Share Class
LU0992626480
Grasping 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.
- A sustainable Fund that aims to positively contribute to the environment and society while seeking to achieve a low carbon footprint.
Key documents
Asset Allocation
Equities96.0 %
Other4.0 %
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
+ 174.6 %
+ 136.3 %
+ 38.7 %
+ 64.9 %
+ 46.4 %
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
+ 1.7 %
+ 19.8 %
- 18.2 %
+ 25.5 %
+ 44.9 %
- 10.3 %
- 14.3 %
+ 9.8 %
+ 5.5 %
+ 23.6 %
Net Asset Value
€274.63
Asset Under Management
707 M €
Net Equity Exposure30/06/2026
94,4 %
SFDR - Fund Classification
Article
9
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.
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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
![[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
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.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Carmignac Portfolio 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: Jul 31, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- Against this backdrop, the Fund delivered a negative performance over the month. The decline primarily reflected the sharp correction in South Korean and Taiwanese technology stocks, following their strong performance since the beginning of the year.
- In South Korea, SK Square and SK Hynix were the largest detractors, followed by Samsung Electronics. In Taiwan, Grand Process Technology and Asia Vital Components also weighed on performance. These companies, which are exposed to the memory and semiconductor value chain, experienced significant profit-taking during the month.
- In China, performance was also impacted by the weakness of Shenzhen Han's CNC Technology. The company, a leading manufacturer of printed circuit board (PCB) drilling equipment, was caught in the broader sell-off across AI-related technology names. Nevertheless, our selective allocation and active position sizing within the technology sector contributed positively on a relative basis, as the Fund remained less exposed than its benchmark to a sector that experienced particularly sharp declines.
- Conversely, our diversification beyond Asian technology provided positive support to performance. Notably, our stock selection in China (Tencent, New Oriental Education, HK Exchange, Horizon Robotics), Latin America (Banorte, MercadoLibre) and Southeast Asia (Sea, Bank Central Asia) generated positive contributions, illustrating the breadth of investment opportunities across the emerging markets universe.
Outlook strategy
- Despite the heightened volatility in Asian technology stocks, we remain constructive on emerging markets. In our view, the recent correction primarily reflects a valuation reset and the unwinding of crowded positions rather than any deterioration in underlying fundamentals. Emerging market earnings revisions continue to trend upwards, while valuations remain attractive relative to developed markets.
- We remain convinced that the artificial intelligence investment cycle is still in its early stages. Capital expenditure by leading cloud providers continues to grow at a robust pace, supported by high data centre utilisation rates and long-term supply agreements that provide strong earnings visibility for Asia's leading technology companies. While Chinese competitors continue to make progress, we do not believe they pose a meaningful short-term threat to the technological leadership of Korean and Taiwanese industry leaders.
- Against this backdrop, we entered this period of volatility with a more balanced portfolio, having disciplinedly reduced our overweight in memory stocks during the second quarter. We took advantage of the correction to selectively reinforce some of our highest-conviction positions, notably SK Square in South Korea, whose valuation discount remains particularly attractive, and BizLink in Taiwan. We also participated in the IPO of one of India's leading hospital operators, strengthening our exposure to a high-quality company benefiting from the country's long-term structural healthcare growth. At the same time, we continue to maintain an underweight position in both the benchmark's largest technology names and the technology sector overall.
- We are also continuing to diversify the portfolio by gradually increasing our exposure to attractive risk-reward opportunities across China, India and Latin America. The current earnings season increasingly confirms that growth drivers within emerging markets are broadening beyond the traditional AI-related technology leaders.
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.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/08/2026
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| Asia | 85.6% |
| Latin America | 13.6% |
| Eastern Europe | 0.7% |
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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 management and equity positioning.
Exposure Data
Data as of: Jun 30, 2026.Equity Investment Weight96.0%
Net Equity Exposure94.4%
Number of Equity Issuers41
Active Share74.9%
To Access the weekly view
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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.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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