Share Class
LU1299303229
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
Equities97,4 %
Other2,6 %
Data as of: Sep 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
+ 102,6 %
+ 107,7 %
+ 27,5 %
+ 48,5 %
+ 10,3 %
To 05/11/2026
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
+ 1,1 %
+ 18,9 %
- 18,8 %
+ 24,9 %
+ 43,8 %
- 10,9 %
- 14,8 %
+ 9,2 %
+ 4,8 %
+ 22,8 %
Net Asset Value
€202.56
Asset Under Management
653 M €
Net Equity Exposure30/09/2026
97,4 %
SFDR - Fund Classification
Article
9
Data as of: Sep 30, 2026.
Data as of: Nov 5, 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
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
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: Oct 30, 2026.Fund management team
Xavier HOVASSE
Fund Manager
Performance commentary
- Against a particularly volatile backdrop, the Fund delivered negative absolute and relative performance in October. The main drag came from the sharp sell-off in AI-related stocks in Taiwan, compounded by broad-based weakness in Chinese equities, which fell significantly over the month. Our Korean and Brazilian exposures also detracted, albeit to a lesser extent.
- Our Korean and Taiwanese holdings detracted from performance, notably SK Square, SK Hynix, Samsung Electronics and TSMC. The decline reflected a broader market move rather than any deterioration in fundamentals, while earnings releases remained solid.
- In China, CATL was penalised by disappointing earnings growth, while Shenzhen Han’s CNC and VNET suffered from the broader correction in technology infrastructure stocks.
- In Brazil, Axia Energia and Equatorial Energia corrected sharply following the presidential election, reflecting a reassessment of political, fiscal and currency risks rather than any deterioration in company fundamentals.
- By contrast, Vesta and Grupo Banorte supported our Mexican exposure, although this was not enough to offset the month’s main detractors.
Outlook strategy
- Following October’s correction, we remain constructive on emerging-market equities while maintaining discipline on valuations and position sizing. The asset class continues to benefit from stronger earnings growth than developed markets and attractive relative valuations
- Our conviction in the AI infrastructure cycle remains intact. Despite concerns around hyperscaler spending and financing, demand and earnings trends remain robust across the semiconductor and infrastructure companies in which we invest. However, we manage this exposure carefully with active positive sizing.
- We used the volatility to adjust the portfolio and add to our high conviction stocks on weakness. In Korea, we exited LG Chem and SK Hynix and added to SK Square on weakness. We trimmed Asia Vital Components after a strong run and exited Bank Central Asia in Indonesia.
- We initiated a position in HD Hyundai Electric, a leading manufacturer of high-voltage transformers and grid equipment. The company is well positioned to benefit from the electrification and US power-infrastructure investment cycle, increasingly supported by rising electricity demand from AI data centres.
- In Brazil, we slightly reduced exposure between the two rounds of the presidential election as uncertainty increased. Following the sharp post-election repricing, we remain selective and continue to closely monitor the fiscal trajectory. In China, the recent sell-off has brought valuations in selected technology and advanced manufacturing companies back to attractive levels, creating opportunities to selectively add on weakness.
- Overall, October’s volatility allowed us to reallocate capital towards more attractive opportunities, while maintaining our long-term investment framework.
Performance Overview
Data as of: Nov 5, 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 06/11/2026
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2026.| Asia | 83,2 % |
| Latin America | 16,0 % |
| Eastern Europe | 0,8 % |
| North America | - |
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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: Sep 30, 2026.Equity Investment Weight97,4 %
Net Equity Exposure97,4 %
Number of Equity Issuers44
Active Share78,1 %
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Articles that may interest you
Our views • November 4, 2026 • English
The age of discovery: Navigating a new era for Emerging Markets
Strategies insights • October 15, 2026 • English
Carmignac Portfolio Emergents: Letter from the Fund Managers - Q3 2026
6 minute(s) read
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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.
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