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
+ 13.1 %
+ 3.0 %
+ 3.8 %
+ 17.9 %
- 8.9 %
+ 10.0 %
- 0.2 %
+ 25.5 %
- 22.4 %
+ 12.7 %
Net Asset Value
1831.1 €
Asset Under Management
107 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 28 Mar 2024.
Data as of: 18 Apr 2024.
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.
Emerging markets were up in March (+2.4% for the MSCI EM in euro), as were global markets as a whole. However, Chinese markets were stable. Early in the month, the government announced it would be targeting 5% growth over the year and trying to cap the deficit at 3% of GDP, but its optimism failed to convince investors. China continues to face structural problems despite a slight improvement in certain economic indicators. For example, the NBS manufacturing PMI rose to 50.8 in March from 49.1 in February, and inflation of +0.7% put an end to five months of deflation. India’s healthy economy points to growth of 6.5%, so local markets continued to perform well. Another beneficiary of geopolitical tension, the South Korean market also made up ground (+3.0% for the KOSPI in euro), largely thanks to its technology companies. In Latin America, the Mexican economy continues to benefit from the nearshoring of US production chains, and its manufacturing PMI remains in expansionary territory (52.2). Mexico’s local CPI was up 6.5% in euro.
Performance commentary
The Fund delivered a positive return, and beat its reference indicator. Our stock picks such as Indian manufacturing company Jyoti Automation and hotel chain Juniper Hotels raised the Fund’s performance considerably. However, a few of our Indian positions, including Entero Healthcare, Sterling & Wilson Renewable and PB Fintech, were somewhat disappointing. Across the Atlantic, Mexico continues to benefit from the nearshoring of US production chains, and this reflected in share prices once again. Our positions in Fibra Terrafina and BBB Foods, for example, appreciated in March. On frontier markets, Kaspi was up too, making one of the biggest contributions to performance. This Kazakh banking company develops innovative products and services through its Kaspi.kz app for consumers and Kaspi Pay app for retailers, the most popular mobile apps in Kazakhstan.
Outlook strategy
We still have an optimistic view of emerging market small and mid-caps due to some encouraging macroeconomic data, especially in Latin America and South-East Asia on which the Fund is focused. The vast emerging world presents numerous opportunities across all regions and sectors. Macroeconomic uncertainties abound, but some excellent investment opportunities can be found in a multitude of diverse themes ranging from domestic consumer spending to IT services and commodities. India remains our heaviest regional weighting and is an excellent local market in which to find long-term growth stocks, especially in the consumer, finance and new technology sectors, although we have to be aware of overpricing. We trimmed our Indian exposure during the month, taking profits after several months of excellent performance. Given what is at stake with artificial intelligence, we are maintaining our exposure to the semiconductor market through companies such as Gold Circuit Electronics, a Taiwanese IT parts manufacturer. Elsewhere, we are keeping significant Latin American exposure to diversify the portfolio and take advantage of secular trends such as nearshoring to Mexico, and rising commodity prices, which benefits commodity-producing countries like Brazil. We increased our Brazilian exposure during the month, opening a position on aircraft manufacturer Embraer, a global aviation leader specialised in regional and business jets.
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.
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Market environment
Emerging markets were up in March (+2.4% for the MSCI EM in euro), as were global markets as a whole. However, Chinese markets were stable. Early in the month, the government announced it would be targeting 5% growth over the year and trying to cap the deficit at 3% of GDP, but its optimism failed to convince investors. China continues to face structural problems despite a slight improvement in certain economic indicators. For example, the NBS manufacturing PMI rose to 50.8 in March from 49.1 in February, and inflation of +0.7% put an end to five months of deflation. India’s healthy economy points to growth of 6.5%, so local markets continued to perform well. Another beneficiary of geopolitical tension, the South Korean market also made up ground (+3.0% for the KOSPI in euro), largely thanks to its technology companies. In Latin America, the Mexican economy continues to benefit from the nearshoring of US production chains, and its manufacturing PMI remains in expansionary territory (52.2). Mexico’s local CPI was up 6.5% in euro.