Share Class
LU2638445218
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 %
Other14 %
Data as of: Apr 30, 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
+ 12.6 %
-
-
-
+ 11.0 %
To 11/05/2026
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
-
-
-
-
-
-
-
-
+ 0.1 %
+ 10.0 %
Net Asset Value
112.58 £
Asset Under Management
459 M €
Modified Duration
31/03/2026
3.3
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: May 11, 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
–
Lamine BOUGUEROUA
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: Apr 30, 2026.Fund management team
Alessandra ALECCI
Fund Manager
–
Lamine BOUGUEROUA
Fund Manager
Performance commentary
- Over the month, the Fund delivered a strong positive performance, mainly driven by our hard currency exposure.
- The Fund benefited primarily from its exposure to hard currency debt, particularly in Africa and Latin America, with positive contributions from positions in Egypt, Côte d’Ivoire and Ecuador. Conversely, our credit hedges (iTraxx Xover and high yield) slightly detracted from performance, reflecting the compression in credit spreads following the ceasefire.
- Local currency debt contributed negatively, particularly in relative terms, with the main detractors including our positions in Indonesia and the Czech Republic.
- On currencies, the Fund posted a positive contribution overall. Gains from the Hungarian forint, Egyptian pound and Brazilian real more than offset the negative contribution from the US dollar.
Outlook strategy
- In a context of ongoing geopolitical volatility, alternating between phases of escalation and de-escalation, active portfolio management remains key to navigating fast-moving markets. We dynamically managed the Fund’s duration, increasing it from around 330bps to 620bps early in the month to benefit from the rates rally following the ceasefire announcement, notably through local debt, before reducing it to around 350bps by month-end primarily via a reduction in local currency exposure amid persistent uncertainty around the conflict’s duration.
- While actively managing our local debt exposure during the month, we maintained an overall allocation broadly in line with the beginning of the month. We increased positions in Eastern Europe, notably in Hungary and the Czech Republic, while maintaining our exposure in Latin America (Peru, Brazil, Mexico).
- In hard currency sovereign debt, we maintain a broadly stable exposure, with core positions in high conviction names such as Côte d’Ivoire, Egypt and Romania. At the same time, we continue to implement credit protection strategies via CDS on indices and single names.
- In a context of elevated energy prices and rising inflation expectations across several regions, we maintain exposure to inflation strategies through inflation-linked bonds in selected markets (Mexico, Brazil, Poland) as well as European breakevens.
- On currencies, we maintain a solid exposure to the euro and a limited exposure to the US dollar, which we see in a weakening cycle supportive for EM FX. We remain constructive on emerging currencies, particularly those offering high carry and linked to commodities (Brazilian real, Mexican peso), as well as selected Eastern European currencies such as the Polish zloty and Hungarian forint.
Performance Overview
Data as of: May 11, 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 12/05/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Bonds | 86 % |
| Cash, Cash Equivalents and Derivatives Operations | 12.3 % |
| Money Market | 1.7 % |
| Credit Default Swap | -25.2 % |
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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: Mar 31, 2026.Modified Duration3.3
Yield to Maturity9.4 %
Average Coupon5.8 %
Number of Issuers59
Number of Bonds84
Average RatingBBB-
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
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Carmignac Portfolio EM Debt: Letter from the Fund Manager - Q1 2026
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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