Equity strategies

Carmignac Emergents

FCPEmerging marketsSRI Fund Article 9
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.
Asset Allocation
Equities95.2 %
Other4.8 %
Data as of:  30 Apr 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 720.2 %
+ 69.8 %
+ 50.7 %
- 11.0 %
+ 16.3 %
From 03/02/1997
To 23/05/2024
Calendar Year Performance 2023
+ 5.8 %
+ 5.2 %
+ 1.4 %
+ 18.8 %
- 18.6 %
+ 24.7 %
+ 44.7 %
- 10.7 %
- 15.6 %
+ 9.5 %
Net Asset Value
1250.4 €
Asset Under Management
912 M €
Market
Emerging markets
SFDR - Fund Classification

Article

9
Data as of:  23 May 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

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:  30 Apr 2024.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
[Management Team] [Author] Li-Labbe Haiyan

Haiyan Li-Labbé

Fund Manager

Market environment

Emerging markets gained ground in April (+1.73% in EUR), unlike developed markets. The main push came from China, where the Hang Seng was up 8.54% and the CSI 300 mainland index 3.20%. China had published some encouraging economic data including the Caixin manufacturing index, which stood in expansionary territory at 51.4. The global economy’s resilience helped China to also post above-forecast Q1 GDP growth (+5.3% vs 5%). As far as geopolitical tensions go, US Secretary of State Anthony Blinken’s recent visit illustrates an improvement in communications between the two countries. Elsewhere in Asia, India’s markets were up (BSE SENSEX 30 +2.10% in EUR) and South Korea’s were down (Kospi -3.54% in EUR). In Latin America, Mexican (-2.57% for the Mexico IPC) and Brazilian (-4.12% for the Bovespa) markets also fell in April.

Performance commentary

The Fund delivered a positive return but trailed its reference indicator slightly. Our Chinese equity portfolio accounted for much of the strategy’s gains. Consumer discretionary stocks including MINISO, JD.com, Haier Smart Home, and Anta Sports trended upwards. Our industrial name, DiDi, also performed excellently after announcing that its share buybacks would accelerate in Q2 2024. Although Hyundai Motor held up well, our South Korean allocation weighed on the Fund’s performance, largely through semiconductor company Samsung Electronics and battery manufacturer LG Chem. Latin American markets’ weak performance in April was rather disappointing. Our Fund suffered from its positions in Brazilian utilities providers Eletrobras and Equatorial Energia, and its top Mexican holdings Grupo Banorte and Vesta.

Outlook strategy

We remain optimistic for emerging markets over the rest of 2024. The vast emerging world presents numerous opportunities across all regions and sectors, as valuations are attractive. The Chinese authorities’ stimulus is starting to pay off despite structural problems. We are keeping a significant allocation to Chinese markets, taking advantage of market inefficiencies and the upside potential for consumer companies with strong balance sheets and valuations that do not fully reflect their underlying fundamentals or growth prospects. Nearly all of the Chinese companies in our Fund are leaders in their field, with high cash flows to sustain decent margins against the current backdrop of weak growth. During the month we closed our position in Beike, a Chinese company that specialises in real estate deals and related services. We also took profits on MINISO (China) following its rally, and increased our exposure to Vipshop. We are remaining exposed to Latin America, and Mexico in particular, which is benefitting from structural trends such as reindustrialisation in North America. We are positioned on industrial real estate company Vesta in Mexico. Although we remain optimistic for emerging markets over the rest of 2024, we have reduced our regional bets to protect ourselves from geopolitical risks – most notably those attached to the US presidential election. The Fund is therefore focusing on its stock selection, concentrating its portfolio on growth and discounted stocks, with a particular emphasis on valuations and sustainability criteria.

Performance Overview

Data as of:  23 May 2024.
​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.
Source: Carmignac at 25/05/2024

Carmignac Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
Asia78.2 %
Latin America20.1 %
Eastern Europe1.7 %
Total % Equities100.0 %
Asia78.2 %
cnChina
28.9 %
krSouth Korea
17.8 %
inIndia
14.2 %
twTaiwan
10.1 %
hkHong Kong
3.1 %
myMalaysia
2.2 %
sgSingapore
2.0 %

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:  30 Apr 2024.
Equity Investment Weight95.2 %
Net Equity Exposure95.2 %
Number of Equity Issuers32
Active Share85.9 %

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

Xavier Hovasse

Head of Emerging Equities, Fund Manager
[Management Team] [Author] Li-Labbe Haiyan

Haiyan Li-Labbé

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.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
View Fund's characteristics
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.

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