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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
Bonds95.2 %
Other4.8 %
Data as of: Aug 29, 2025.
Risk Indicator
1
2
3
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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
+ 47.7 %
-
+ 28.8 %
+ 30.6 %
+ 4.7 %
To 25/09/2025
Calendar Year Performance 2015Calendar 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 2024
-
-
+ 0.8 %
- 10.5 %
+ 28.1 %
+ 9.8 %
+ 3.2 %
- 9.4 %
+ 14.3 %
+ 3.7 %
Net Asset Value
147.66 €
Asset Under Management
320 M €
Modified Duration
29/08/2025
6.5
SFDR - Fund Classification
Article
8
Data as of: Aug 29, 2025.
Data as of: Sep 25, 2025.
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: Aug 29, 2025.Fund management team
Alessandra Alecci
Fund Manager
Performance commentary
- During the month, the Fund posted a positive absolute performance, outperforming its benchmark.
- The fund benefited from the performance of its credit selection particularly hard currency emerging debt (Ukraine, Côte d’Ivoire) and some private issuance in energy sector. However, we slightly suffered from our positions on Argentine debt and our credit protections.
- Our local rates strategies contributed positively to performance, supported by long positions in Brazilian, Hungarian and Indonesian rates. Conversely, the Fund was penalized by our positions on Colombian rates.
- On the currency front, the Fund benefited from the appreciation of the Brazilian real and the Hungarian forint against the euro, which helped offset the negative impact of the weakness of the Indonesian rupiah over the month.
Outlook strategy
- In a context marked by geopolitical and fiscal uncertainty in several countries, we still anticipate that the major central banks, including EM central banks will maintain an accommodative monetary policy. We therefore remain a relatively high modified duration, with a preference for local rates.
- Regarding local rates, we favour countries with high real rates such as Colombia, South Africa and Brazil, as well as Eastern European countries such as Poland, Hungary and the Czech Republic. On the other hand, we are taking short positions on develop market rates notably US rates.
- In hard currency emerging debt, we have a preference for HY issuers, maintaining a diversified exposure across countries such as Côte d’Ivoire, Colombia, Turkey and South Africa, which offer attractive yields and favorable factors, leading us to believe they are mispriced by the market.
- Although the credit segment offers attractive carry, particularly in energy and financials, we maintain hedging through iTraxx Crossover given tight credit spread valuations.
- Finally, in currencies, we remain cautious, with high allocation in the euro, complemented by some decent exposure to Central and Eastern European currencies. We also hold selected positions in emerging market currencies, notably the commodity exporters from Latin America (Chilean peso, Brazilian real) and Asia (Indonesian rupiah), while keeping a minimal exposure the US dollar.
Performance Overview
Data as of: Sep 25, 2025.Source: Carmignac at 28/09/2025
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Aug 29, 2025.| Bonds | 95.2 % |
| Cash, Cash Equivalents and Derivatives Operations | 4.8 % |
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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: Aug 29, 2025.Modified Duration6.5
Yield to Maturity7.3 %
Average Coupon6.3 %
Number of Issuers62
Number of Bonds90
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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The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Alessandra Alecci
Fund Manager
The Fund is best suited for fixed income investors looking for higher returns than those offered by developed markets, by taking advantage of the emerging universe potential.
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Market environment
-Despite sticky inflation, Powell’s dovish tone at Jackson Hole emphasized rising labor market risks and reinforced expectations of a September rate cut. However, President Trump’s attempt to remove Governor Lisa Cook, raised concerns about Fed independence and contributing to steeper yield curves.
-In August, yield curves steepened on both sides of the Atlantic. In the US, the move was pronounced, with the 2Y falling by -34 bps versus -14 bps for the 10Y, as markets priced in rate cuts. In Germany, the shift was modest, with the 2Y down -2 bps and the 10Y up +3 bps.