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.
Key documents
Asset Allocation
Equities46.8 %
Bonds41.7 %
Other11.5 %
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
+ 81.3 %
+ 103.5 %
+ 29.1 %
+ 40.2 %
+ 29.3 %
To 11/05/2026
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
+ 11.0 %
+ 9.2 %
- 12.1 %
+ 21.3 %
+ 21.7 %
- 4.6 %
- 7.8 %
+ 9.3 %
+ 3.5 %
+ 16.1 %
Net Asset Value
181.35 $
Asset Under Management
372 M €
Net Equity Exposure31/03/2026
9.3 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: May 11, 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
![[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
–
Lamine BOUGUEROUA
Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
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: Apr 30, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
–
Lamine BOUGUEROUA
Fund Manager
Performance commentary
- The Fund delivered strong positive performance, mainly driven by equities.
- Equities were the main contributor, benefiting from exposure to technology and AI in Korea and Taiwan, and selected Brazilian names.
- Local rates contributed positively via long positions in South African, Polish and Hungarian bonds.
- Hard-currency sovereigns contributed positively (Egypt, Ecuador), but gains were fully offset by credit protection (iTraxx Xover) amid strong spread tightening.
- Currencies detracted overall: gains in BRL, MXN and HUF were offset by the US dollar.
Outlook strategy
- In a volatile geopolitical environment, marked by alternating de-escalation hopes and a prolonged conflict outlook, active portfolio management remained key. Over the month, we slightly increased our net equity exposure from 10% to 15%, while remaining cautious, and actively managed duration, ending the month at around 165bps.
- In a context of elevated energy prices and rising inflation expectations, we maintain exposure to inflation strategies through inflation-linked bonds in selected markets, notably Poland and Brazil.
- While actively managing our local debt exposure, we remain invested in selected markets, particularly in Latin America (Peru, Brazil, Mexico) and Eastern Europe (Hungary, Czech Republic).
- In hard-currency sovereign debt, we maintained a stable allocation, focusing on our core convictions (Côte d’Ivoire, Romania, Ecuador), while remaining prudent by keeping credit protection strategies in place through CDS on high-yield indices and selected issuers.
- On equities, we maintain a positive bias, given structurally stronger earnings growth remains, supported by improving margins, better capital discipline, more consistent profitability and attractive valuations relative to developed markets.
- Over the longer term, EM Equity performance will increasingly depend on the ability to identify companies with strong pricing power, solid balance sheets, and exposure to structural growth trends. Our positioning reflects this approach, with a preference for companies offering high earnings visibility, particularly in the technology, energy, and industrial transformation sectors, all while maintaining strict valuation and diversification discipline. Asia remains a core pillar of our Equity portfolio, notably through exposure to the artificial intelligence value chain, with high-conviction positions in SK Hynix and TSMC, alongside diversification into China and Brazil.
- On currencies, we significantly increased our euro exposure (34%) and sharply reduced our US dollar exposure (from 36% to around -7%). On the other hand, we remain constructive on emerging currencies, with exposure to Latin America as well as selected Asian and Eastern European markets.
Performance Overview
Data as of: May 11, 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 31/12/2012, 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 12/05/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Equities | 46.8 % |
| Bonds | 41.7 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.5 % |
| Money Market | 0.9 % |
| Credit Default Swap | -27.6 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: Mar 31, 2026.Equity Investment Weight42.0 %
Net Equity Exposure9.3 %
Active Share90.7 %
Modified Duration1.3
Yield to Maturity6.7 %
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.
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Articles that may interest you
Strategies insights • April 20, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q1 2026
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Press release • February 11, 2026 • English
Carmignac bolsters emerging market debt capabilities
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Strategies insights • November 11, 2025 • English
The New Asian Tigers: At the heart of the artificial intelligence revolution
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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.
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