Share Class
LU1299303229
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
Equities93.5 %
Other6.5 %
Data as of: Feb 27, 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
+ 97.3 %
+ 114.6 %
+ 12.6 %
+ 50.8 %
+ 50.6 %
To 08/04/2026
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
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
+ 4.8 %
+ 22.8 %
Net Asset Value
197.28 €
Asset Under Management
726 M €
Net Equity Exposure27/02/2026
93.5 %
SFDR - Fund Classification
Article
9
Data as of: Feb 27, 2026.
Data as of: Apr 8, 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: Mar 31, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- In this context, the fund delivered a negative performance, in line with its reference indicator.
- We notably suffered from the decline in Asian markets, with the main detractors being our South Korean holdings, notably Samsung Electronics and SK Hynix. Although Korean memory manufacturers have limited exposure to rising energy prices (electricity costs account for less than 2% of SK Hynix’s revenues), their share prices corrected significantly due to profit-taking following strong gains earlier in the year.
- Our Indian portfolio was also negatively impacted by rising energy prices in an uncertain geopolitical environment, notably affecting names such as Kotak Mahindra and Embassy.
- We also suffered from the weakness of platform businesses such as Didi and Tencent Music, which faced concerns around profitability in an increasingly competitive AI environment. We continue to monitor these positions closely and reassess their long-term potential.
- Conversely, we benefited from our lack of exposure to the Middle East and from our Taiwanese mid-cap positions, with Asia Vital Components, Lotes, and Elite Material reporting strong results and positive guidance for 2026.
Outlook strategy
- Despite heightened geopolitical volatility, the structural investment case for emerging markets remains intact. While some short-term drivers — notably global growth momentum and US dollar weakness — have faced headwinds, emerging markets continue to benefit from robust earnings growth, attractive valuations, sustained technological momentum in Asia, and a supportive commodity backdrop in parts of Latin America.
- Emerging markets are no longer merely cyclical beneficiaries but increasingly act as key enablers of global innovation. Countries such as Korea and Taiwan remain indispensable to semiconductor and AI supply chains. This structural positioning continues to underpin long-term growth visibility across select segments of the market.
- With ongoing tensions, the market environment is becoming more discriminating, with performance increasingly driven by earnings visibility rather than broad market beta. This rising dispersion creates a favourable backdrop for selectivity, reinforcing the value of our disciplined, bottom-up stock selection approach.
- In this uncertain environment, the fund has demonstrated its resilience, supported by its selective positioning—avoiding exposure to the Middle East and vulnerable countries (Turkey, ASEAN), and instead favouring Latin America, an indirect beneficiary of higher energy prices, as well as exposure to electrification and energy transition themes.
- We have actively adjusted the portfolio, reducing our exposure to India, reflecting near-term headwinds including capital outflows, weaker liquidity, slowing earnings growth, and currency pressures, while maintaining our long-term conviction in the country. Conversely, we increased our exposure to Mexico through a new position in Tiendas BBB, a high-quality, entrepreneur-led discount retailer.
- The portfolio remains well balanced, combining innovative, high-growth companies with attractively valued businesses offering strong cash flow generation. We maintain meaningful exposure to AI enablers in Taiwan and Korea, while reinforcing our positions in companies such as CATL, which benefit from their strategic positioning at the intersection of electrification, AI-driven power demand, and energy storage solutions.
- In the current environment, we maintain a strong focus on risk management, particularly with regard to AI dynamics and energy sensitivity. Recent market dislocations and episodes of indiscriminate selling are creating attractive entry points, allowing us to reinforce high-conviction positions at compelling valuations.
Performance Overview
Data as of: Apr 8, 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 09/04/2026
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Feb 27, 2026.| Asia | 84.1 % |
| Latin America | 15.3 % |
| Eastern Europe | 0.6 % |
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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: Feb 27, 2026.Equity Investment Weight93.5 %
Net Equity Exposure93.5 %
Number of Equity Issuers40
Active Share79.2 %
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Articles that may interest you
Strategies insights • January 26, 2026 • English
Carmignac Portfolio Emergents: Letter from the Fund Managers - Q4 2025
3 minute(s) read
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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