Share Class
LU2420651072
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
Equities95.6 %
Other4.4 %
Data as of: Apr 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
+ 57.8 %
-
-
+ 80.1 %
+ 56.1 %
To 11/05/2026
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
-
-
-
-
-
-
- 14.2 %
+ 10.8 %
+ 5.6 %
+ 23.7 %
Net Asset Value
157.83 €
Asset Under Management
761 M €
Net Equity Exposure31/03/2026
93.4 %
SFDR - Fund Classification
Article
9
Data as of: Apr 30, 2026.
Data as of: May 11, 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: Apr 30, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- Over the month, the fund delivered an excellent performance, outperforming its reference indicator
- Our exposure to technology stocks was the main driver of performance, benefiting both from a more supportive geopolitical environment in the Middle East and from strong first-quarter 2026 earnings releases.
- The main contributors were SK Hynix, which once again reported record results, alongside SK Square and Samsung Electronics. Our Taiwanese holdings also performed well, notably TSMC, Asia Vital Components, Elite Material, and Lotes.
- CATL, a leading manufacturer of electric vehicle and renewable energy storage batteries, stood out with particularly strong results, posting a 49% year-on-year increase in profit while continuing to invest in resources to secure its supply chains.
- Finally, the Latin American portfolio contributed positively to overall performance, driven by Axia Energia, which experienced a technical rebound following the decline in its share price the previous month.
Outlook strategy
- Despite a more uncertain geopolitical environment, we remain constructive on emerging markets. While some short-term factors — particularly the global growth outlook and the stagflationary shock — are less supportive, the structural drivers of the asset class remain firmly in place. Emerging markets’ central role in global technology value chains continues to support earnings resilience.
- Earnings growth remains structurally stronger than in developed markets, supported by improving margins, better capital discipline, and more consistent profitability. Valuations, although less discounted than in the past, remain attractive relative to developed markets.
- In an uncertain geopolitical environment, we expect higher volatility, but also greater dispersion across countries, sectors, and stocks — an environment conducive to active management driven by stock selection, where performance increasingly depends on energy exposure, external balance sheet strength, and earnings visibility. In this context, our main geographic overweight positions remain concentrated in Latin America, an allocation that has so far proved relevant.
- Over the longer term, however, performance will increasingly depend on the ability to identify companies with strong pricing power, solid balance sheets, and exposure to structural growth trends. Our positioning reflects this approach, with a preference for companies offering high earnings visibility, particularly in the technology, energy, and industrial transformation sectors — all while maintaining strict valuation and diversification discipline.
- We therefore maintain significant exposure to key AI players in Taiwan and Korea, while increasing positions such as CATL (electrification and energy storage solutions), which offers strong earnings visibility and attractive valuations.
- We have also actively adjusted the portfolio, taking profits on Taiwanese stocks that rebounded strongly, such as Asia Vital Components and Lotes. Conversely, we increased our exposure to existing Chinese positions that have underperformed in recent weeks, including Tencent, Montage Technology, and Horizon Robotics, and initiated new positions in VNET (a data center operator) and Han’s CNC (a Chinese manufacturer of printed circuit board equipment).
Performance Overview
Data as of: May 11, 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 12/05/2026
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Apr 30, 2026.| Asia | 83.7 % |
| Latin America | 15.6 % |
| Eastern Europe | 0.8 % |
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 equity positioning.
Exposure Data
Data as of: Mar 31, 2026.Equity Investment Weight93.4 %
Net Equity Exposure93.4 %
Number of Equity Issuers40
Active Share80.3 %
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