Diversified strategies
Carmignac Portfolio Emerging Patrimoine
SICAVEmerging marketsSRI Fund Article 8Share Class
LU0992631720
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.
Key documents
Asset Allocation
Bonds56.9 %
Equities38.5 %
Other4.6 %
Data as of: 28 Jun 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 35.7 %
+ 28.2 %
+ 18.2 %
- 10.8 %
- 0.4 %
To 25/07/2024
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
+ 5.7 %
- 0.9 %
+ 9.6 %
+ 7.4 %
- 14.2 %
+ 18.8 %
+ 20.4 %
- 4.9 %
- 9.6 %
+ 6.3 %
Net Asset Value
135.65 CHF
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).
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: 28 Jun 2024.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
Abdelak Adjriou
Fund Manager
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.
Performance Overview
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). Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.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.
Source: Carmignac at 27/07/2024
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Jun 2024.| Asia | 83.0 % |
| Latin America | 15.5 % |
| Eastern Europe | 1.5 % |
| Total % Equities | 100.0 % |
Asia83.0 %
 South Korea | 26.4 % |
 Taiwan | 18.7 % |
 China | 18.1 % |
 India | 13.7 % |
 Hong Kong | 2.8 % |
 Malaysia | 1.8 % |
 Singapore | 1.5 % |
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: 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.Fund Management Team
Xavier Hovasse
Head of Emerging Equities, Fund Manager
Abdelak Adjriou
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.
Market environment