Share Class
LU1623763734
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.
Asset Allocation
Bonds86.0 %
Other14.0 %
Data as of: Apr 30, 2026.
Risk Indicator
1
2
3
4
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
+ 61.9 %
-
+ 20.8 %
+ 18.5 %
+ 8.3 %
To 04/06/2026
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 %
- 10.0 %
+ 28.9 %
+ 10.5 %
+ 3.9 %
- 9.0 %
+ 15.3 %
+ 4.1 %
+ 7.9 %
Net Asset Value
€161.92
Asset Under Management
465 M €
Modified Duration
30/04/2026
3,6
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: Jun 4, 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.
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.
Alessandra ALECCI
Fund Manager
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: May 29, 2026.Fund management team
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a positive performance, mainly driven by our hard currency exposure.
- Hard currency debt was the main contributor to performance, notably through our exposure to the EMEA region, with positive contributions from Egypt, Ukraine and Côte d’Ivoire, as well as from our position in Argentina. Conversely, our credit hedges (CDS on high yield and South Africa) detracted from performance as credit spreads tightened on hopes of an extension of the ceasefire.
- Local currency debt also contributed positively to performance, primarily driven by our long position in Hungarian debt, which benefited from a strong rally in rates during May, as well as our exposure to Romanian local debt.
- Currencies contributed positively to performance overall. Gains from the South African rand, Hungarian forint, Chinese renminbi and several Latin American currencies more than offset the negative contribution from the US dollar and the Kazakh tenge.
Outlook strategy
- Against a backdrop of persistent geopolitical volatility, rates sold off during the first half of the month on inflation concerns before rallying on expectations of an extension of the ceasefire. We actively managed duration, reducing it from 3.6 to 3.0 before increasing it again towards month-end through a higher allocation to local debt as market conditions improved. Overall, we remain more constructive on external debt and currencies, while staying cautious on local debt.
- In local currency debt, we increased exposure towards month-end to capture the rates rally, notably through larger positions in Poland, South Africa and Mexico, while initiating a new position in Chile.
- Hard currency sovereign debt remains our highest-conviction segment. Exposure was broadly unchanged, with core positions in Côte d’Ivoire, Egypt and Romania, while maintaining credit protection via CDS indices and selected single names.
- With inflation pressures still elevated amid the US-Iran conflict and higher energy prices, we maintained exposure to inflation-linked strategies through bonds in Mexico and Poland, as well as European breakevens.
- On currencies, we reduced our exposure to the euro while maintaining a limited allocation to the US dollar. We remain constructive on emerging market currencies, favoring commodity-linked currencies such as the Brazilian real and Mexican peso, as well as currencies of tech exporting countries, notably the Malaysian ringgit and Taiwanese dollar. We also maintain exposure to the Chinese renminbi, supported by China’s persistent current account surplus and solid external position.
Performance Overview
Data as of: Jun 4, 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.
Until 31/12/2023, the reference indicator was JP Morgan GBI – Emerging Markets Global Diversified Composite Unhedged EUR Index (JGENVUEG). Performances are presented using the chaining method.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 05/06/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Bonds | 86.0 % |
| Cash, Cash Equivalents and Derivatives Operations | 12.3 % |
| Money Market | 1.7 % |
| Credit Default Swap | -25.2 % |
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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: Apr 30, 2026.Modified Duration3.6
Yield to Maturity10.9%
Average Coupon6.4%
Number of Issuers57
Number of Bonds82
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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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.
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