Calendar Year Performance 2014Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023
+ 5.3 %
+ 0.2 %
+ 9.8 %
+ 7.3 %
- 14.4 %
+ 18.6 %
+ 20.4 %
- 5.2 %
- 9.6 %
+ 7.8 %
Net Asset Value
137.58 €
Asset Under Management
380 M $
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 25 Jul 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Emerging markets were volatile in June, as elections took place in India, Mexico and South Africa.
EM equity markets gained 5.3% in EUR as Taiwanese and Korean technology companies involved in the AI revolution rallied.
Latin American markets were down, with Mexico declining after election results, and Lula spooking the markets amid fears of a deterioration in public finances in Brazil.
Chinese markets backtracked on the previous weeks’ rally due to gloomy economic data and concerns about the US elections.
Performance commentary
The Fund delivered a positive return but significantly lagged its reference indicator.
This lag underperformance mainly stemmed from the disappointing performance of our equity investments, especially in China and Latin America.
Our external debt holdings weighed on the Fund’s fixed-income performance, mainly as a result of our South African hedges and our Argentinean positions.
However, we benefited from our exposure to Hungarian, Polish and Colombian bonds.
Our currency component was a drag on performance, in particular due to exposure to the Brazilian real.
Outlook strategy
We remain optimistic for emerging market assets as the US economy shows signs of slowing, and this could enable the Federal Reserve to cut interest rates as early as September.
With this in mind, we nudged up the Fund’s modified duration with an allocation balanced between local and external debt.
For local debt, we still prefer countries like Mexico and Brazil where real short-term interest rates remain extremely high.
We added to our Mexican local debt holdings in June after a post-election rout, which we believed to be excessive.
We increased our equity exposure to 30%, with significant exposure to Asian markets and, in particular, technology stocks, where the artificial intelligence theme is leading to sustained growth.
We opened two new Taiwanese positions, in Elite Material and Lite-On, during the month, to diversify our exposure to the AI value chain.
At a foreign exchange level, we reduced our EM currency exposure but retained positions on the Brazilian real, Chilean peso and Indian rupee.
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: 28 Jun 2024.
Equity Investment Weight38.5 %
Net Equity Exposure30.7 %
Active Share90.3 %
Modified Duration2.8
Yield to Maturity8.6 %
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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
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.
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