Equity strategies

Carmignac Portfolio Emergents

Emerging marketsArticle 9
Share Class

LU2420651072

Grasping the most 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 %
Other3 %
Data as of:  Jun 30, 2025.
Risk Indicator

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6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 6.1 %
-
-
+ 15.4 %
+ 14.2 %
From 31/12/2021
To 06/08/2025
Calendar Year Performance 2024
-
-
-
-
-
-
-
- 14.2 %
+ 10.8 %
+ 5.6 %
Net Asset Value
106.09 €
Asset Under Management
407 M €
Net Equity Exposure30/06/2025
97.0 %
SFDR - Fund Classification

Article

9
Data as of:  Aug 6, 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.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.

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:  Jul 31, 2025.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

• In July, emerging markets posted strong gains, driven primarily by China, Taiwan, and South Korea. In contrast, Brazil lagged behind due to profit-taking after a solid performance since the start of the year.• The IMF revised its 2025 growth forecast for emerging economies upward to 4.1% (from a previous 3.7%), supported by improved economic conditions in China and a partial easing of tariffs between the U.S. and China.
• On the trade front, the U.S. imposed 50% tariffs on imports from Brazil, while reaching new tariff agreements with several Asian countries: 30% with Vietnam, 25% with India, and 15% with South Korea.
• Chinese markets surged following the announcement of a large-scale infrastructure plan, including a hydroelectric dam in Tibet, signaling continued investment support. Additionally, the government introduced new digital platform regulations aimed at promoting healthier competition.
• South Korean markets extended their rally, buoyed by the election of a market-friendly president and continued attractive valuations.
• Indian markets, however, declined due to elevated valuations and lingering uncertainties regarding trade relations with the United States.

Performance commentary

• The fund delivered a positive return in July, though it underperformed its benchmark index.• Our stock selection in Taiwan proved particularly successful, with Taiwan Semiconductor, Elite Material, and Lite-On delivering strong results, reaffirming our conviction in this key technology market.
• During the month, we experienced a classic rotation on the market with best performing countries and sectors posting poor performances. That was the case for our 4 top contributors to fund performance in the first 6 months of 2025 (Eletrobras, Hynix, Kotak, Mercadolibre) that are amongst the biggest detractors for July. This is owing to a profit taking after solid run and to a combination of macro/geopolitical headlines and a mixed earnings season.
• Despite an absolute positive performance of our Chinese holdings (VIPSHOP), we suffered versus our reference indicator. Our relative underperformance in China was due to our lack of exposure to large state-owned enterprises and index-heavyweights, which were among the top local performers during the period.
• Lastly, we suffered from the weakness of our Indian holdings that fell in line with the markets.

Outlook strategy

• We maintain a constructive outlook on EM Equities, which appear to benefit from heightened uncertainty in the United States. Indeed, Trump’s erratic policies may have an unintended positive impact on emerging markets, aided by a weaker U.S. dollar and still-attractive valuations.• Our recent trip to China confirmed two encouraging trends. Firstly, the government is increasingly prioritizing science and technology, with breakthroughs such as DeepSeek boosting confidence. Secondly, the Hong Kong financial markets are regaining appeal, driven by targeted reforms and IPOs of innovative companies.
• In this context, in China, we are identifying promising opportunities in themes such as: Artificial Intelligence, well-being and healthcare, Future mobility, Education and High-yield stocks (with strong shareholder returns)
• We continue to focus on high-quality, undervalued companies with shareholder-friendly policies, such as dividends and share buybacks.
• During the month, we made several portfolio adjustments. We closed our position in Argentine bank Galicia, and trimmed holdings in Elite Material, VIPShop, Eletrobras, and Banorte, all of which had posted significant gains year-to-date.
• In contrast, we increased our investment in DIDI, the Chinese mobility platform, and initiated a new position in CATL, the global leader in electric vehicle batteries, with exposure also to energy storage and autonomous vehicles.
• While we remain positive on Latin American exposure, we have partially reduced our allocation to lock in gains, following the region’s strong market appreciation since the beginning of the year.

Performance Overview

Data as of:  Aug 6, 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.
​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 08/08/2025

Carmignac Portfolio Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Jun 30, 2025.
Asia77.5 %
Latin America21.7 %
Eastern Europe0.8 %
View details

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, 2025.
Equity Investment Weight97.0 %
Net Equity Exposure97.0 %
Number of Equity Issuers39
Active Share82.2 %

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

Xavier Hovasse

Fund Manager

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
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.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager
View Fund's characteristics

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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.