Equity strategies
Carmignac Portfolio Emergents
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 9Share Class
LU1299303229
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
Asset Allocation
Equities90.6 %
Other9.4 %
Data as of: 31 Dec 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 48.4 %
0.0 %
+ 25.5 %
+ 0.3 %
+ 9.6 %
To 08/01/2025
Calendar 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 2023Calendar Year Performance 2024
- 4.1 %
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
+ 4.8 %
Net Asset Value
148.43 €
Asset Under Management
380 M €
Market
Emerging markets
SFDR - Fund Classification
Article
9
Data as of: 31 Dec 2024.
Data as of: 8 Jan 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.
Carmignac Portfolio 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: 31 Dec 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
Performance commentary
- Against this backdrop, the fund posted a negative performance in December, underperforming its reference indicator.
- The fund was penalised by its exposure to the South Korean market, with holdings Samsung Electronics, LG Chem and Hyundai making a negative contribution to the strategy's performance.
- In Brazil, political instability drove the Bovespa index into negative territory, negatively impacting our holdings in Eletrobras and MercadoLibre.
- However, we benefited from our allocation to Taiwan, with the decent performance of players involved in the artificial intelligence value chain, such as TSMC, as well as smaller players such as Elite Material and Lite-On.
Outlook strategy
- Following a challenging 2024, where emerging markets underperformed compared to the US, we remain optimistic about emerging equities. We believe current valuations are overly pessimistic.
- We anticipate that the economic decoupling between the US and China will not have the severe negative impact expected by the market. Notably, China's exports to the US constitute only 13% of its total exports.
- On the opposite, Trump's protectionist policies have led us to adopt a cautious approach towards export driven Asian economies.
- Regarding China, after maintaining a neutral exposure throughout the year, we reduced our exposure following the significant rally spurred by the announcement of stimulus measures. We are now maintaining a measured allocation, underweight relative to our ref. indicator.
- We continue to hold an important allocation to India, where the long-term outlook remains promising. However, due to stretched valuations and technical factors, such as the large inflow of capital in recent years, we are being more selective.F8
- Our significant exposure to the artificial intelligence theme remains, and we have increased our investment by adding SK Hynix to our portfolio. SK Hynix is the world leader in manufacturing sophisticated memories known as HBM (High Bandwidth Memory), currently fulfilling 100% of Nvidia's orders for its AI graphics cards.
- Despite a tough 2024, we remain positive about our Latin American portfolio. We now find our Brazilian assets to be very attractively valued, along with our investments in electricity concessions.
Performance Overview
Data as of: 8 Jan 2025.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 10/01/2025
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Dec 2024.| Asia | 78.3 % |
| Latin America | 20.6 % |
| Eastern Europe | 1.1 % |
| Total % Equities | 100.0 % |
Asia78.3 %
 China | 21.4 % |
 India | 21.0 % |
 Taiwan | 14.9 % |
 South Korea | 12.9 % |
 Hong Kong | 3.2 % |
 Malaysia | 2.8 % |
 Singapore | 2.3 % |
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: 31 Dec 2024.Equity Investment Weight90.6 %
Net Equity Exposure92.3 %
Number of Equity Issuers37
Active Share81.4 %
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
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.
Xavier Hovasse
Head of Emerging Equities, Fund Manager
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The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.
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