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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:  6 Jul 2025.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  30 May 2025.
FP Carmignac Emerging Markets - B GBP Acc
Comparator Benchmark: MSCI EM NR index
FP Carmignac Emerging Markets B GBP Acc+4.1 %+4.2 %+0.2 %+2.2 %---
Comparator Benchmark+1.0 %+3.3 %-0.7 %+6.7 %---
Category Average+0.7 %+3.9 %-0.6 %+4.9 %---
Ranking (quartile)1224---
​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 30/05/2025.

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 May 2025.
Fund+13.1 %-+13.8 %
Comparator Benchmark+13.8 %-+13.7 %

Calculation : Weekly basis

Ratio

Data as of:  30 May 2025.
Sharpe Ratio -0.2 %-0.0 %
Beta+0.8 %-+0.8 %
Alpha-0.1 %-0.0 %

Calculation : Weekly basis

Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 30 May 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 May 2025.
Equity portfolio+6.0 %
Bond Portfolio0.0 %
Equity derivatives0 %
Bond derivatives0 %
Currency Derivatives-0.2 %
Mutual fund-0.3 %
Total+5.5 %

Comments from the Investment Team

Read the Investment team's analysis below.

FP Carmignac Emerging Markets Monthly comments

Data as of:  30 May 2025.
The Investment team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 May 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.

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 May 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

  • During May, emerging markets rose, as did their developed counterparts.

  • After a very turbulent April, the announcement of a moratorium on tariffs between the US and China pushed markets into positive territory.

  • In China, economic indicators declined, with the Caixin manufacturing PMI coming in at 50.4 for April and the services PMI at 50.7.

  • Commodity prices (oil, soybeans, copper) remained stable over the period.

Performance Commentary

  • The fund posted a solid performance, outperforming its reference indicator.

  • We benefited in particular from our exposure to technology stocks and Taiwanese stocks (TSMC, Elite Materials and SK Hynix).

  • Our selection of Mexican stocks also contributed positively this month, notably the financial group Banorte and the real estate company Vesta.

  • However, the fund was slightly penalized by the underperformance of Indian stock Kotak Mahindra and Brazilian stock Eletrobras, after an excellent start to the year on the stock market.

Outlook and Investment Strategy

  • Despite the uncertainties surrounding Donald Trump's policies, we remain constructive on emerging market equities, as we believe that current valuations reflect a pessimistic scenario.

  • Furthermore, emerging markets are benefiting from uncertainty in the United States, as Trump's policies seem to be having the opposite effect, benefiting emerging markets.

  • We remain constructive on China, given the change in perception. Markets are realising that geopolitical tensions are hurting China but 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 decent exposure to China, with a slight underweight. Our Chinese portfolio is mainly composed of technology/innovative companies.

  • During the month, we increased our position in Prosus, Tencent's parent company. We believe Tencent is well positioned to benefit from China's catch-up in AI and could potentially launch the world's first AI agents or assistants. We are maintaining a significant allocation to India, where the long-term outlook remains promising (strong growth, political stability, solid current account balance).

  • The recent correction offers attractive entry points for the stocks we are tracking. We took advantage of the correction at the beginning of the year to increase our exposure to India by strengthening our positions in the e-commerce, tech and insurance sectors, which have fallen sharply.

  • Finally, we remain very constructive on our Latin American portfolio, which appears to be benefiting from the new global economic order, as it is less affected by customs tariffs than Asia. Mexico seems to have been relatively spared by Trump's initial announcements, which reinforces our view that this country should gain significant market share in US imports.

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All analysis
View characteristics and risksView portfolio
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.