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:  10 Sep 2025.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  29 Aug 2025.
FP Carmignac Emerging Markets - A GBP ACC
Comparator Benchmark: MSCI EM NR index
FP Carmignac Emerging Markets A GBP ACC+13.9 %+3.1 %+9.5 %+16.7 %+17.9 %+21.0 %-
Comparator Benchmark+10.3 %-0.8 %+9.3 %+13.6 %+17.2 %+24.9 %-
Category Average+9.7 %+4.8 %+13.1 %+12.3 %+21.8 %+23.6 %-
Ranking (quartile)344333-
​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 29/08/2025.

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 Aug 2025.
Fund+15.1 %+16.8 %+17.5 %
Comparator Benchmark+14.1 %+14.4 %+14.9 %
Calculation : Weekly basis

Ratio

Data as of:  29 Aug 2025.
Sharpe Ratio +0.1 %+0.1 %+0.4 %
Beta+1.0 %+1.0 %+1.0 %
Alpha-0.1 %0.0 %-0.1 %
Calculation : Weekly basis
Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 29 Aug 2025.

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 Jul 2025.
Equity portfolio+1.4 %
Bond Portfolio0 %
Equity derivatives0 %
Bond derivatives0 %
Currency Derivatives-0.1 %
Mutual fund+0.3 %
Total+1.6 %

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of:  29 Aug 2025.
The Investment team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 June 2025. 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 ended August slightly in negative territory, (MSCI EM -1.0%, CSI 300 +8.8%, BSE Sensex 30 -4.6%, KOSPI -4.3% in euro terms) undergoing a classic phase of consolidation after a strong first half of the year.• India continued to exhibit solid momentum, with GDP expanding by +7.8% year-on-year in Q2 2025. However, this robust economic performance was not sufficient to lift the market, which closed the month in negative territory, suffering from President Trump’s decision to raise tariffs on Indian goods to 50%, in retaliation for India’s continued purchases of Russian oil.
• In China, economic activity indicators remained in expansionary territory, with the NBS General PMI at 50.5 and July trade data surprising to the upside (exports up +7.2% year-on-year), but retail sales disappointed (up only +3.7% versus +4.6% expected). Despite mixed macro signals, the market performed well overall—particularly A-shares, which rebounded sharply.
• In South Korea, following an exceptional start to the year, equity markets experienced a mild correction, giving back part of their earlier gains.
• In Brazil, markets extended their rally, supported by both attractive valuations and the decline in President Lula’s approval ratings, which were seen as a potential catalyst for more market-friendly policy expectations.

Performance Commentary

• Over the month, our strategy delivered a positive performance, outperforming its ref. indicator that is in negative territory. • We strongly benefited from our Latin American holding, notably Eletrobras that rallied sharply following the release of its quarterly results and the announcement of a dividend exceeding USD 750 million.
• Our Chinese portfolio also showed strong momentum, driven in particular by VIPSHOP and Miniso, both of which reported solid quarterly earnings.
• Conversely, our Indian holdings (ICICI Lombard, Kotak Mahindra, Embassy) weighed on performance, as did our South Korean positions (SK Hynix, LG Chem), which gave back part of their gains after an excellent start to the year.

Outlook and Investment Strategy

· After years in the shadow of developed markets, emerging-market equities are showing signs of a structural revival, benefitting from compelling valuations, improving earnings momentum, and long-term structural themes taking shape — keeping us constructive on the asset class. · Asia remains a strategic focus, particularly through continued exposure to the artificial intelligence value chain. We hold high-conviction positions in companies like SK Hynix and TSMC.
· Our trip to China confirmed two encouraging trends: the growing emphasis on tech innovation and renewed interest in Hong Kong markets. We are selectively positioned in themes like innovation (CATL) and future mobility (Didi), while focusing on high yielding stocks with shareholder-friendly policies.
· Latin America remains a core allocation, particularly Mexico, which benefits from geopolitical tensions and supply chain shifts. While we maintain our conviction in Banorte and MercadoLibre, we’ve partially trimmed exposure after a strong rally YTD.
· While Indian equities have underperformed broader markets in the short term — impacted by a mixed earnings season, and the announcement of 50% U.S. tariffs — we believe that the long-term structural growth story remains intact. We maintain our exposure, focusing on quality domestic companies (banks, insurance, consumption), shielded from direct tariff impact.
· Over the month, we took profits on names that had performed well since the start of the year (Eletrobras in Brazil, Elite Material in Taiwan). Conversely, we increased exposure to names that had underperformed and where valuations appeared attractive (Didi in China, Hynix in South Korea, BCA in Indonesia).

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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.