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Equity strategies

Carmignac Emergents

Emerging marketsSRI Fund Article 9
Share Class

FR0010149302

Grasping the most promising opportunities within the emerging universe
  • A concentrated and high conviction portfolio seeking high alpha generation across the diversified emerging market universe.
  • A Fund focused on selecting high-quality companies that offer attractive long-term growth prospects, with sound financials and sustainable profitability.
Key documents
Monthly Report
Asset Allocation
Equities95.8 %
Other4.2 %
Data as of:  28 Feb 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 704.4 %
+ 43.1 %
+ 32.0 %
+ 10.7 %
+ 4.6 %
From 03/02/1997
To 06/03/2025
Calendar Year Performance 2024
+ 5.2 %
+ 1.4 %
+ 18.8 %
- 18.6 %
+ 24.7 %
+ 44.7 %
- 10.7 %
- 15.6 %
+ 9.5 %
+ 4.6 %
Net Asset Value
1226.35 €
Asset Under Management
878 M €
Net Equity Exposure28/02/2025
95.8 %
SFDR - Fund Classification

Article

9
Data as of:  6 Mar 2025.
​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. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Equity strategiesCarmignac Emergents
Equity strategiesCarmignac Emergents
Share Class

FR0010149302

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Emergents 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 Feb 2025.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager

Market environment

  • In February, emerging markets posted slight gains (+0.4% for the MSCI EM) driven by the Chinese markets (+13.6% for the Hang Seng), while the Indian markets continued to decline.
  • On the political front, Trump has begun to implement his programme, starting with an increase in US tariffs on Mexico, Canada, China and Europe, which are expected to come into force in the coming months.
  • In China, the markets continued to progress well following the announcement of the AI company DeepSeek, the giants Alibaba and Tencent have in turn unveiled their own AI model, driving Chinese tech stocks upwards
  • The Chinese authorities also brought together experts in economics and AI for a symposium to strengthen collaboration between professionals in the field while highlighting the technological innovations that could transform various economic sectors, sending a positive signal to the markets.
  • In Latin America, the markets evolved in a dispersed order. In Brazil, the markets fell back after a solid start to the year, while Mexico rose despite fears over the entry into force of Trump's tariffs.

Performance commentary

  • In this context, the fund delivered a neutral performance over the month, slightly underperforming its reference indicator.
  • Over the period, we benefited from our portfolio of Chinese stocks, which rose over the month, as did the flash sales company VIPShop and the real estate services company Beike.
  • Although the Brazilian markets fell in February, our selection of stocks delivered a positive performance. MercadoLibre saw its stock rise on the stock market following the announcement of its quarterly results, which exceeded expectations.
  • Our main position, TSMC, on the other hand, suffered from the downturn in the semiconductor sector and fears surrounding significant US tariffs on chip imports.
  • Finally, we were penalised by the downturn in the Indian markets, impacting our stocks ICICI Lombard and Dabur India.

Outlook strategy

  • After a year in 2024 marked by the underperformance of emerging markets relative to US markets, we remain constructive on emerging equities, believing that current valuations reflect a pessimistic scenario.
  • In this uncertain context, we are maintaining a moderate allocation to China, slightly below our reference indicator. Our Chinese portfolio is made up of consumer companies that are mainly focused on the domestic market and are therefore not affected by the US tariff increases.
  • We are maintaining a significant allocation to India, where the long-term outlook remains promising despite the weakness since the end of last year. Our trip to India confirmed the country's promising outlook and the recent correction offers us interesting entry points on stocks that we are following. We are therefore gradually increasing our exposure to the country by initiating a new position in PB Fintech (Policybazaar), the leading online insurance broker, offering a unique online insurance sales platform in India, where the penetration rate of life and health insurance is among the lowest in the world.
  • Finally, we remain constructive on our Latin American portfolio, where valuations remain attractive. We are keeping our positions in infrastructure companies in Brazil (Eletrobras and Equatorial) as well as our positions in the Mexican bank Grupo Banorte.
  • Finally, in a context marked by Donald Trump's protectionist measures, we have implemented global protection of the portfolio via currencies.

Performance Overview

Data as of:  6 Mar 2025.
View Performance in detail
​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.​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 09/03/2025

Carmignac Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Feb 2025.
Asia77.3 %
Latin America21.6 %
Eastern Europe1.1 %
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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 management and equity positioning.

Exposure Data

Data as of:  28 Feb 2025.
Equity Investment Weight95.8 %
Net Equity Exposure95.8 %
Number of Equity Issuers38
Active Share81.7 %

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

Xavier Hovasse

Head of Emerging Equities, Fund Manager
For over 30 years, Carmignac has been a pioneer in emerging markets. The combination of our fundamental financial analysis and our extra-financial approach, strengthened over the years, enables us to navigate emerging markets through our dedicated strategy.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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.