Share 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.
Asset Allocation
Equities46.8 %
Bonds41.7 %
Other11.5 %
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
+ 92.6 %
+ 79.8 %
+ 20.8 %
+ 34.4 %
+ 26.4 %
To 04/06/2026
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
€192.61
Asset Under Management
372 M €
Net Equity Exposure30/04/2026
15,0 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: Jun 4, 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
Head of Emerging Equities, 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
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: May 29, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Performance commentary
- The Fund delivered a positive performance primarily driven by equities followed by EM currencies.
- Equities were the main contributor to performance, benefiting from the excellent performance of our Asian technology stocks, notably the key players in the Semiconductor and memory supply chains (SK Hynix, Samsung Electronics and TSMC)
- Local rates also contributed positively, supported by positions across EMEA, particularly in South Africa and Hungary.
- Currencies provided an additional source of return, supported by several EMEA currencies, including the Hungarian forint and the South African rand, as well as selected Latin American currencies such as the Peruvian sol.
- Finally, despite strong performance our hard currency bonds (notably in Romania and Côte d’Ivoire), our credit protections (iTraxx Xover) weighed on performance in an environment of significant spread tightening towards month-end.
Outlook strategy
- In a context of continued geopolitical volatility, with rates selling off during the first half of the month amid inflation concerns before rallying on hopes of an extension of the ceasefire, we actively managed the Fund’s duration. We maintained a relatively moderate duration of around 1.5 for most of the month, before increasing it to 2.5 towards month-end as market conditions became more supportive. Overall, we remain more constructive on external debt and currencies, while staying cautious on local debt.
- With inflationary pressures remaining elevated amid the impact of the US-Iran conflict and higher energy prices, we continue to maintain exposure to inflation-linked strategies through inflation-linked bonds (Brazil, Poland).
- Despite the volatility in local rates markets, we maintained our long positions in selected countries across Latin America, notably Peru, Mexico and Brazil, as well as in EMEA, including South Africa, Hungary and the Czech Republic.
- In hard-currency sovereign debt, we maintained a stable allocation, focusing on our core convictions (Romania, Côte d’Ivoire, Ecuador), while remaining prudent by keeping credit protection strategies in place through CDS on high-yield indices and selected issuers.
- 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 energy transition theme in China with CATL, alongside diversification into Latin America. However, given the solid performance of the AI related names, we trimmed our top performing AI stocks (SK Hynix) on profit taking.
- On the currency side, we reduced our euro exposure to 22% while maintaining a modest short position in the US dollar (-2%). We remain constructive on emerging market currencies, favoring commodity-linked currencies such as the Brazilian real and Mexican peso, as well as currencies of tech exporting countries, notably the Malaysian ringgit and Taiwanese dollar. We also maintain exposure to the Chinese renminbi, supported by China’s persistent current account surplus and solid external position.
Performance Overview
Data as of: Jun 4, 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 05/06/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Equities | 46.8 % |
| Bonds | 41.7 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.5 % |
| Money Market | 0.9 % |
| Credit Default Swap | -27.6 % |
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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: Apr 30, 2026.Equity Investment Weight46.8%
Net Equity Exposure15.0%
Active Share89.7%
Modified Duration1.5
Yield to Maturity7.1%
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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Articles that may interest you
Strategies insights • April 20, 2026 • English
Carmignac Portfolio Emerging Patrimoine: Letter from the Fund Managers - Q1 2026
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Press release • February 11, 2026 • English
Carmignac bolsters emerging market debt capabilities
2 minute(s) read
Strategies insights • November 11, 2025 • English
The New Asian Tigers: At the heart of the artificial intelligence revolution
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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