Share Class
LU2427320812
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
Bonds90.9 %
Other9.1 %
Data as of: Jun 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
+ 28.1 %
-
-
+ 23.5 %
+ 9.4 %
To 06/08/2026
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
-
-
-
-
-
-
- 7.2 %
+ 15.8 %
+ 4.9 %
+ 9.4 %
Net Asset Value
$128.11
Asset Under Management
483 M €
Modified Duration
30/06/2026
6,6
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Aug 6, 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: Jul 31, 2026.Fund management team
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a negative performance, broadly in line with its benchmark. While hard currency debt and currencies proved resilient, performance was mainly impacted by local currency debt.
- Local currency debt was the main detractor from performance as the broad rise in global bond yields weighed on emerging market rates, particularly in Eastern Europe. Our positions in Poland, Hungary and the Czech Republic were among the largest negative contributors over the month.
- Despite a challenging environment marked by heightened geopolitical tensions, hard currency debt proved resilient and made a modest positive contribution to performance, supported by our sovereign positions in Angola, Côte d'Ivoire and Venezuela. In addition, selected corporate issuers in the energy sector also contributed positively.
- Currencies made a modest positive contribution to performance despite most emerging market currencies coming under pressure during the month. Gains were primarily driven by our selection Latin American currencies, notably the Colombian peso and Brazilian real, as well as the South Korean won.
Outlook strategy
- Against a backdrop of renewed geopolitical tensions and higher sovereign bond yields, we reduced the portfolio's modified duration from 6.6 to 3.4, primarily through local currency debt. Despite this more cautious positioning, we remain constructive on emerging market debt, supported by resilient fundamentals and attractive carry.
- In local currency debt, we reduced exposure to South African local bonds, given persistent inflationary pressures, the hawkish stance of the central bank and the country’s sensitivity to higher oil prices. We also halved our Brazilian local debt exposure.
- Hard currency debt remains our highest-conviction investment theme. We maintain our core positions in Côte d'Ivoire, Turkey and Egypt, while preserving credit hedges through high-yield CDS indices and selected sovereign CDS.
- To protect the portfolio against a higher-for-longer rate environment particularly in developed economies and persistent inflation risks, we maintain our inflation strategies while adding short positions in selected developed market sovereign bonds.
- In currencies, we increased our euro exposure from 30% to 60%, while maintaining no exposure to the US dollar. During the month, we reduced exposure to Asian currencies, which are more vulnerable as net oil importers, while increasing allocations to selected Latin American and commodity-linked currencies, notably the Kazakh tenge.
Performance Overview
Data as of: Aug 6, 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 08/08/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Bonds | 90.9 % |
| Cash, Cash Equivalents and Derivatives Operations | 8.1 % |
| Money Market | 1.0 % |
| Credit Default Swap | -21.3 % |
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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: Jun 30, 2026.Modified Duration6.6
Yield to Maturity7.3%
Average Coupon7.0%
Number of Issuers59
Number of Bonds87
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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Articles that may interest you
Strategies insights • July 17, 2026 • English
Carmignac Portfolio EM Debt: Letter from the Fund Managers - Q2 2026
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Emerging Market Debt: Resilience in a more volatile world
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Strategies insights • April 20, 2026 • English
Carmignac Portfolio EM Debt: Letter from the Fund Manager - Q1 2026
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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