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 09/10/2025
+ 92.2 %
-
+ 27.5 %
+ 34.6 %
+ 19.4 %
Calendar Year Performance 2015Calendar 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 2024
-
-
-
-
+ 13.6 %
+ 63.0 %
- 15.6 %
- 9.5 %
+ 7.2 %
+ 0.9 %
Net Asset Value
1.92 £
Asset Under Management
85 M £
Net Equity Exposure30/09/2025
95.6 %
FP Carmignac Emerging Markets fund performance
Fund performance vs. reference indicator (basis 100 - net of fees)
Data as of: 11 Oct 2025.Calendar Year Performance (as %)
Calendar Year Performance (as %)
Data as of: 30 Sep 2025.- FP Carmignac Emerging Markets - A GBP ACC
- Comparator Benchmark: MSCI EM NR index
| FP Carmignac Emerging Markets A GBP ACC | +22.6 % | +7.7 % | +13.9 % | +19.5 % | +36.6 % | +27.4 % | - |
| Comparator Benchmark | +18.6 % | +7.5 % | +12.6 % | +16.9 % | +37.0 % | +34.8 % | - |
| Category Average | +17.4 % | +6.6 % | +12.1 % | +16.2 % | +34.2 % | +29.8 % | - |
| Ranking (quartile) | 1 | 2 | 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).
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 30/09/2025.
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: 30 Sep 2025.| Fund | +15.0 % | +16.8 % | +17.5 % |
| Comparator Benchmark | +13.8 % | +14.4 % | +14.9 % |
Calculation : Weekly basis
Ratio
Data as of: 30 Sep 2025.| Sharpe Ratio | +0.4 % | +0.1 % | +0.4 % |
| Beta | +1.0 % | +1.0 % | +1.0 % |
| Alpha | 0.0 % | -0.1 % | -0.1 % |
Calculation : Weekly basis
Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 30 Sep 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: 30 Sep 2025.Equity portfolio+7.0 %
Bond Portfolio0 %
Equity derivatives0 %
Bond derivatives0 %
Currency Derivatives0.0 %
Mutual fund-0.1 %
Total+6.8 %
Comments from the Investment Team
Read the Investment team's analysis below.
FP Carmignac Emerging Markets Monthly comments
Data as of: 30 Sep 2025.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
Fund Manager
Performance Commentary
- In September, the fund delivered an excellent performance, outperforming its reference indicator.
- SK Hynix was the top contributor, benefiting from strong global demand for semiconductors, attractive valuations, and a market-friendly political environment. Moreover, the company’s announcement of the internal certification of its HBM4 memory and preparations for mass production was positively received by investors.
- Within the AI and semiconductor theme, the portfolio also benefited from its positions in TSMC and Elite Material.
- In China, the strong market rally supported our holdings in consumer discretionary names such as Vipshop and Tencent, as well as in CATL, the Chinese EV battery giant.
- Finally, our Latin American holdings also added value, notably through the Brazilian utilities Eletrobras and Equatorial Energia, along with the Mexican bank Banorte and the industrial real estate company Vesta.
Outlook and Investment Strategy
- After years lagging developed markets, emerging-market equities are showing signs of structural revival. We continue to see multiple tailwinds for a sustained EM rally — a softer USD, rate cuts, improving corporate governance and industrial policies, clearer trade dynamics and resilient earnings growth.
- Asia remains our strategic focus, particularly through exposure to the artificial intelligence value chain. We hold high-conviction positions in SK Hynix and TSMC, two core enablers of the global AI buildout.
- In China, two positive trends stand out: a stronger push toward technological innovation and a revival of investor interest in Hong Kong markets. We are selectively positioned in innovation and battery leaders (CATL) and future mobility (Didi), while favouring high-yielding, shareholder-friendly names.
- Latin America remains a core allocation, anchored in Brazil and Mexico. We retain conviction in Brazilian utilities and Mexican bank, though we have partially trimmed exposure after a strong year-to-date rally.
- While India has underperformed short term, we see the long-term growth story intact, maintaining exposure to quality domestic franchises in banking, insurance, and consumption, largely insulated from tariff risks.
- With the MSCI EM index nearing 15x current Price earnings (P/E) ratio, close to their historic highs, we’re staying disciplined — taking profits on outperformers like Eletrobras, Elite Materials, and Vipshop, and adding to high-conviction stocks where we see more upside potential such as SK Hynix, Didi, and Prosus (as a proxy to Tencent).
- We also initiated a position in Asia Vital Components, Taiwan’s leader in liquid cooling, a high-quality operator with a strong balance sheet. The recent pullback offered a compelling entry point.
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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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