1
2
3
4
5
6
7
Over the month, our strategy delivered a positive performance, outperforming its ref. indicator that is in negative territory.
We strongly benefited from our Latin American holding, notably Eletrobras that rallied sharply following the release of its quarterly results and the announcement of a dividend exceeding USD 750 million.
Our Chinese portfolio also showed strong momentum, driven in particular by VIPSHOP and Miniso, both of which reported solid quarterly earnings.
Conversely, our Indian holdings (ICICI Lombard, Kotak Mahindra, Embassy) weighed on performance, as did our South Korean positions (SK Hynix, LG Chem), which gave back part of their gains after an excellent start to the year.
Asia | 79.8 % |
Latin America | 19.0 % |
Eastern Europe | 1.2 % |
For over 30 years, Carmignac has been a pioneer in emerging markets. The combination of our fundamental financial analysis and our extra-financial approach, strengthened over the years, enables us to navigate emerging markets through our dedicated strategy.
Market environment
Emerging markets ended August slightly in negative territory, (MSCI EM -1.0%, CSI 300 +8.8%, BSE Sensex 30 -4.6%, KOSPI -4.3% in euro terms) undergoing a classic phase of consolidation after a strong first half of the year.
India continued to exhibit solid momentum, with GDP expanding by +7.8% year-on-year in Q2 2025. However, this robust economic performance was not sufficient to lift the market, which closed the month in negative territory, suffering from President Trump’s decision to raise tariffs on Indian goods to 50%, in retaliation for India’s continued purchases of Russian oil.
In China, economic activity indicators remained in expansionary territory, with the NBS General PMI at 50.5 and July trade data surprising to the upside (exports up +7.2% year-on-year), but retail sales disappointed (up only +3.7% versus +4.6% expected). Despite mixed macro signals, the market performed well overall—particularly A-shares, which rebounded sharply.
In South Korea, following an exceptional start to the year, equity markets experienced a mild correction, giving back part of their earlier gains.
In Brazil, markets extended their rally, supported by both attractive valuations and the decline in President Lula’s approval ratings, which were seen as a potential catalyst for more market-friendly policy expectations.