Fixed income strategies
Carmignac Portfolio EM Debt
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU2277146382
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
Bonds94.6 %
Other5.4 %
Data as of: Sep 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
+ 22.0 %
-
+ 21.1 %
+ 17.8 %
+ 1.7 %
To 05/11/2026
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
-
-
-
-
-
+ 2.8 %
- 8.9 %
+ 14.7 %
+ 4.3 %
+ 8.1 %
Net Asset Value
€122.02
Asset Under Management
465 M €
Modified Duration
30/09/2026
2.5
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Nov 5, 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
We believe the greatest strength of emerging market debt is the breadth of opportunities it offers. By investing across local rates, currencies and credit, we can express our strongest convictions while remaining selective about the risks we take.
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: Oct 30, 2026.Fund management team
Performance commentary
- Over the month, the Fund delivered a negative performance, underperforming its reference indicator, mainly due to a wider emerging-market credit spreads and losses on selected local rates positions, while currency selection provided some offset.
- Currencies continued to contribute positively, notably through the Chinese renminbi, supported by strong external balances, and the Malaysian ringgit, which benefited from robust export momentum and supportive capital flows. The Kazakh tenge and Uzbek som also contributed positively, supported by attractive carry and a favourable commodity backdrop. Conversely, part of these gains was offset by the Brazilian real following Lula’s unexpected victory and renewed fiscal concerns, despite having reduced our exposure ahead of the election.
- Local currency debt detracted from performance, primarily due to our long positions in Brazilian rates, which were significantly impacted by the post-election sell-off. This was only marginally offset by positive contributions from South Korean and Kazakh rates, both supported by improving domestic catalysts.
- Hard currency debt also detracted as emerging-market credit spread widened over the month. Argentina, Egypt and Ecuador were among the main negative contributors.
Outlook strategy
- We remain constructive on EM debt, as recent volatility has reflected a global duration shock rather than weaker fundamentals. Deteriorating risk sentiment amid inflation concerns, higher energy prices and AI-related weakness drove a rally in developed-market bonds. The Fund’s modified duration increased from 2.5 to 4.9 through profit-taking on short developed-market rates and added duration in selected local markets.
- Hard-currency sovereign debt remains our strongest conviction, supported by attractive carry, low volatility and contained default risk. While investment-grade spreads remain tight, we see greater value in high yield, notably Côte d’Ivoire, Romania and Argentina, while maintaining CDS protection.
- In local debt, we remain selective but see opportunities where markets price an excessively hawkish policy path. We favour South Korea, supported by domestic catalysts and the semiconductor cycle, Kazakhstan, benefiting from disinflation, reform momentum and strong buffers, and the Czech Republic, where valuations remain attractive.
- We remain constructive on EM currencies versus the US dollar, with exposure to the Kazakh tenge, supported by carry, commodity exports and solid external fundamentals; the Mexican peso, benefiting from contained inflation, sound external balances and AI-related electronics exports; and the Chinese renminbi, supported by attractive valuation, low sensitivity to global risk factors and gradual appreciation potential.
- In Brazil, our conviction remains driven by fundamentals rather than the election, supported by high real yields, attractive carry and resilient external balances. After reducing BRL exposure ahead of the second round, we rebuilt part of the position following the sell-off. While the outcome implies less fiscal orthodoxy than expected, a right- and centre-right-dominated Congress provides an important safeguard. We remain constructive while actively managing exposure and monitoring the fiscal trajectory.
Performance Overview
Data as of: Nov 5, 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 06/11/2026
Carmignac Portfolio EM Debt Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2026.| Bonds | 94.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 3.4 % |
| Money Market | 2.0 % |
| Credit Default Swap | -26.7 % |
To Access the weekly view
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: Sep 30, 2026.Modified Duration2.5
Yield to Maturity8.5%
Average Coupon7.4%
Number of Issuers65
Number of Bonds96
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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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