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
Bonds96.5 %
Other3.5 %
Data as of: Jul 31, 2025.
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
+ 45.9 %
-
+ 26.2 %
+ 31.3 %
+ 5.0 %
To 04/09/2025
Calendar Year Performance 2015Calendar 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 2024
-
-
+ 0.8 %
- 10.5 %
+ 28.1 %
+ 9.8 %
+ 3.2 %
- 9.4 %
+ 14.3 %
+ 3.7 %
Net Asset Value
145.93 €
Asset Under Management
314 M €
Modified Duration
31/07/2025
6.3
SFDR - Fund Classification
Article
8
Data as of: Jul 31, 2025.
Data as of: Sep 4, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
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: Aug 29, 2025.Fund management team
Alessandra Alecci
Fund Manager
Performance commentary
- During the month, the Fund posted a positive absolute performance, outperforming its benchmark.- The fund benefited from the performance of its credit selection particularly hard currency emerging debt (Ukraine, Côte d’Ivoire) and some private issuance in energy sector. However, we slightly suffered from our positions on Argentine debt and our credit protections.
- Our local rates strategies contributed positively to performance, supported by long positions in Brazilian, Hungarian and Indonesian rates. Conversely, the Fund was penalized by our positions on Colombian rates.
- On the currency front, the Fund benefited from the appreciation of the Brazilian real and the Hungarian forint against the euro, which helped offset the negative impact of the weakness of the Indonesian rupiah over the month.
Outlook strategy
- In a context marked by geopolitical and fiscal uncertainty in several countries, we still anticipate that the major central banks, including EM central banks will maintain an accommodative monetary policy. We therefore remain a relatively high modified duration, with a preference for local rates.- Regarding local rates, we favour countries with high real rates such as Colombia, South Africa and Brazil, as well as Eastern European countries such as Poland, Hungary and the Czech Republic. On the other hand, we are taking short positions on develop market rates notably US rates.
- In hard currency emerging debt, we have a preference for HY issuers, maintaining a diversified exposure across countries such as Côte d’Ivoire, Colombia, Turkey and South Africa, which offer attractive yields and favorable factors, leading us to believe they are mispriced by the market.
- Although the credit segment offers attractive carry, particularly in energy and financials, we maintain hedging through iTraxx Crossover given tight credit spread valuations.
- Finally, in currencies, we remain cautious, with high allocation in the euro, complemented by some decent exposure to Central and Eastern European currencies. We also hold selected positions in emerging market currencies, notably the commodity exporters from Latin America (Chilean peso, Brazilian real) and Asia (Indonesian rupiah), while keeping a minimal exposure the US dollar.
Performance Overview
Data as of: Sep 4, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 07/09/2025
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jul 31, 2025.| Bonds | 96.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 3.5 % |
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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: Jul 31, 2025.Modified Duration6.3
Yield to Maturity7.6 %
Average Coupon6.3 %
Number of Issuers64
Number of Bonds89
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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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.
Articles that may interest you
Fixed Income Strategy • July 10, 2024 • English
Carmignac P. EM Debt: Letter from the Fund Managers
3 minute(s) read
Fixed Income Strategy • April 15, 2024 • English
Carmignac P. EM Debt: Letter from the Fund Managers
4 minute(s) read
Fixed Income Strategy • January 16, 2024 • English
Carmignac P. EM Debt: Letter from the Fund Managers
5 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
-In August, yield curves steepened on both sides of the Atlantic. In the US, the move was pronounced, with the 2Y falling by -34 bps versus -14 bps for the 10Y, as markets priced in rate cuts. In Germany, the shift was modest, with the 2Y down -2 bps and the 10Y up +3 bps.