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
Equities97.6 %
Other2.4 %
Data as of: Oct 31, 2025.
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
+ 869.6 %
+ 84.2 %
+ 12.1 %
+ 34.3 %
+ 20.9 %
To 04/12/2025
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
+ 5.2 %
+ 1.4 %
+ 18.8 %
- 18.6 %
+ 24.7 %
+ 44.7 %
- 10.7 %
- 15.6 %
+ 9.5 %
+ 4.6 %
Net Asset Value
1478.20 €
Asset Under Management
1 098 M €
Net Equity Exposure31/10/2025
97.6 %
SFDR - Fund Classification
Article
9
Data as of: Oct 31, 2025.
Data as of: Dec 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.
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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: Nov 28, 2025.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
Performance commentary
- In this environment, our strategy delivered a negative performance in November, underperforming its reference indicator.
- The main detractor during the month was our position in the Chinese company Didi. The stock fell sharply at the beginning of the period, hurt by a negative market sentiment linked to elevated spending on the expansion of its food delivery operations in Latin America. It recovered toward month-end, supported by the release of solid quarterly results, which helped partially offset its earlier losses.
- Our exposure to technology stocks also weighed on performance, particularly through our investments in Taiwan (TSMC, Lite-On) and South Korea, where SK Hynix delivered a negative contribution. The sector broadly suffered from a widespread correction.
- Our investments in Southeast Asia (India, Indonesia, Singapore) also modestly detracted from performance.
- Conversely, our positions in Brazil—particularly Eletrobras and Equatorial Energia—contributed positively and helped cushion the portfolio’s overall decline.
Outlook strategy
- After several years of underperformance relative to developed markets, emerging-market equities are now showing signs of a structural recovery. We identify several supportive factors that could underpin a sustained rebound: a weaker US dollar, anticipated rate cuts, improving corporate governance, greater visibility on global trade flows, and resilient earnings growth.
- Asia remains our largest regional allocation, with a targeted exposure to the AI value chain—most notably through SK Hynix and TSMC, two key players in the sector.
- In China, we expect necessary policy support to materialize over the next 2–3 months, as a high comparison base and still-soft demand continue to weigh on growth. There, we maintain a selective approach focused on innovation leaders in the battery sector (CATL) and future mobility (Didi).
- Latin America remains a strategic allocation for us, primarily anchored in Brazil and Mexico. We maintain strong convictions in Brazilian infrastructure companies and Mexican banks.
- Although India has underperformed in the short term, we remain confident in its long-term growth potential. We maintain a targeted exposure to high-quality domestic companies in banking, insurance, and consumer sectors—areas largely shielded from tariff-related risks.
- During the month, we took profits on several of this year’s strongest contributors to performance: SK Hynix (South Korea), Elite Material (Taiwan), and Equatorial Energia (Brazil).
Performance Overview
Data as of: Dec 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 05/12/2025
Carmignac Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Oct 31, 2025.| Asia | 82.5 % |
| Latin America | 16.6 % |
| 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: Oct 31, 2025.Equity Investment Weight97.6 %
Net Equity Exposure97.6 %
Number of Equity Issuers40
Active Share82.4 %
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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
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
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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