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Equity strategies

FP Carmignac Emerging Markets

Share Class

GB00BQXJRP97

Equity strategiesFP Carmignac Emerging Markets
Equity strategiesFP Carmignac Emerging Markets
Share Class

GB00BQXJRP97

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

FP Carmignac Emerging Markets fund performance

Performance Overview

Data as of:  29 Apr 2025.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  31 Mar 2025.
FP Carmignac Emerging Markets - B GBP Acc
Comparator Benchmark: MSCI EM NR index
FP Carmignac Emerging Markets B GBP Acc+1.6 %-2.1 %+1.6 %-1.2 %---
Comparator Benchmark-0.1 %-1.8 %-0.1 %+6.1 %---
Category Average-0.8 %-2.1 %-0.8 %+3.6 %---
Ranking (quartile)1314---
​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 31/03/2025.

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:  31 Mar 2025.
Fund+13.7 %-+12.8 %
Comparator Benchmark+12.2 %-+12.9 %

Calculation : Weekly basis

Ratio

Data as of:  31 Mar 2025.
Sharpe Ratio -0.5 %--0.1 %
Beta+0.9 %-+0.9 %
Alpha-0.1 %-0.0 %

Calculation : Weekly basis

Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 31 Mar 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 Mar 2025.
Equity portfolio-3.6 %
Bond Portfolio0 %
Equity derivatives0 %
Bond derivatives0 %
Currency Derivatives+0.4 %
Mutual fund-0.2 %
Total-3.3 %

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of:  31 Mar 2025.
The Investment team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager

Market Environment

  • The emerging equities markets fell back in March, but nevertheless outperformed the developed market indices. (Hang Seng -3.0%, KOSPI -6.3%, BSE SENSEX +4.2%, BOVESPA +4.6%).
  • On the geopolitical front, Donald Trump's administration continues to threaten its main trading partners by increasing tariffs in many sectors, including the automotive industry.
  • The National People's Congress met for the annual ‘Two Sessions’ to decide the country's policy direction and announce its growth target of +5% for the year 2025.
  • The government has stated its intention to support the consumer, marking a major shift in the country's growth model, which is now centred on domestic consumption.
  • In South Korea, the financial regulator has reinstated short selling. Measures had been put in place in November 2023 following illegal short selling offences. The lifting of restrictions is intended to encourage the comeback of institutional investors.
  • Finally, in India, after several months of underperformance, the markets have experienced a technical rebound.

Performance Commentary

  • In this context, the fund posted a negative performance, as did its reference indicator.
  • Our main detractor was Taiwan's TSMC, following the downward trend of the American tech giants, penalised by global economic uncertainties. As a result, our positions in Elite Material and Lite-On also had a negative impact on our portfolio.
  • Our portfolio of Chinese stocks weighed on the fund's good performance. We can mention the decline in the stock of Beike, a provider of transactional services in the real estate sector, which saw its stock fall following the publication of its quarterly results, which were disappointing, particularly in terms of profitability.
  • In India, the price of Kotak Mahindra stock continued to rise in 2025, benefiting from the appointment of a new chief technology officer, a major turning point in the bank's technological leadership.
  • Finally, our Latin American portfolio was unable to support the portfolio over the period, as was the case with the MercadoLibre stock, which fell back in March after a strong start to the year.

Outlook and Investment Strategy

  • Despite the uncertainties related to D. Trump's policies, we remain constructive on emerging equities, believing that current valuations reflect a pessimistic scenario. Moreover, emerging markets are benefiting from the uncertainty in the United States: Trump's policies seem to have the opposite effect, benefiting emerging markets.
  • We remain constructive on China, given the change in perception. The markets realise that geopolitical tensions are hurting China but are not destroying it. Moreover, technological progress, particularly in AI and productivity, should provide further stimulus to the economy. This is why we want to maintain a decent exposure to China, with a slight underweight. Our Chinese portfolio is mainly composed of technology/innovative companies. Conversely, we avoid the old economy and cyclical sectors.
  • We are maintaining a significant allocation to India, where the long-term outlook remains promising (strong growth, political stability, healthy current account) despite the recent weakness. Our trip to India confirmed the country's promising outlook and the recent correction offers us interesting entry points on stocks that we are following.
  • We took advantage of this correction to increase our exposure to India by strengthening our positions in the e-commerce, tech and insurance sectors, which have fallen sharply. We are increasing our stake in PB Fintech (Policybazaar), the leader in online insurance services, capturing 21% of all new insurance products sold in India thanks to its unique platform.
  • Finally, we remain constructive on our Latin American portfolio, where valuations remain attractive. Despite the tariff risks, we remain constructive on Mexico. President Sheinbaum has managed to maintain good relations with D. Trump. Meanwhile, in Brazil, despite the significant rebound since the beginning of the year, we are maintaining our Brazilian stocks (particularly in energy infrastructure companies) due to their attractive risk/return profile.

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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.