Share Class
LU0992631647
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
Bonds45.4 %
Equities42 %
Other12.6 %
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
+ 66.0 %
+ 60.3 %
+ 21.3 %
+ 28.9 %
+ 7.0 %
To 07/10/2025
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 %
+ 8.0 %
- 13.8 %
+ 19.2 %
+ 21.1 %
- 4.6 %
- 9.0 %
+ 8.2 %
+ 2.5 %
Net Asset Value
165.98 €
Asset Under Management
313 M €
Net Equity Exposure29/08/2025
34.4 %
SFDR - Fund Classification
Article
8
Data as of: Aug 29, 2025.
Data as of: Oct 7, 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.
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: Sep 30, 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
- During the month, the Fund posted a positive performance, outperforming its ref. indicator, benefiting from the solid performance of its equity holdings, notably in Asian technology names (Korean, Taiwan, China).
- SK Hynix was the top contributor, benefiting from strong global demand for semiconductors, attractive valuations, and a market-friendly political environment. Within the AI and semiconductor theme, the portfolio also benefited from its positions in TSMC and Elite Material.
- On the fixed income side, our credit selection bolstered performance particularly our hard currency emerging debt (Côte d’Ivoire, Egypt). However, we slightly suffered from our credit protections following the tightening of the iTraxx Xover index during the month.
- Despite the positive contribution of our South African local rate position, our local rate strategies contributed slightly negatively to performance, suffering from our exposure to Czech rates.
- On the currency front, the Fund benefited from the solid performance of its Latin American currencies (such as the Brazilian real and the Mexican peso), as well as the Hungarian forint.
Outlook strategy
- In a context still marked by geopolitical and fiscal uncertainty in several countries, we anticipate that major central banks, including those in emerging markets, will continue to adopt accommodative monetary policy. In this context, we are maintaining a constructive view on Emerging markets assets with a relatively high equity exposure (around 40%) and a moderate level of modified (around 250 basis points), with a mix of local and hard-currency bonds.
- Regarding local rates, we continue to favor countries offering high real rates, such as the Czech Republic, Poland, and Hungary, as well as certain Latin American and Central American countries such as Colombia, Brazil, and Mexico. Conversely, we maintain short positions on rates in developed countries, particularly the US.
- Regarding hard currency emerging debt, we favor high-yield (HY) issuers, with diversified exposure to countries such as Côte d’Ivoire, Turkey, South Africa, and Egypt, which offer attractive yields despite their solid fundamentals, leading us to believe they are mispriced by the market.
- Although the credit segment continues to offer attractive carry, particularly in the energy and financial sectors, we maintain hedging through iTraxx Crossover given tight credit spread valuations.
- On the Equity side, we maintain our significant exposure to Asia particularly through exposure to the artificial intelligence value chain, with high-conviction positions in SK Hynix and TSMC, together with some diversification into China, India and Latin America.
- With the MSCI EM index nearing 15x current Price earnings ratio, we’re staying disciplined — taking profits on outperformers like Eletrobras, Elite Materials, and Vipshop, and adding to high-conviction stocks where we see more upside potential such as SK Hynix, Didi, and Prosus (as a proxy to Tencent).
- Finally, we remain cautious on currencies, with significant exposure to the euro, complementd by selective exposure to Central and Eastern European currencies. We also hold selective positions in currencies of commodity exporters in Latin America (CLP, BRL) and Africa (ZAR).
Performance Overview
Data as of: Oct 7, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
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 09/10/2025
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2025.| Equities | 44.8 % |
| Bonds | 41.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 14.1 % |
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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: Sep 30, 2025.Equity Investment Weight44.8 %
Net Equity Exposure38.3 %
Active Share90.5 %
Modified Duration2.2
Yield to Maturity6.5 %
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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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
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier Hovasse
Fund Manager
Articles that may interest you
Patrimoine Strategy • July 26, 2023 • English
Carmignac P. Emerging Patrimoine: 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