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Equity strategies

Carmignac Portfolio Emergents

Emerging marketsArticle 9
Share Class

LU0992626993

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.
  • A sustainable Fund that aims to positively contribute to the environment and society while seeking to achieve a low carbon footprint.
Key documents
Monthly FactsheetKID
Asset Allocation
Equities95.5 %
Other4.5 %
Data as of:  May 30, 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 117.2 %
+ 81.5 %
+ 36.9 %
+ 27.1 %
+ 7.3 %
From 15/11/2013
To 03/07/2025
Calendar Year Performance 2024
+ 4.0 %
+ 2.6 %
+ 21.9 %
- 16.0 %
+ 28.2 %
+ 47.1 %
- 9.6 %
- 13.0 %
+ 11.3 %
+ 6.8 %
Net Asset Value
217.16 $
Asset Under Management
381 M €
Net Equity Exposure30/05/2025
95.5 %
SFDR - Fund Classification

Article

9
Data as of:  Jul 3, 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.
Equity strategiesCarmignac Portfolio Emergents
Equity strategiesCarmignac Portfolio Emergents
Share Class

LU0992626993

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  May 30, 2025.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + 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.

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell 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.

Market environment

  • During May, emerging markets rose, as did their developed counterparts.

  • After a very turbulent April, the announcement of a moratorium on tariffs between the US and China pushed markets into positive territory.

  • In China, economic indicators declined, with the Caixin manufacturing PMI coming in at 50.4 for April and the services PMI at 50.7.

  • Commodity prices (oil, soybeans, copper) remained stable over the period.

Performance commentary

  • The fund posted a solid performance, outperforming its reference indicator.

  • We benefited in particular from our exposure to technology stocks and Taiwanese stocks (TSMC, Elite Materials and SK Hynix).

  • Our selection of Mexican stocks also contributed positively this month, notably the financial group Banorte and the real estate company Vesta.

  • However, the fund was slightly penalized by the underperformance of Indian stock Kotak Mahindra and Brazilian stock Eletrobras, after an excellent start to the year on the stock market.

Outlook strategy

  • Despite the uncertainties surrounding Donald Trump's policies, we remain constructive on emerging market equities, as we believe that current valuations reflect a pessimistic scenario.

  • Furthermore, emerging markets are benefiting from uncertainty in the United States, as Trump's policies seem to be having the opposite effect, benefiting emerging markets.

  • We remain constructive on China, given the change in perception. Markets are realising that geopolitical tensions are hurting China but not destroying it. Moreover, technological progress, particularly in AI and productivity, should provide further stimulus to the economy. This is why we want to maintain decent exposure to China, with a slight underweight. Our Chinese portfolio is mainly composed of technology/innovative companies.

  • During the month, we increased our position in Prosus, Tencent's parent company. We believe Tencent is well positioned to benefit from China's catch-up in AI and could potentially launch the world's first AI agents or assistants. We are maintaining a significant allocation to India, where the long-term outlook remains promising (strong growth, political stability, solid current account balance).

  • The recent correction offers attractive entry points for the stocks we are tracking. We took advantage of the correction at the beginning of the year to increase our exposure to India by strengthening our positions in the e-commerce, tech and insurance sectors, which have fallen sharply.

  • Finally, we remain very constructive on our Latin American portfolio, which appears to be benefiting from the new global economic order, as it is less affected by customs tariffs than Asia. Mexico seems to have been relatively spared by Trump's initial announcements, which reinforces our view that this country should gain significant market share in US imports.

Performance Overview

Data as of:  Jul 3, 2025.
View Performance in detail
​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. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 06/07/2025

Carmignac Portfolio Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  May 30, 2025.
Asia74.1 %
Latin America23.1 %
Europe1.9 %
Eastern Europe0.9 %
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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:  May 30, 2025.
Equity Investment Weight95.5 %
Net Equity Exposure95.5 %
Number of Equity Issuers39
Active Share82.8 %
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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

Xavier Hovasse

Head of Emerging Equities, Fund Manager
Source and Copyright: Citywire. Xavier Hovasse is + 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.

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell 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.
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
Source and Copyright: Citywire. Xavier Hovasse is + 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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All analysis
View characteristics and risks
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.