Share Class
LU0592698954
An all-inclusive, sustainable Emerging Market solution
- Accessing a rich and heterogenous universe of EM bonds, equities, and currencies in a sustainable manner.
- Offering portfolio diversification by exploiting decorrelations between regions, sectors and asset classes.
- Dynamic and flexible management to quickly adapt to market movements.
Key documents
Asset Allocation
Equities47.7 %
Bonds42.1 %
Other10.2 %
Data as of: Jan 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
+ 69.1 %
+ 67.0 %
+ 13.6 %
+ 28.5 %
+ 19.5 %
To 05/03/2026
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
+ 9.8 %
+ 7.3 %
- 14.4 %
+ 18.6 %
+ 20.4 %
- 5.2 %
- 9.6 %
+ 7.8 %
+ 1.9 %
+ 14.2 %
Net Asset Value
169.14 €
Asset Under Management
344 M €
Net Equity Exposure30/01/2026
34.4 %
SFDR - Fund Classification
Article
8
Data as of: Jan 30, 2026.
Data as of: Mar 5, 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.
Carmignac Portfolio Emerging Patrimoine 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: Feb 27, 2026.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
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a positive performance, outperforming its reference indicator mainly driven by our equity exposure.
- The Fund’s hard-currency sovereign exposure detracted from overall performance, mainly due to positions in Egypt and Argentina, while our credit protections helped partially offset these losses.
- On the Equity side, performance was mainly driven by Korean technology stocks exposed to AI-related hardware, notably SK Hynix and Samsung Electronics, which both reported strong earnings growth and positive outlooks. Samsung also unveiled its “AI-Driven Factories” strategy, aimed at transforming all its production sites through AI by 2030. Taiwan also contributed positively, supported by TSMC, the world’s leading semiconductor foundry and a key beneficiary of global AI-related chip demand.
- Local rates generated positive returns, supported by our long positions in South African, Polish and Hungarian bonds.
- Currencies were a strong driver of performance, notably the South African rand (ZAR) and the Philippine peso (PHP).
Outlook strategy
- Despite an environment shaped by heightened geopolitical tensions, emerging market assets remains attractive, supported by solid fundamentals, improving external balances and declining inflation. We maintain a constructive view on emerging market assets. We maintained a moderate level of equity exposure before reducing it at the end of the period to 24% amid geopolitical tensions pick up. We also slightly reduced modified duration, lowered from 220 to 150bps, across local and hard-currency bonds.
- We remain selectively exposed to local currency debt, favoring markets with attractive real yields such as Poland and South Africa, while slightly reducing our exposure to Eastern Europe and initiating a small position in Indian local rates. Given geopolitical tensions we tactically reduced some local debt exposure.
- Hard-currency sovereign debt continues to offer attractive carry, with yields above long-term averages and supported by solid fundamentals. We therefore remain positioned in selected high-yield issues offering compelling opportunities, notably Côte d’Ivoire, Egypt and Romania.
- Carry remains attractive, particularly in the energy and financial sectors. Our exposure is focused on high-yield issuers, with an emphasis on BB- and B-rated credits, while remaining underweight investment grade given tight spreads. In an environment of tight valuations, we increased slightly our level of credit protection.
- On equities, we maintain a positive bias, focusing on companies with structural growth, high earnings visibility and strong balance sheets. Asia remains a core pillar of the portfolio, notably through exposure to the artificial intelligence value chain, with high-conviction positions in SK Hynix and TSMC, alongside diversification into China, India and Latin America.
- Finally, we maintain a significant exposure to the euro (around 55%) and have slightly increased our US dollar exposure (around 8%). We actively manage our EM currency exposure, notably the South African rand, increasing the Chinese renminbi and trimming the Chilean peso after its strong rally. At the end of the period we reduced EM currencies exposure to derisk the portfolio.
Performance Overview
Data as of: Mar 5, 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.
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31/12/2021, the reference indicator was 50% MSCI Emerging Markets index, 50% JP Morgan GBI - Emerging Markets Global Diversified Index. The performances are presented using the chaining method.
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 06/03/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jan 30, 2026.| Equities | 47.7 % |
| Bonds | 42.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.2 % |
| Credit Default Swap | -29.1 % |
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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 equity and bond management and positioning.
Exposure Data
Data as of: Jan 30, 2026.Equity Investment Weight47.7 %
Net Equity Exposure34.4 %
Active Share91.0 %
Modified Duration2.3
Yield to Maturity6.4 %
Average RatingBBB-
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.
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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
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Alessandra ALECCI
Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Articles that may interest you
Press release • February 11, 2026 • English
Carmignac bolsters emerging market debt capabilities
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Strategies insights • November 11, 2025 • English
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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.
Market environment