Fixed income strategies
Carmignac Portfolio EM Debt
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU1623763734
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
Bonds86.7 %
Other13.3 %
Data as of: Nov 28, 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
+ 59.2 %
-
+ 23.2 %
+ 24.4 %
+ 7.7 %
To 07/01/2026
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
-
+ 1.1 %
- 10.0 %
+ 28.9 %
+ 10.5 %
+ 3.9 %
- 9.0 %
+ 15.3 %
+ 4.1 %
+ 7.9 %
Net Asset Value
159.23 €
Asset Under Management
421 M €
Modified Duration
28/11/2025
6.6
SFDR - Fund Classification
Article
8
Data as of: Nov 28, 2025.
Data as of: Jan 7, 2026.
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: Dec 31, 2025.Fund management team
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a positive performance, outperforming its reference indicator, mainly driven by its hard currency debt exposure.
- The fund strongly benefited from its hard-currency sovereign exposure, particularly its positions in Egypt, Côte d’Ivoire and Argentina. However, it slightly suffered from its credit protection due to the tightening of the spread during the month.
- Our local rate strategies contributed slightly negatively to performance, driven by our long positions in Colombian and Brazilian rates, despite solid performance from South African and Hungarian local rates.
- On the currency front, the Fund was slightly impacted by the underperformance of the Brazilian real and the Indian rupee over the month.
Outlook strategy
- In a context of easing inflation and accommodative monetary policies across emerging markets and some developed economies, but persistent geopolitical risks, we expect central banks to maintain an accommodative bias. We therefore keep a relatively high modified duration, around 640 basis points, through a balanced exposure to local and hard-currency bonds.
- In this more supportive environment for emerging markets, we maintain significant exposure to local currency debt. Our positioning focuses on markets offering high real yields, notably South Africa, Poland, the Czech Republic and Hungary, as well as selected Latin American countries such as Brazil, Peru and Mexico.
- We maintain an overweight position in hard currency sovereign debt, favoring a selection of high-yield issuers with solid fundamentals and attractive valuations, such as Côte d’Ivoire, South Africa, Egypt and Turkey. This positioning is supported by favorable macroeconomic backdrop, robust technical factors, and high carry.
- Carry remains attractive, particularly in the energy and financial sectors. We remain primarily invested in high-yield issuers, especially BB- and B-rated issuers and underweight investment grade credit due to very tight credit spreads. In the context of tight valuations, we maintain our credit protection via the iTraxx Xover.
- We continue to adopt a cautious approach to currencies, maintaining significant exposure to the euro and a limited exposure to the US dollar. We selectively increase our exposure to emerging market currencies, with a particular focus on those of commodity-producing countries such as the South African rand (ZAR), the Chilean peso (CLP) and the Brazilian real (BRL), as well as selected currencies in Central and Eastern Europe.
Performance Overview
Data as of: Jan 8, 2026.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 09/01/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Nov 28, 2025.| Bonds | 86.7 % |
| Cash, Cash Equivalents and Derivatives Operations | 13.3 % |
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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: Nov 28, 2025.Modified Duration6.6
Yield to Maturity7.1 %
Average Coupon6.5 %
Number of Issuers60
Number of Bonds83
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.
Alessandra ALECCI
Fund Manager
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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