Share Class
LU0592698954
An all-inclusive, sustainable Emerging Market solution
- Accessing a rich and heterogenous universe of EM bonds, equities, and currencies in a sustainable manner.
- Offering portfolio diversification by exploiting decorrelations between regions, sectors and asset classes.
- Dynamic and flexible management to quickly adapt to market movements.
Key documents
Asset Allocation
Bonds51,5 %
Equities43,9 %
Other4,6 %
Data as of: Aug 31, 2026.
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
+ 79,8 %
+ 56,1 %
+ 19,1 %
+ 34,7 %
+ 23,1 %
To 07/09/2026
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
+ 9,8 %
+ 7,3 %
- 14,4 %
+ 18,6 %
+ 20,4 %
- 5,2 %
- 9,6 %
+ 7,8 %
+ 1,9 %
+ 14,2 %
Net Asset Value
179,77 €
Asset Under Management
386 M €
Net Equity Exposure31/08/2026
34,9%
SFDR - Fund Classification
Article
8
Data as of: Aug 31, 2026.
Data as of: Sep 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 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
![[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
Head of Emerging Equities, Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Carmignac Portfolio Emerging Patrimoine 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 31, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- The Fund delivered a slightly negative performance, underperforming its reference indicator. Positive contributions from EM currencies and hard-currency debt were more than offset by weaker equity selection and local rates.
- Equities were the main detractor, driven by selected Brazilian and Chinese holdings. This was partly offset by positive contributions from technology stocks and our new Indian investments Manipal Health Enterprises that posted decent performance.
- Local currency debt also detracted from performance, notably through long positions in energy-importing EMEA countries such as South Africa, as well as in Brazilian and Colombian local bonds.
- Hard-currency debt was the main positive contributor, supported by high-conviction sovereign positions, notably Côte d’Ivoire. However, credit hedges through CDS detracted from returns.
- Finally, emerging market currencies contributed positively, led by selected Asian currencies, particularly the South Korean won and Kazakh tenge.
Outlook strategy
- We remain constructive on emerging market assets, supported by improving fundamentals, contained inflation, manageable fiscal deficits and credible monetary policy. The portfolio maintains a positive duration position of around 100bps and relatively high net equity exposure of 35%, backed by stronger earnings growth and attractive valuations versus developed markets.
- On equities, we remain constructive but increasingly selective, with valuation discipline central to our approach. AI hardware remains a key conviction, while we diversify our alpha sources. In China, we favour globally competitive industrials with strong cash generation; in Latin America and India, we selectively target domestic opportunities in financials, utilities and healthcare. During the month, we actively managed position sizes, adding to SK Square after the correction and selectively increasing exposure to lagging Chinese holdings where we see greater upside.
- Hard-currency sovereign debt remains our strongest fixed-income conviction. While investment-grade spreads remain tight, we see attractive opportunities in high yield and special situations, notably in Azerbaijan, Côte d’Ivoire and Argentina, supported by solid fundamentals and attractive carry.
- Local debt remains challenging near term, but valuations are attractive. With EM inflation surprising to the downside and markets pricing substantial tightening despite central banks largely staying on hold, we favour the front end of curves in Central and Eastern Europe, South Africa and selected Latin American markets.
- On currencies, we remain constructive but selective, supported by attractive carry, valuations and commodity exposure. We increased exposure to currencies linked to gold and precious metals and continue to favour the Mexican peso, supported by contained inflation, a strong trade balance and limited near-term political risk.
- Finally, we maintain portfolio hedges, including CDS credit protection, shorts in selected developed-market sovereign bonds and inflation-linked strategies, to mitigate risks from spread widening, renewed global rates pressure and persistent inflation.
Performance Overview
Data as of: Sep 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 Fund presents a risk of loss of capital.
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31/12/2021, the reference indicator was 50% MSCI Emerging Markets index, 50% JP Morgan GBI - Emerging Markets Global Diversified Index. The performances are presented using the chaining method.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/09/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Aug 31, 2026.| Bonds | 51,5 % |
| Equities | 43,9 % |
| Cash, Cash Equivalents and Derivatives Operations | 4,6 % |
| Credit Default Swap | -25,5 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: Aug 31, 2026.Equity Investment Weight43,9%
Net Equity Exposure34,9%
Active Share88,4%
Modified Duration1,0
Yield to Maturity7,5%
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
Strategies insights • July 23, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q2 2026
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Strategies insights • April 20, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q1 2026
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Press release • February 11, 2026 • English
Carmignac bolsters emerging market debt capabilities
2 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.
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