Share Class
LU1299303229
Grasping the most promising opportunities within the emerging universe
- A concentrated and high conviction portfolio seeking high alpha generation across the diversified emerging market universe.
- A Fund focused on selecting high-quality companies that offer attractive long-term growth prospects, with sound financials and sustainable profitability.
- A sustainable Fund that aims to positively contribute to the environment and society while seeking to achieve a low carbon footprint.
Key documents
Asset Allocation
Equities96 %
Other4 %
Data as of: Aug 29, 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 71.6 %
-
+ 27.1 %
+ 32.3 %
+ 18.3 %
To 25/09/2025
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
- 4.1 %
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
+ 4.8 %
Net Asset Value
171.64 €
Asset Under Management
465 M €
Net Equity Exposure29/08/2025
96.0 %
SFDR - Fund Classification
Article
9
Data as of: Aug 29, 2025.
Data as of: Sep 25, 2025.
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Carmignac Portfolio Emergents 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
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier Hovasse
Fund Manager
Performance commentary
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.
Outlook strategy
· After years in the shadow of developed markets, emerging-market equities are showing signs of a structural revival, benefitting from compelling valuations, improving earnings momentum, and long-term structural themes taking shape — keeping us constructive on the asset class.
· Asia remains a strategic focus, particularly through continued exposure to the artificial intelligence value chain. We hold high-conviction positions in companies like SK Hynix and TSMC.
· Our trip to China confirmed two encouraging trends: the growing emphasis on tech innovation and renewed interest in Hong Kong markets. We are selectively positioned in themes like innovation (CATL) and future mobility (Didi), while focusing on high yielding stocks with shareholder-friendly policies.
· Latin America remains a core allocation, particularly Mexico, which benefits from geopolitical tensions and supply chain shifts. While we maintain our conviction in Banorte and MercadoLibre, we’ve partially trimmed exposure after a strong rally YTD.
· While Indian equities have underperformed broader markets in the short term — impacted by a mixed earnings season, and the announcement of 50% U.S. tariffs — we believe that the long-term structural growth story remains intact. We maintain our exposure, focusing on quality domestic companies (banks, insurance, consumption), shielded from direct tariff impact.
· Over the month, we took profits on names that had performed well since the start of the year (Eletrobras in Brazil, Elite Material in Taiwan). Conversely, we increased exposure to names that had underperformed and where valuations appeared attractive (Didi in China, Hynix in South Korea, BCA in Indonesia).
· Asia remains a strategic focus, particularly through continued exposure to the artificial intelligence value chain. We hold high-conviction positions in companies like SK Hynix and TSMC.
· Our trip to China confirmed two encouraging trends: the growing emphasis on tech innovation and renewed interest in Hong Kong markets. We are selectively positioned in themes like innovation (CATL) and future mobility (Didi), while focusing on high yielding stocks with shareholder-friendly policies.
· Latin America remains a core allocation, particularly Mexico, which benefits from geopolitical tensions and supply chain shifts. While we maintain our conviction in Banorte and MercadoLibre, we’ve partially trimmed exposure after a strong rally YTD.
· While Indian equities have underperformed broader markets in the short term — impacted by a mixed earnings season, and the announcement of 50% U.S. tariffs — we believe that the long-term structural growth story remains intact. We maintain our exposure, focusing on quality domestic companies (banks, insurance, consumption), shielded from direct tariff impact.
· Over the month, we took profits on names that had performed well since the start of the year (Eletrobras in Brazil, Elite Material in Taiwan). Conversely, we increased exposure to names that had underperformed and where valuations appeared attractive (Didi in China, Hynix in South Korea, BCA in Indonesia).
Performance Overview
Data as of: Sep 25, 2025.Source: Carmignac at 26/09/2025
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 29, 2025.| Asia | 79.8 % |
| Latin America | 18.9 % |
| Eastern Europe | 1.3 % |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.
Exposure Data
Data as of: Aug 29, 2025.Equity Investment Weight96.0 %
Net Equity Exposure96.0 %
Number of Equity Issuers37
Active Share83.0 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Xavier Hovasse
Fund Manager
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.
Xavier Hovasse
Fund Manager
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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.