Equity strategies

Carmignac Emergents

Emerging marketsArticle 9
Share Class

FR0010149302

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
Equities95.5 %
Other4.5 %
Data as of:  May 30, 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 729.3 %
+ 48.5 %
+ 23.4 %
+ 19.0 %
+ 3.1 %
From 03/02/1997
To 04/07/2025
Calendar Year Performance 2024
+ 5.2 %
+ 1.4 %
+ 18.8 %
- 18.6 %
+ 24.7 %
+ 44.7 %
- 10.7 %
- 15.6 %
+ 9.5 %
+ 4.6 %
Net Asset Value
1264.32 €
Asset Under Management
901 M €
Net Equity Exposure30/05/2025
95.5 %
SFDR - Fund Classification

Article

9
Data as of:  Jul 4, 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 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, 2025.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 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.

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 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

• Emerging markets rose in June, outperforming developed market indices (KOSPI +12.6%, Bovespa +2.9%, Hang Seng -0.2%).• On the trade front, China and the US resumed talks in Geneva and London, resulting in a reduction in tariffs to 30% and an agreement on rare earth exports to the US. • In South Korea, equity markets rose sharply in the wake of the election of the Democratic Party and President JM Lee, with his promises favorable to financial markets. President Lee announced a target of 5,000 points for the Kospi, nearly double the pre-election level. The focus is on corporate governance reforms, including the rapid adoption of the new Commercial Code, which offers better protection for minority shareholders. • The Brazilian central bank raised its key rate by 25 basis points to 15%. This had no impact on Brazilian equities, which rose, supported by higher commodity prices.

Performance commentary

• The Fund posted a positive performance for the month, outperforming its reference indicator.• The main contributors to performance were our South Korean positions, notably SK Hynix, Hyundai Motor and LG Chem, which rose in the wake of the election of JM Lee. • Our investments in Taiwanese companies operating in the semiconductor value chain also made a significant contribution (TSMC, Elite Material, Lite-On). • However, our selection of Latin American stocks proved disappointing this month, particularly Vesta in Mexico and Eletrobras in Brazil.

Outlook strategy

• Despite the uncertainties surrounding Trump's policies, we remain constructive on emerging market equities, believing that current valuations reflect a pessimistic scenario. Furthermore, emerging markets are benefiting from the uncertainty in the US: Trump's policies seem to be having the opposite effect, benefiting emerging markets.• Our trip to China confirmed the emergence of two positive trends. First, the government is placing increasing emphasis on science and technology, and the breakthrough of DeepSeek is boosting confidence. Second, the Hong Kong equity market is experiencing a renaissance, thanks to concerted efforts and reforms aimed at attracting international capital through IPOs of innovative companies. In this context, we see opportunities in AI enablers, wellness, future mobility, education, and high-yield securities; We also see opportunities in high-quality, undervalued companies with shareholder-friendly policies and attractive dividends and redemptions. • During the month, we made adjustments to the portfolio. We took advantage of the rebound in South Korean markets to close our position in Samsung Electronics and instead strengthen our stake in SK Hynix, the global leader in innovative memory (HBM products). • We also took advantage of the weakness of Indonesian markets in recent months to initiate a position in Bank Central Asia (BCA), the leading private bank in Indonesia, where the rate of bank account penetration is very low compared with other Asian countries. With a loan-to-deposit ratio of 80% and a Tier 1 capital ratio of 27%, we believe the company is well positioned to benefit from the rapid growth of the Indonesian banking sector. • Finally, while we remain constructive on our Latin American portfolio, particularly Brazil, we have decided to reduce our exposure to take profits following the sharp appreciation of these markets since the beginning of the year.

Performance Overview

Data as of:  Jul 4, 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 08/07/2025

Carmignac Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  May 30, 2025.
Asia74.1 %
Latin America23.1 %
Europe1.9 %
Eastern Europe0.9 %
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:  May 30, 2025.
Equity Investment Weight95.5 %
Net Equity Exposure95.5 %
Number of Equity Issuers39
Active Share82.8 %

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

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 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.

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 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

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 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.
View Fund's characteristics

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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.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.