Diversified strategies
Carmignac Portfolio Emerging Patrimoine
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share 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
Bonds45.2 %
Equities44.6 %
Other10.2 %
Data as of: Nov 28, 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
+ 64.6 %
+ 89.6 %
+ 15.9 %
+ 29.3 %
+ 17.5 %
To 08/01/2026
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
164.60 $
Asset Under Management
325 M €
Net Equity Exposure28/11/2025
41.7 %
SFDR - Fund Classification
Article
8
Data as of: Nov 28, 2025.
Data as of: Jan 8, 2026.
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.
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: Dec 31, 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
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a positive performance, outperforming its reference indicator.
- The Fund’s hard-currency sovereign exposure benefited from positions in Egypt and Côte d’Ivoire this month, although this was slightly offset by the impact of our credit protections amid spread tightening.
- On the Equity side, we benefited from the solid rebound of our Asian tech companies, notably the leading memory chip company Hynix and the world leading foundry TSMC and the leading liquid cooling company Asia Vital Components. Hyundai Motor was also among the main contributors to performance, benefiting from their strategic partnership with Air Liquid, allowing the development of fuel cell electric vehicles (FCEVs), setting a strong foundation for future growth.
- Our local rate strategies contributed positively to performance, driven by our long positions in Mexican, South African and Hungarian rates. On the other hand, our exposure to Brazilian rates weighed on performance.
- On the currency front, the Fund benefited from its exposure to commodity-linked currencies such as the Chilean peso and the South African rand, as well as from currencies such as the Korean won.
Outlook strategy
- In a context of easing inflation and accommodative monetary policies across emerging markets and some developed economies, but persistent geopolitical risks, we expect central banks to maintain an accommodative bias. We are maintaining a constructive view on Emerging markets assets with a relatively high equity exposure (around 40%) and a moderate level of modified duration (around 250 basis points), with a combination of local and hard-currency bonds.
- In an environment that remains supportive for local currency bonds, we keep our positions on local bonds of countries with high real rates such as the Czech Republic, Hungary and South Africa, as well as certain Latin American countries such as Brazil and Peru.
- We maintain an overweight position in hard currency sovereign debt, favoring a selection of high-yield issuers with solid fundamentals and attractive valuations, such as Côte d’Ivoire, Egypt and Romania. This positioning is supported by favorable macroeconomic backdrop, robust technical factors, and high carry.
- Carry remains attractive, particularly in the energy and financial sectors. We remain primarily invested in high-yield issuers while maintaining our credit protection via the iTraxx Xover.
- On equities, we maintain a positive bias, focusing on companies with structural growth, high earnings visibility and strong balance sheets. 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 TSMC, alongside diversification into China, India and Latin America.
- Finally, we remain constructive on EM currencies, supported by the ongoing weakness of the US dollar, while maintaining a selective approach. We favour currencies of commodity-exporting countries and those offering attractive carry, such as the South African Rand (ZAR), Chilean Peso (CLP), Brazilian real (BRL) and Indonesian rupiah (IDR). We keep our decent exposure to the euro (around 45%).
Performance Overview
Data as of: Jan 8, 2026.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.
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 09/01/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Nov 28, 2025.| Bonds | 45.2 % |
| Equities | 44.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.2 % |
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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: Nov 28, 2025.Equity Investment Weight44.6 %
Net Equity Exposure41.7 %
Active Share89.9 %
Modified Duration3.0
Yield to Maturity6.4 %
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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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
Alessandra ALECCI
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
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Strategies insights • November 11, 2025 • English
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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