Diversified strategies

Carmignac Portfolio Emerging Patrimoine

Emerging marketsArticle 8
Share Class

LU0592699259

An all-inclusive, sustainable Emerging Market solution
  • Accessing a rich and heterogenous universe of EM bonds, equities, and currencies in a sustainable manner.
  • Offering portfolio diversification by exploiting decorrelations between regions, sectors and asset classes.
  • Dynamic and flexible management to quickly adapt to market movements.
Data as of:  Jul 31, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 47.2 %
+ 68.5 %
+ 20.7 %
+ 24.4 %
+ 7.5 %
From 31/03/2011
To 04/09/2025
Calendar Year Performance 2024
- 0.6 %
+ 11.0 %
+ 9.2 %
- 12.1 %
+ 21.3 %
+ 21.7 %
- 4.6 %
- 7.8 %
+ 9.3 %
+ 3.5 %
Net Asset Value
147.23 $
Asset Under Management
301 M €
Net Equity Exposure31/07/2025
41.4 %
SFDR - Fund Classification

Article

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Data as of:  Sep 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.

Carmignac Portfolio Emerging Patrimoine 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
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is AA 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

• US data sent mixed signals with July nonfarm payrolls disappointed, meanwhile, inflation data surprised on the upside, with core CPI rising to +3.1% YoY and PPI accelerating to +0.9% in July. Nevertheless, Q2 GDP was revised higher to +3.3%, supported by stronger personal consumption.• 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 contributed 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.
• August was another good month for emerging assets. Central banks maintained an accommodative stance, with rate cuts in countries such as Mexico and Indonesia. This supportive policy backdrop contributed to a rally in both EM local and external bonds over the month. While EM Equities gave back part of their solid gains.
• On currencies, the dollar eased in August amid Fed rate cut expectations. Emerging market FX outperformed, supported by attractive carry, though the Indonesian rupiah fell by more than 1% in a single day at month-end, prompting central bank intervention.

Performance commentary

• During the month, the Fund posted a positive absolute performance, outperforming its benchmark that ended in negative territory. • The fund benefited from the solid performance of its equity holdings, notably in Brazil and China, with the Brazilian utility Eletrobras and the Chinese flash sale company VIPSHOP posting strong results.
• Our credit selection also bolstered performance particularly our hard currency emerging debt (Côte d’Ivoire, Egypt) 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 and Hungarian 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, notably EM central banks will maintain an accommodative monetary policy. As a result, we are maintaining a moderate level of modified duration, at around 320 basis points.• 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.
• On the Equity side, we lowered slightly the equity exposure, taking profits on names that had performed well since the start of the year (Eletrobras, Elite Material). Conversely, we increased exposure to names that had underperformed and where valuations appeared attractive (Didi, Hynix, BCA).
• Finally, in FX, 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 EM currencies, notably the commodity exporters from Latin America (CLP, BRL) and Asia (IDR).

Performance Overview

Data as of:  Sep 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.
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31/12/2021, the reference indicator was 50% MSCI Emerging Markets index, 50% JP Morgan GBI - Emerging Markets Global Diversified Index. The performances are presented using the chaining method.
​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 07/09/2025

Carmignac Portfolio Emerging Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Jul 31, 2025.
Bonds96.9 %
Equities54.5 %
Cash, Cash Equivalents and Derivatives Operations8.9 %
View details

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  Jul 31, 2025.
Equity Investment Weight42.0 %
Net Equity Exposure41.4 %
Active Share90.3 %
Modified Duration3.5
Yield to Maturity7.0 %
Average RatingBBB-
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.

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

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is AA 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.
Our aim is to bring together our best emerging market investment ideas in a single Fund.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Fund Manager
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.
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.