Share Class
FR0010149302
Grasping 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.
Asset Allocation
Equities95.7 %
Other4.3 %
Data as of: Apr 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 1,165.7 %
+ 148.6 %
+ 35.2 %
+ 75.6 %
+ 55.2 %
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
+ 1.4 %
+ 18.8 %
- 18.6 %
+ 24.7 %
+ 44.7 %
- 10.7 %
- 15.6 %
+ 9.5 %
+ 4.6 %
+ 23.1 %
Net Asset Value
€1,929.6
Asset Under Management
1 549 M €
Net Equity Exposure30/04/2026
95.7%
SFDR - Fund Classification
Article
9
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.
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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
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
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.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
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: May 29, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- Against this backdrop, the Fund delivered a positive performance during May, both in absolute and relative terms.
- Technology stocks continued to advance, supported by announcements of significant investment by U.S. hyperscalers in AI-related infrastructure.
- Our investments exposed to this theme, particularly key players involved in semiconductor manufacturing and advanced memory chips, continued to contribute significantly to performance. Among the main contributors were SK Hynix, Samsung Electronics and TSMC.
- Montage Technology was also among the main performance drivers during the month. The company reported strong first-quarter 2026 results, with net profit increasing by 61% year-on-year, driven by business growth and strong demand for its high-value-added interconnect chips, which are widely used in AI servers and related infrastructure.
- Conversely, our exposure to Brazil slightly detracted from the Fund’s performance. Holdings such as Axia Energia, Equatorial Energia and MercadoLibre delivered more modest returns in a less supportive market environment. However, their negative contribution remained limited and did not undermine the portfolio’s overall positive momentum during the month.
Outlook strategy
- Despite an uncertain geopolitical environment, we remain constructive on emerging markets. While some short-term factors — notably the global growth outlook and stagflationary pressures — have become less supportive, the asset class’s structural drivers remain firmly in place. The central role of emerging markets in global technology and commodity value chains continues to support earnings resilience.
- Earnings growth remains structurally stronger than in developed markets, supported by improving margins, better capital discipline and more consistent profitability. Although valuations are no longer as discounted as in the past, they remain attractive relative to developed markets.
- Against a backdrop of AI-driven investment and geopolitical tensions, we continue to see significant dispersion across countries and sectors, creating a favourable environment for active stock selection. Our main geographic overweights remain concentrated in Latin America and South Korea, where fundamentals continue to be supportive.
- Over the longer term, performance will increasingly depend on our ability to identify companies with strong pricing power, solid balance sheets and exposure to structural growth trends, while maintaining a disciplined approach to valuation. Our positioning reflects this philosophy, with a preference for companies offering high earnings visibility, particularly in the technology, energy and industrial sectors.
- We therefore maintain meaningful exposure to key beneficiaries of the AI theme in Taiwan and South Korea. However, following the strong appreciation of these stocks, we have selectively taken profits and redeployed capital into companies that have lagged behind, particularly in China, while further diversifying our technology exposure.
- Accordingly, we reduced our positions in SK Hynix and Montage Technology. Conversely, we increased our holdings in VNET, a leading data centre operator, Shenzhen Han's CNC Technology, a Chinese manufacturer of PCB production equipment, Tiendas BBB, a Mexican discount retailer, and Grand Process Technology, a Taiwanese supplier of equipment and components used in semiconductor manufacturing.
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.
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 05/06/2026
Carmignac Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Apr 30, 2026.| Asia | 83.7% |
| Latin America | 15.6% |
| Eastern Europe | 0.8% |
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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 equity positioning.
Exposure Data
Data as of: Apr 30, 2026.Equity Investment Weight95.7%
Net Equity Exposure95.7%
Number of Equity Issuers39
Active Share78.4%
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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.
Market environment