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
Bonds50.4 %
Equities41.2 %
Other8.4 %
Data as of: Jun 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
+ 81.2 %
+ 82.8 %
+ 26.6 %
+ 36.8 %
+ 26.1 %
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
+ 11.0 %
+ 9.2 %
- 12.1 %
+ 21.3 %
+ 21.7 %
- 4.6 %
- 7.8 %
+ 9.3 %
+ 3.5 %
+ 16.1 %
Net Asset Value
$181.23
Asset Under Management
381 M €
Net Equity Exposure30/06/2026
36,4 %
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
![[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
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: Jul 31, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- The Fund delivered a negative performance outperforming its reference indicator.
- Equities were the main detractor from performance, primarily due to the sharp correction in South Korean tech/ memory stocks. However, our stock selection, notably in Indonesia and India, helped mitigate part of these losses and contributed positively to relative performance.
- Local currency debt also detracted from performance as the broad rise in global bond yields weighed on emerging market rates, particularly in EMEA. Our positions in South Africa, Poland and Hungary were among the largest negative contributors over the month.
- Hard currency debt proved resilient and made a modest positive contribution to performance. Selected corporate issuers in the energy sector, together with our high-yield CDS strategies, also contributed positively.
- Finally, emerging market currencies were the main positive contributor to performance, driven by the strong appreciation of the Colombian peso and 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 2.8 to 2.0. Despite this more cautious positioning, we remain constructive on emerging market debt, supported by resilient fundamentals and attractive carry. On the equity side, we slightly increased the portfolio's net equity exposure to 41%.
- In local currency debt, we maintained a broadly stable allocation across CEEMA and Latin America, while reducing our 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.
- In hard-currency sovereign debt, we maintained a stable allocation focused on our core convictions in Azerbaijan, Argentina and Côte d'Ivoire, while preserving credit protection through high-yield CDS indices and CDS on Turkey.
- To protect the portfolio against a higher-for-longer rate environment, particularly in developed markets, and persistent inflation risks, we maintained our inflation strategies while adding short positions in selected developed market sovereign bonds.
- On EM equities, we maintain a positive bias, given the solid earnings growth and attractive valuations posted by EM companies. Asia remains a core pillar of the portfolio, notably through exposure to the artificial intelligence value chain, with high-conviction positions in SK Hynix and energy transition theme in China with CATL, alongside diversification into Latin America. We took advantage of this period of heightened volatility to selectively reinforce some of our highest-conviction positions, notably SK Square, that trades at a significant discount following the recent correction. We also increased exposure to structural domestic growth opportunities in India, participating in the IPO of a leading Indian hospital operator.
- On the currency side, we increased our euro exposure from 11% to 35% while maintaining no exposure to the US dollar. During the month, we reduced our allocation to Asian currencies, which are more vulnerable as net oil importers, while increasing exposure to selected 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 31/12/2012, 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 08/08/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Bonds | 50.4 % |
| Equities | 41.2 % |
| Cash, Cash Equivalents and Derivatives Operations | 8.4 % |
| Credit Default Swap | -20.9 % |
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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: Jun 30, 2026.Equity Investment Weight41.2%
Net Equity Exposure36.4%
Active Share86.9%
Modified Duration2.8
Yield to Maturity7.2%
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 • July 23, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q2 2026
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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
2 minute(s) read
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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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