Diversified strategies
Carmignac Portfolio Emerging Patrimoine
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU0992631647
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
Equities47.2 %
Bonds45.1 %
Other7.7 %
Data as of: Sep 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
+ 83.6 %
+ 58.5 %
+ 21.4 %
+ 28.5 %
+ 7.6 %
To 05/11/2026
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
+ 10.5 %
+ 8.0 %
- 13.8 %
+ 19.2 %
+ 21.1 %
- 4.6 %
- 9.0 %
+ 8.2 %
+ 2.5 %
+ 15.0 %
Net Asset Value
€183.63
Asset Under Management
362 M €
Net Equity Exposure30/09/2026
27.6%
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Nov 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.
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
Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier HOVASSE
Fund Manager
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: Oct 30, 2026.Fund management team
Xavier HOVASSE
Fund Manager
Performance commentary
- Over the month, the Fund delivered a negative performance, underperforming its reference indicator, mainly due to equity positions and local rates strategies.
- Equities were the main detractor as weaker risk sentiment and renewed AI concerns weighed on EM, particularly technology-heavy South Korea and Taiwan. Chinese and Brazilian equities also detracted, the latter following the unexpected election outcome.
- Local rates also detracted, mainly through long Brazilian debt positions hit by the sharp post-election sell-off. This was only marginally offset by positive contributions from long Kazakh and Mexican rates.
- Hard-currency debt had a more moderate negative contribution as EM credit spreads widened, notably weighing on Argentine sovereign exposure. Losses were partly offset by high-yield credit protection through CDS.
- Currencies were among the few positive contributors, led by selected Asian currencies including the South Korean won and Chinese renminbi, the latter benefiting from lower sensitivity to global risk factors. The Colombian peso also contributed positively, partly offset by weakness in the Brazilian real, despite reduced exposure ahead of the second election round, and the Mexican peso.
Outlook strategy
- We remain constructive on EM assets, supported by resilient fundamentals, contained inflation and credible monetary policy. Net equity exposure was reduced from 28% to 20%, while duration rose slightly from 0.3 to 0.7 through profit-taking on short developed rates and selective additions to local debt.
- On equities, we remain constructive after the October correction but selective and valuation-focused. We used the weakness to add selectively to high-conviction opportunities, notably SK Square, while maintaining disciplined position sizing. In Brazil, we reduced equity exposure between the two election rounds by selling Smart Fit. Following the sharp post-election repricing, we remain selective and closely monitor the fiscal trajectory.
- Hard-currency sovereign debt remains our strongest fixed-income conviction, offering attractive carry, relatively low volatility and contained default risk. We see opportunities where risk premia do not fully reflect fundamentals, notably in Côte d’Ivoire and Argentina, while maintaining CDS protection against spread widening.
- In local debt, we remain selective, targeting markets pricing an excessively hawkish policy path. We maintain exposure to Kazakhstan and Nigeria, supported by attractive valuations and domestic catalysts, and to Brazilian local rates given high real yields and attractive carry. While the election implies less fiscal orthodoxy than expected, a right- and centre-right-leaning Congress provides an important institutional safeguard.
- We remain strongly constructive on EM currencies versus the US dollar and euro. We retain exposure to commodity-linked currencies, including the Colombian peso and Kazakh tenge, while favouring the Mexican peso. We also increased exposure to selected Asian and Central European currencies, including the South Korean won and Hungarian forint, and continue to favour the Chinese renminbi for its attractive valuation, low correlation to global risk factors and gradual appreciation potential.
Performance Overview
Data as of: Nov 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 07/11/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2026.| Equities | 47.2 % |
| Bonds | 45.1 % |
| Cash, Cash Equivalents and Derivatives Operations | 7.7 % |
| Credit Default Swap | -25.4 % |
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 equity and bond management and positioning.
Exposure Data
Data as of: Sep 30, 2026.Equity Investment Weight47.2%
Net Equity Exposure27.6%
Active Share87.8%
Modified Duration0.3
Yield to Maturity8.2%
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.
To Access the weekly view
Articles that may interest you
Strategies insights • October 19, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q3 2026
6 minute(s) read
Strategies insights • July 23, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q2 2026
5 minute(s) read
Strategies insights • April 20, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q1 2026
5 minute(s) read
Did you enjoy the fund page?
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