Equity strategies

FP Carmignac Emerging Markets

Share Class

GB00BQXJRP97

FP Carmignac Emerging Markets fund performance

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

Data as of:  30 Aug 2025.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  31 Jul 2025.
FP Carmignac Emerging Markets - B GBP Acc
Comparator Benchmark: MSCI EM NR index
FP Carmignac Emerging Markets B GBP Acc+10.6 %+2.6 %+10.8 %+12.6 %---
Comparator Benchmark+11.2 %+5.6 %+13.7 %+13.7 %---
Category Average+9.7 %+4.8 %+13.1 %+12.3 %---
Ranking (quartile)2443---
​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 31/07/2025.

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 Jul 2025.
Fund+15.4 %-+13.0 %
Comparator Benchmark+16.0 %-+13.1 %
Calculation : Weekly basis

Ratio

Data as of:  31 Jul 2025.
Sharpe Ratio +0.5 %-+0.2 %
Beta+0.9 %-+0.8 %
Alpha-0.1 %-0.0 %
Calculation : Weekly basis
Comparator Benchmark: MSCI EM NR index
Source: Carmignac at 31 Jul 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:  31 Jul 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

• In July, emerging markets posted strong gains, driven primarily by China, Taiwan, and South Korea. In contrast, Brazil lagged behind due to profit-taking after a solid performance since the start of the year.• The IMF revised its 2025 growth forecast for emerging economies upward to 4.1% (from a previous 3.7%), supported by improved economic conditions in China and a partial easing of tariffs between the U.S. and China.
• On the trade front, the U.S. imposed 50% tariffs on imports from Brazil, while reaching new tariff agreements with several Asian countries: 30% with Vietnam, 25% with India, and 15% with South Korea.
• Chinese markets surged following the announcement of a large-scale infrastructure plan, including a hydroelectric dam in Tibet, signaling continued investment support. Additionally, the government introduced new digital platform regulations aimed at promoting healthier competition.
• South Korean markets extended their rally, buoyed by the election of a market-friendly president and continued attractive valuations.
• Indian markets, however, declined due to elevated valuations and lingering uncertainties regarding trade relations with the United States.

Performance Commentary

• The fund delivered a positive return in July, though it underperformed its benchmark index.• Our stock selection in Taiwan proved particularly successful, with Taiwan Semiconductor, Elite Material, and Lite-On delivering strong results, reaffirming our conviction in this key technology market.
• During the month, we experienced a classic rotation on the market with best performing countries and sectors posting poor performances. That was the case for our 4 top contributors to fund performance in the first 6 months of 2025 (Eletrobras, Hynix, Kotak, Mercadolibre) that are amongst the biggest detractors for July. This is owing to a profit taking after solid run and to a combination of macro/geopolitical headlines and a mixed earnings season.
• Despite an absolute positive performance of our Chinese holdings (VIPSHOP), we suffered versus our reference indicator. Our relative underperformance in China was due to our lack of exposure to large state-owned enterprises and index-heavyweights, which were among the top local performers during the period.
• Lastly, we suffered from the weakness of our Indian holdings that fell in line with the markets.

Outlook and Investment Strategy

• We maintain a constructive outlook on EM Equities, which appear to benefit from heightened uncertainty in the United States. Indeed, Trump’s erratic policies may have an unintended positive impact on emerging markets, aided by a weaker U.S. dollar and still-attractive valuations.• Our recent trip to China confirmed two encouraging trends. Firstly, the government is increasingly prioritizing science and technology, with breakthroughs such as DeepSeek boosting confidence. Secondly, the Hong Kong financial markets are regaining appeal, driven by targeted reforms and IPOs of innovative companies.
• In this context, in China, we are identifying promising opportunities in themes such as: Artificial Intelligence, well-being and healthcare, Future mobility, Education and High-yield stocks (with strong shareholder returns)
• We continue to focus on high-quality, undervalued companies with shareholder-friendly policies, such as dividends and share buybacks.
• During the month, we made several portfolio adjustments. We closed our position in Argentine bank Galicia, and trimmed holdings in Elite Material, VIPShop, Eletrobras, and Banorte, all of which had posted significant gains year-to-date.
• In contrast, we increased our investment in DIDI, the Chinese mobility platform, and initiated a new position in CATL, the global leader in electric vehicle batteries, with exposure also to energy storage and autonomous vehicles.
• While we remain positive on Latin American exposure, we have partially reduced our allocation to lock in gains, following the region’s strong market appreciation since the beginning of the year.

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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.