Fixed income strategies

Carmignac Portfolio EM Debt

Emerging marketsArticle 8
Share Class

LU2638444914

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
Bonds94.5 %
Other5.5 %
Data as of:  May 30, 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 6.9 %
-
-
-
+ 7.2 %
From 24/04/2024
To 04/07/2025
Calendar Year Performance 2024
-
-
-
-
-
-
-
-
-
+ 4.0 %
Net Asset Value
106.91 €
Asset Under Management
302 M €
Modified Duration 30/05/2025
5.4
SFDR - Fund Classification

Article

8
Data as of:  Jul 4, 2025.
​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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.

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:  Jun 30, 2025.
Fund management team

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Alessandra Alecci

Fund Manager

Market environment

• In the United States, GDP growth was revised downwards to -0.5% in the first quarter, while leading indicators gave mixed signals: PMI indices surprised on the upside, but consumer confidence and household income declined, while core inflation came in higher than expected at +2.7%.• The Federal Reserve kept its key rates in the 4.25% to 4.50% range while delivering a less accommodative message than expected by lowering its growth outlook and raising its inflation forecasts. • In the eurozone, the European Central Bank lowered its key rate as expected by 25 basis points to 2.0%, but Christine Lagarde adopted a more restrictive tone regarding the inflation outlook. • Tensions in the Middle East initially pushed oil prices above $80/barrel before falling by more than 10% after the announcement of a ceasefire, also contributing to a tightening of credit spreads of -18 bp on the Itraxx Xover index. • Interest rates moved in different directions in June. In the United States, the 10-year rate eased by 17 basis points, benefiting from less robust economic data, while its German counterpart rose by 11 basis points. • EM external debt performed well over the month, while local debt was flat. • On the currency front, the dollar continued to weaken against the euro, reaching its lowest level since 2021, mainly due to asset repatriation amid uncertainty over the impact of the trade war. In this environment, emerging market currencies suffered against the strength of the euro, although the Brazilian real and Eastern European currencies (the Hungarian forint, Czech koruna and Polish zloty) bucked the trend.

Performance commentary

• During the month, the fund delivered a positive performance, in line with its benchmark.• On local bond side, the easing of interest rates in the United States, Turkey and Colombia benefited our positions in the local debt of these countries. • Our selection of corporate bonds in our preferred sectors, such as finance and energy, as well as our selection of emerging market debt denominated in hard currencies, made a positive contribution, as did our positions in Ecuador, Ivory Coast and Egypt. However, this was slightly offset by the protections we put in place to reduce our exposure to this market amid tightening credit spreads. • Finally, in currencies, despite the positive contribution of our exposure to the Brazilian real and Hungarian forint, the portfolio was impacted by our exposure, albeit limited to the US dollar and Chilean peso.

Outlook strategy

• In an environment marked by uncertainty stemming from the introduction of tariffs, geopolitical conflicts and the risk of fiscal slippage in certain countries, we expect the major central banks in developed and emerging countries to maintain an accommodative stance. We are therefore maintaining a relatively high level of modified duration, at around 5.5.• With regard to local debt, we remain selective and have positions on rates in countries benefiting from high real rates, such as South Africa and Brazil, but also in certain Eastern European countries (Poland and Hungary). Over the month, we initiated positions on Turkish local rates, which offer some of the highest real rates among the main emerging countries. • In credit, we are maintaining significant exposure to external debt in Hungary, Romania and Ivory Coast, which offer attractive spreads given their fundamentals. However, we remain cautious due to relatively high valuations and are maintaining a high level of hedging on the iTraxx Xover to protect the portfolio from the risk of widening spreads. • Finally, in terms of currencies, we are maintaining relatively low exposure to the US dollar and limited exposure to emerging market currencies. Our currency selection includes Latin American currencies (the Brazilian real and Chilean peso) and commodity-linked currencies.

Performance Overview

Data as of:  Jul 4, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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 08/07/2025

Carmignac Portfolio EM Debt Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Bonds94.5 %
Cash, Cash Equivalents and Derivatives Operations5.4 %
Money Market0 %
View details

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:  May 30, 2025.
Modified Duration5.4
Yield to Maturity7.6 %
Average Coupon6.4 %
Number of Issuers65
Number of Bonds90
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.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Alessandra Alecci

Fund Manager
The Fund is best suited for fixed income investors looking for higher returns than those offered by developed markets, by taking advantage of the emerging universe potential.

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

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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.