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 04/06/2026
+ 151.8 %
-
+ 39.4 %
+ 77.7 %
+ 57.9 %
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
£2.52
Asset Under Management
139 M £
Net Equity Exposure30/04/2026
90.9%
FP Carmignac Emerging Markets fund performance
Fund performance vs. reference indicator (basis 100 - net of fees)
Data as of: 6 Jun 2026.Calendar Year Performance (as %)
Calendar Year Performance (as %)
Data as of: 29 May 2026.- FP Carmignac Emerging Markets - A GBP ACC
- Comparator Benchmark: MSCI EM NR index
| FP Carmignac Emerging Markets A GBP ACC | +27.6% | +10.4% | +11.3% | +58.2% | +81.6% | +40.4% | - |
| Comparator Benchmark | +25.4% | +10.6% | +9.1% | +54.4% | +80.2% | +53.0% | - |
| Category Average | +13.2% | +11.0% | +6.2% | +43.1% | +57.6% | +29.7% | - |
| Ranking (quartile) | 2 | 1 | 1 | 1 | 2 | 3 | - |
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 29/05/2026.
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: 29 May 2026.| Fund | +15.1 | +16.2 | +17.7 |
| Comparator Benchmark | +13.9 | +14.5 | +15.2 |
Calculation : Weekly basis
Ratio
Data as of: 29 May 2026.| Sharpe Ratio | +1.1 | +0.2 | +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 29 May 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%
Currency Derivatives+0.0%
Mutual fund−0.0%
Total+14.8%
Comments from the Investment Team
Read the Investment team's analysis below.
FP Carmignac Emerging Markets Monthly comments
Data as of: 29 May 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 positive performance during May, both in absolute and relative terms.
- Technology stocks continued to advance, supported by announcements of significant investment by U.S. hyperscalers in AI-related infrastructure.
- Our investments exposed to this theme, particularly key players involved in semiconductor manufacturing and advanced memory chips, continued to contribute significantly to performance. Among the main contributors were SK Hynix, Samsung Electronics and TSMC.
- Montage Technology was also among the main performance drivers during the month. The company reported strong first-quarter 2026 results, with net profit increasing by 61% year-on-year, driven by business growth and strong demand for its high-value-added interconnect chips, which are widely used in AI servers and related infrastructure.
- Conversely, our exposure to Brazil slightly detracted from the Fund’s performance. Holdings such as Axia Energia, Equatorial Energia and MercadoLibre delivered more modest returns in a less supportive market environment. However, their negative contribution remained limited and did not undermine the portfolio’s overall positive momentum during the month.
Outlook and Investment Strategy
- Despite an uncertain geopolitical environment, we remain constructive on emerging markets. While some short-term factors — notably the global growth outlook and stagflationary pressures — have become less supportive, the asset class’s structural drivers remain firmly in place. The central role of emerging markets in global technology and commodity 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. Although valuations are no longer as discounted as in the past, they remain attractive relative to developed markets.
- Against a backdrop of AI-driven investment and geopolitical tensions, we continue to see significant dispersion across countries and sectors, creating a favourable environment for active stock selection. Our main geographic overweights remain concentrated in Latin America and South Korea, where fundamentals continue to be supportive.
- Over the longer term, performance will increasingly depend on our ability to identify companies with strong pricing power, solid balance sheets and exposure to structural growth trends, while maintaining a disciplined approach to valuation. Our positioning reflects this philosophy, with a preference for companies offering high earnings visibility, particularly in the technology, energy and industrial sectors.
- We therefore maintain meaningful exposure to key beneficiaries of the AI theme in Taiwan and South Korea. However, following the strong appreciation of these stocks, we have selectively taken profits and redeployed capital into companies that have lagged behind, particularly in China, while further diversifying our technology exposure.
- Accordingly, we reduced our positions in SK Hynix and Montage Technology. Conversely, we increased our holdings in VNET, a leading data centre operator, Shenzhen Han's CNC Technology, a Chinese manufacturer of PCB production equipment, Tiendas BBB, a Mexican discount retailer, and Grand Process Technology, a Taiwanese supplier of equipment and components used in semiconductor manufacturing.
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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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