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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

Fund performance vs. reference indicator (basis 100 - net of fees)

Data as of:  13 Dec 2025.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  28 Nov 2025.
FP Carmignac Emerging Markets - B GBP Acc
Comparator Benchmark: MSCI EM NR index
FP Carmignac Emerging Markets B GBP Acc+28.4 %-3.8 %+12.6 %+28.6 %---
Comparator Benchmark+22.6 %-3.2 %+11.1 %+24.2 %---
Category Average+21.2 %-2.8 %+10.1 %+22.2 %---
Ranking (quartile)1411---
​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 28/11/2025.

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:  28 Nov 2025.
Fund+13.0 %-+13.6 %
Comparator Benchmark+13.1 %-+13.1 %
Calculation : Weekly basis

Ratio

Data as of:  28 Nov 2025.
Sharpe Ratio +1.9 %-+0.7 %
Beta+0.9 %-+0.8 %
Alpha+0.1 %-0.0 %
Calculation : Weekly basis
Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 28 Nov 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:  28 Nov 2025.
Equity portfolio-3.2 %
Bond Portfolio0 %
Equity derivatives0 %
Bond derivatives0 %
Currency Derivatives0.0 %
Mutual fund0.0 %
Total-3.2 %

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of:  28 Nov 2025.
The Investment team
[Management Team] [Author] Hovasse Xavier

Xavier HOVASSE

Head of Emerging Equities, 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 September 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

  • In November, emerging markets declined, dragged down mainly by the underperformance of Asian markets (China, South Korea, Taiwan), while Latin American markets advanced, supported in particular by Brazil and Mexico.
  • The technology sector—from Asia to Wall Street—corrected over the month, affected by a combination of factors: stretched valuations in the United States, weakening expectations of Fed rate cuts, and persistent uncertainty around the true impact of artificial intelligence on corporate productivity and profitability.
  • This dynamic weighed more heavily on markets highly exposed to the AI value chain, such as Taiwan and South Korea, which rank among the most sensitive to the semiconductor cycle.
  • In China, October macroeconomic data deteriorated markedly: the decline in property prices deepened, while industrial production and investment disappointed. These indicators highlight the persistent fragility of the economy despite ongoing support measures.
  • In Brazil, markets appreciated, buoyed by easing inflation and a more accommodative communication from the central bank, which strengthened optimism regarding the continuation of monetary easing.

Performance Commentary

  • In this environment, our strategy delivered a negative performance in November, underperforming its reference indicator.
  • The main detractor during the month was our position in the Chinese company Didi. The stock fell sharply at the beginning of the period, hurt by a negative market sentiment linked to elevated spending on the expansion of its food delivery operations in Latin America. It recovered toward month-end, supported by the release of solid quarterly results, which helped partially offset its earlier losses.
  • Our exposure to technology stocks also weighed on performance, particularly through our investments in Taiwan (TSMC, Lite-On) and South Korea, where SK Hynix delivered a negative contribution. The sector broadly suffered from a widespread correction.
  • Our investments in Southeast Asia (India, Indonesia, Singapore) also modestly detracted from performance.
  • Conversely, our positions in Brazil—particularly Eletrobras and Equatorial Energia—contributed positively and helped cushion the portfolio’s overall decline.

Outlook and Investment Strategy

  • After several years of underperformance relative to developed markets, emerging-market equities are now showing signs of a structural recovery. We identify several supportive factors that could underpin a sustained rebound: a weaker US dollar, anticipated rate cuts, improving corporate governance, greater visibility on global trade flows, and resilient earnings growth.
  • Asia remains our largest regional allocation, with a targeted exposure to the AI value chain—most notably through SK Hynix and TSMC, two key players in the sector.
  • In China, we expect necessary policy support to materialize over the next 2–3 months, as a high comparison base and still-soft demand continue to weigh on growth. There, we maintain a selective approach focused on innovation leaders in the battery sector (CATL) and future mobility (Didi).
  • Latin America remains a strategic allocation for us, primarily anchored in Brazil and Mexico. We maintain strong convictions in Brazilian infrastructure companies and Mexican banks.
  • Although India has underperformed in the short term, we remain confident in its long-term growth potential. We maintain a targeted exposure to high-quality domestic companies in banking, insurance, and consumer sectors—areas largely shielded from tariff-related risks.
  • During the month, we took profits on several of this year’s strongest contributors to performance: SK Hynix (South Korea), Elite Material (Taiwan), and Equatorial Energia (Brazil).

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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.