Share Class
LU1623763221
Exploit fixed income opportunities across the entire emerging universe
- Access a wide range of performance drivers across the emerging universe: local debt, external debt and currencies.
- A conviction-driven and non-benchmarked philosophy to uncover the attractive opportunities emerging markets have to offer.
- Environmental, social and governance approach integrated into the investment process.
Key documents
Asset Allocation
Bonds90,7 %
Other9,3 %
Data as of: May 29, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 56,4 %
-
+ 18,5 %
+ 19,2 %
+ 8,9 %
To 08/07/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
-
+ 0,8 %
- 10,5 %
+ 28,1 %
+ 9,8 %
+ 3,2 %
- 9,4 %
+ 14,3 %
+ 3,7 %
+ 7,5 %
Net Asset Value
156,36 €
Asset Under Management
477 M €
Modified Duration
30/06/2026
6,6
SFDR - Fund Classification
Article
8
Data as of: May 29, 2026.
Data as of: Jul 8, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Alessandra ALECCI
Fund Manager
The Fund is best suited for fixed income investors looking for higher returns than those offered by developed markets, by taking advantage of the emerging universe potential.
Alessandra ALECCI
Fund Manager
Carmignac Portfolio EM Debt fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.
Our monthly comments
Data as of: Jun 30, 2026.Fund management team
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a strong positive performance, outperforming its benchmark, with all performance drivers contributing positively, particularly local rates and foreign exchange.
- Currencies were the main contributor to both absolute and relative performance in a supportive risk-on environment that benefited emerging market FX. Gains were broadly diversified across regions (EMEA, Asia and Latin America), with particularly strong contributions from the Colombian peso, Egyptian pound and Indian rupee.
- Local currency debt also contributed positively to performance mainly driven by our long positions in Colombia, Poland and Hungary.
- Hard currency debt made a modest positive contribution to performance, with positive contributions from our positions in Argentina, Türkiye and Côte d'Ivoire. These gains were partly offset by our credit hedges, particularly our CDS position on Colombia, as credit spreads tightened following the announcement of the US-Iran agreement.
Outlook strategy
- Against a backdrop of easing inflationary pressures, supported by lower energy prices, we increased the portfolio's duration from 4.9 to 6.6, mainly through local currency debt. Having tightened policy ahead of developed markets, EM central banks now have greater flexibility to pause or ease, reinforcing our constructive view on local rates. We also remain highly constructive on hard currency credit and EM currencies.
- In local currency debt, we increased exposure across Eastern Europe, notably Poland and the Czech Republic, as well as Latin America through Colombia and Mexico. Lower oil prices and still-elevated local bond yields continue to provide an attractive backdrop for yield compression and compelling risk-adjusted opportunities.
- We maintained exposure to inflation-linked strategies through bonds in Mexico and Poland, as well as European breakevens, as a hedge against potential second-round inflationary effects.
- In currencies, we maintained around 30% exposure to the euro with no exposure to the US dollar, favoring instead EM currencies, on which we remain highly constructive. During the month, we added exposure to undervalued Asian oil-importing currencies, notably the Indian rupee, Indonesian rupiah and Malaysian ringgit, while maintaining significant positions in the Brazilian real, Chilean peso and Colombian peso.
Performance Overview
Data as of: Jul 8, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
Until 31/12/2023, the reference indicator was JP Morgan GBI – Emerging Markets Global Diversified Composite Unhedged EUR Index (JGENVUEG). Performances are presented using the chaining method.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/07/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Bonds | 90,9 % |
| Cash, Cash Equivalents and Derivatives Operations | 8,1 % |
| Money Market | 1,0 % |
| Credit Default Swap | -21,3 % |
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Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and bond positioning.
Exposure Data
Data as of: Jun 30, 2026.Modified Duration6,6
Yield to Maturity7,3%
Average Coupon7,0%
Number of Issuers59
Number of Bonds87
Average RatingBB+
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
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Articles that may interest you
Strategies insights • May 13, 2026 • English
Emerging Market Debt: Resilience in a more volatile world
7 minute(s) read
Strategies insights • April 20, 2026 • English
Carmignac Portfolio EM Debt: Letter from the Fund Manager - Q1 2026
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Strategies insights • February 26, 2026 • English
View on rates: Uneven policies, selective duration
7 minute(s) read
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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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
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.
Market environment