Equity strategies

Carmignac Portfolio Emergents

Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 9
Share Class

LU0992626480

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.
Asset Allocation
Equities92.5 %
Other7.5 %
Data as of:  31 Oct 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 79.7 %
+ 65.5 %
+ 37.7 %
- 0.3 %
+ 7.0 %
From 15/11/2013
To 03/12/2024
Calendar Year Performance 2023
+ 6.4 %
+ 3.9 %
+ 1.7 %
+ 19.8 %
- 18.2 %
+ 25.5 %
+ 44.9 %
- 10.3 %
- 14.3 %
+ 9.8 %
Net Asset Value
179.74 €
Asset Under Management
385 M €
Market
Emerging markets
SFDR - Fund Classification

Article

9
Data as of:  3 Dec 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. 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 Oct 2024.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
[Management Team] [Author] Li-Labbe Haiyan

Haiyan Li-Labbé

Fund Manager

Market environment

  • After a strong rebound in September, emerging markets experienced a slight decline in October, driven by uncertainty surrounding new measures in China and the upcoming US elections.

  • Market expectations of a potential Trump victory led to an increase in US yields and a stronger dollar, which negatively impacted emerging markets and growth-sensitive sectors.

  • Chinese markets were highly volatile due to concerns over the US elections. Economic data from the Golden Week showed mixed results. However, by the end of the month, China released some positive indicators, including the manufacturing PMI (NBS and Caixin), which entered the expansion zone for the first time in six months. Additionally, retail sales rose, surpassing market expectations.

  • In India, rising interest rates and oil prices exerted pressure on the markets, leading to a retreat.

  • In Latin America, political instability and fluctuating commodity and agricultural prices continued to adversely affect local markets.

Performance commentary

  • In this context, the Fund posted a negative performance, mirroring its reference indicator.

  • Our positions in India and Taiwan demonstrated resilience and bolstered the Fund's performance. However, we were penalized by our investments in Mexico, Korea (particularly Samsung), and China. The Chinese markets were volatile throughout the month, declining when polls indicated Trump's lead in the swing states.

  • The primary contributor to our performance was TSMC, which reported encouraging results and continues to experience business growth driven by strong demand for AI-related chip revenues.

  • Conversely, the main detractor during this period was Samsung Electronics, which announced an extensive reorganization plan aimed at advancing its position in the memory chip sector.

Outlook strategy

  • While we remain constructive on emerging markets over the coming months, we believe that the US elections, and in particular a possible victory for D. Trump, can be source of volatility for emerging markets, and particularly for China.

  • That is why, ahead of the major unpredictable event of the US elections, we prefer to maintain an overall cautious positioning, with a moderate allocation to China and a balanced exposure, combining quality stocks with high visibility (Asian Tech, India) offset by companies in less attractive markets but whose valuations are clearly attractive, especially when corporate governance gives us confidence (China, Brazil).

  • Following the sharp rebound in the Chinese markets and pending the announcement of the fiscal stimulus measures, we have taken profits on our Chinese stocks that overreacted to the announcements, such as property portal Beike and HK Exchange.

  • We are nevertheless maintaining a selective exposure to the Chinese market (23% of the fund), with a slight underweight positioning versus our indicator (27%), composed of companies with attractive valuations despite their good fundamentals, and which have substantial plans to return to shareholders.

  • In contrast, we have added to our Indian (Nexus) and Brazilian (Equiatorial) stocks, which have weak recently and whose valuations are attractive.

  • We have also reduced our main geographical bets to hedge the portfolio against the geopolitical risks arising from the US election. The Fund is therefore essentially focused on stock selection , with the financial health and valuations of companies being our main considerations in our portfolio construction, as demonstrated by our top ten holdings, which are made up of companies for which we have a high degree of confidence in terms of valuation.

Performance Overview

Data as of:  3 Dec 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.​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 05/12/2024

Carmignac Portfolio Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Nov 2024.
Asia78.2 %
Latin America20.6 %
Eastern Europe1.2 %
Total % Equities100.0 %
Asia78.2 %
cnChina
21.7 %
inIndia
21.1 %
twTaiwan
14.0 %
krSouth Korea
13.3 %
hkHong Kong
3.0 %
myMalaysia
2.7 %
sgSingapore
2.4 %

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:  29 Nov 2024.
Equity Investment Weight93.0 %
Net Equity Exposure93.0 %
Number of Equity Issuers38
Active Share83.0 %

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
[Management Team] [Author] Li-Labbe Haiyan

Haiyan Li-Labbé

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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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.
​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.