Diversified strategies
Carmignac Portfolio Emerging Patrimoine
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU0807690911
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
Bonds45.3 %
Equities41.2 %
Other13.5 %
Data as of: Dec 31, 2025.
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
+ 48.7 %
+ 74.7 %
+ 8.0 %
+ 24.9 %
+ 18.0 %
To 09/02/2026
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
117.75 €
Asset Under Management
333 M €
Net Equity Exposure31/12/2025
36.6 %
SFDR - Fund Classification
Article
8
Data as of: Dec 31, 2025.
Data as of: Feb 9, 2026.
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.
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: Jan 30, 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 benefited from positions in Côte d’Ivoire and this month, although this was slightly offset by the impact of our position in Egypt and our credit protections.
- On the Equity side, we benefited from the solid rebound of our Asian tech companies, notably SK Hynix and Hyundai Motor. The latter saw its share price supported by the announcement of a partnership with Google, the unveiling of its Atlas robot and the announcement of a project to build a manufacturing facility capable of producing up to 30,000 robots per year by 2028, enhancing the stock’s appeal among investors seeking exposure to next-generation technologies.
- Our local rate strategies contributed positively to performance, driven by our long position in South African and Poland rates.
- On currencies, the Fund benefited from its exposure to commodity-linked and Latin American currencies, such as the Chilean peso and the Mexican Peso.
Outlook strategy
- In a supportive environment for emerging market debt, driven by strong growth, moderating inflation, and solid fundamentals, we expect central banks to maintain an accommodative bias. We maintain a constructive view on emerging markets assets with a relatively high equity exposure (around 40%) and a moderate level of duration (around 220bps), combining local and hard-currency bonds.
- With high real rates and declining inflation, local currency debt offers attractive opportunities. We favor countries with elevated real yields, notably the Czech Republic, Hungary and South Africa, as well as selected exposures to Brazil and Peru.
- In hard-currency sovereign debt, supported by attractive carry, solid technicals and a favorable macro backdrop, we remain overweight selected high-yield issuers with sound fundamentals and compelling valuations, 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 maintain a high level of credit protection.
- On equities, we keep a positive but selective bias, focusing on companies with structural growth, strong earnings visibility and solid balance sheets, while maintaining strict valuation discipline and risk management. Asia remains a core pillar, notably through exposure to the AI value chain, with high-conviction positions in SK Hynix and TSMC, alongside diversification into China, India and Latin America. During the month, we increased our exposure to the memory space, reinitiating a position on Samsung Electronics, which seems well positioned to capture strong demand for legacy DRAM chips and Lotes, a key Taiwanese electronics supplier, manufacturing CPU sockets, connectors, and coolers.
- Finally, we maintain a significant exposure to the euro and limited exposure to the US dollar. We maintain exposure to commodity-linked currencies such as the Chilean peso and the South African rand, as well as other selected emerging currencies, including the South Korean won and the Indian rupee.
Performance Overview
Data as of: Feb 9, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 10/02/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Dec 31, 2025.| Bonds | 45.3 % |
| Equities | 41.2 % |
| Cash, Cash Equivalents and Derivatives Operations | 13.5 % |
| Credit Default Swap | -30.5 % |
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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: Dec 31, 2025.Equity Investment Weight41.2 %
Net Equity Exposure36.6 %
Active Share88.8 %
Modified Duration2.5
Yield to Maturity6.5 %
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
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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