Share Class
LU0992626480
Grasping 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
Equities96,0 %
Other4,0 %
Data as of: Jun 30, 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
+ 180,6 %
+ 150,3 %
+ 40,0 %
+ 76,8 %
+ 48,8 %
To 08/07/2026
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
+ 1,7 %
+ 19,8 %
- 18,2 %
+ 25,5 %
+ 44,9 %
- 10,3 %
- 14,3 %
+ 9,8 %
+ 5,5 %
+ 23,6 %
Net Asset Value
€280.65
Asset Under Management
755 M €
Net Equity Exposure30/06/2026
94,4 %
SFDR - Fund Classification
Article
9
Data as of: Jun 30, 2026.
Data as of: Jul 8, 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.
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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
![[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
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
Head of Emerging Equities, Fund Manager
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: Jun 30, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- The fund delivered positive absolute and relative performance in June, supported by a market environment that remained favourable for companies exposed to AI, semiconductors and memory.
- Our South Korean portfolio was one of the main performance drivers. SK Hynix and SK Square continued to benefit from strong demand for AI-related memory products, while Samsung Electronics also contributed positively as the outlook for the semiconductor sector continued to improve.
- In Taiwan, Voltronic Power was among the top contributors. During its investor conference, management delivered reassuring commentary, highlighting new growth opportunities in ultra-fast EV charging infrastructure (800V/1000V) and power supply solutions for AI data centres.
- Our Latin American portfolio also contributed positively to performance, driven by the strong performances of Tiendas BBB, Axia Energia and Grupo Banorte.
- By contrast, Hyundai Motor detracted from performance as the outlook for its automotive business became less favourable.
Outlook strategy
- Against a backdrop of gradually easing geopolitical tensions in the Middle East and normalising energy prices, the structural drivers underpinning the asset class remain firmly in place. Emerging markets continue to benefit from stronger earnings growth than developed markets, while valuations remain attractive.
- We continue to favour companies exposed to long-term structural growth themes, particularly the industrial transformation, artificial intelligence and the energy transition. Accordingly, we maintain significant exposure to Asian industrial companies operating across the AI value chain, as well as high-quality domestic businesses in Latin America, while remaining disciplined on valuations and risk management.
- During the month, we significantly rebalanced our exposure to the memory sector. Following the exceptional performance of memory-related stocks, we reduced our positions in SK Hynix and SK Square as part of our disciplined approach to risk and portfolio concentration. While we remain highly constructive on the sector's long-term outlook—supported by structurally strong AI-driven demand and exceptional cash generation—we believe that a large portion of these positives is now reflected in valuations. Although further upside remains, we expect the pace of re-rating to be more moderate than over the past twelve months.
- At the same time, we increased our position in Samsung Electronics. Beyond its ability to gain market share in the next generation of HBM4 memory, Samsung is also well positioned to benefit from an improving foundry business, as several hyperscalers are increasingly turning to the company amid persistent capacity constraints at TSMC.
- In Mexico, we slightly reduced our position in Banorte following the initiation of a new position in Tiendas BBB.
Performance Overview
Data as of: Jul 8, 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.
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.
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 09/07/2026
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| Asia | 85,6 % |
| Latin America | 13,6 % |
| Eastern Europe | 0,7 % |
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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 equity positioning.
Exposure Data
Data as of: Jun 30, 2026.Equity Investment Weight96,0 %
Net Equity Exposure94,4 %
Number of Equity Issuers41
Active Share74,9 %
To Access the weekly view
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The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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