Share Class
LU1623763221
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
Bonds94,6 %
Other5,4 %
Data as of: Sep 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
+ 53,9 %
-
+ 19,6 %
+ 21,1 %
+ 3,5 %
To 22/10/2026
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
-
+ 0,8 %
- 10,5 %
+ 28,1 %
+ 9,8 %
+ 3,2 %
- 9,4 %
+ 14,3 %
+ 3,7 %
+ 7,5 %
Net Asset Value
€153.94
Asset Under Management
476 M €
Modified Duration
30/09/2026
2,5
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Oct 22, 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
We believe the greatest strength of emerging market debt is the breadth of opportunities it offers. By investing across local rates, currencies and credit, we can express our strongest convictions while remaining selective about the risks we take.
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: Sep 30, 2026.Fund management team
Performance commentary
- Over the month, the Fund delivered a negative performance but outperformed its reference indicator, supported by strong currency selection and cautious duration positioning, notably through short positions in developed market rates.
- Currencies were the main contributor to performance, particularly through our exposure to Asian currencies, including the Kazakh tenge, which continued to benefit from elevated oil prices, and the Chinese renminbi.
- Local currency debt detracted from performance, remaining under pressure from the global rates and commodities shock. South African and Polish rates were among the main detractors, although short positions in developed market rates helped offset part of these losses.
- Hard currency debt was the main detractor over the month, as credit spreads widened towards month-end amid contagion from developed markets, particularly Europe, where renewed fiscal concerns weighed on risk sentiment. Egypt, Venezuela and Ecuador were the main detractors, while our CDS hedges on high-yield credit and South Africa partially offset these losses.
Outlook strategy
- The ongoing global rates shock continues to originate from developed-market concerns and spill over into emerging markets. However, EM fundamentals remain intact, supported by resilient growth, better-controlled inflation and sound external balances. We remain constructive on EM debt while maintaining a cautious approach to duration. Over the month, the Fund’s modified duration was reduced from 3.6 to 2.5, reflecting lower exposure to selected local debt markets and increased short positions in developed-market rates.
- Hard-currency sovereign debt remains our strongest conviction, supported by attractive carry, low volatility and limited default risk. While investment-grade spreads remain tight, we continue to see compelling opportunities in high yield and special situations, notably in Côte d’Ivoire, Argentina and Egypt.
- Local debt remains under pressure, leading us to reduce our overall exposure, notably in Mexico, while adding a short position in 10-year Polish rates amid rising fiscal risks. However, we maintain exposure to markets where valuations remain attractive, such as the Czech Republic, as well as selected markets benefiting from supportive domestic dynamics, including Brazil ahead of the elections, where a potential shift towards greater fiscal orthodoxy could support local assets, and South Korea.
- We remain constructive on EM currencies versus the US dollar, supported by attractive carry, valuations and commodity exposure. We maintain exposure to commodity-linked currencies such as the Kazakh tenge, while remaining positive on the Mexican peso, supported by contained inflation, a strong trade balance, limited near-term political risk and growing AI-related electronics exports. We also favour the Chinese renminbi, given its attractive valuation, lower correlation to global risk factors and potential for gradual appreciation.
- We maintain a strongly hedged duration profile, while remaining only moderately hedged on credit. Duration risk is managed through short positions in selected developed-market sovereign bonds, while CDS protection provides a more limited hedge against spread widening.
Performance Overview
Data as of: Oct 22, 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 23/10/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2026.| Bonds | 94,6 % |
| Cash, Cash Equivalents and Derivatives Operations | 3,4 % |
| Money Market | 2,0 % |
| Credit Default Swap | -26,7 % |
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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: Sep 30, 2026.Modified Duration2,5
Yield to Maturity8,5 %
Average Coupon7,4 %
Number of Issuers65
Number of Bonds96
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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Articles that may interest you
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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.
UAE DIFC and ADGM: for professional clients only. This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638. This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (DFSA). It must not be relied upon by, or distributed to, Retail Clients or any other person. The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s). Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (SFDR) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance. The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
Market environment