectors — all while maintaining strict valuation and diversification discipline.
We therefore maintain significant exposure to key AI players in Taiwan and Korea, while increasing positions such as CATL (electrification and energy storage solutions), which offers strong earnings visibility and attractive valuations.
We have also actively adjusted the portfolio, taking profits on Taiwanese stocks that rebounded strongly, such as Asia Vital Components and Lotes. Conversely, we increased our exposure to existing Chinese positions that have underperformed in recent weeks, including Tencent, Montage Technology, and Horizon Robotics, and initiated new positions in VNET (a data center operator) and Han’s CNC (a Chinese manufacturer of printed circuit board equipment).

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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.