Equity strategies

Carmignac Portfolio Emergents

SICAVEmerging marketsSRI Fund Article 9
Share 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.
Asset Allocation
Equities94 %
Other6 %
Data as of:  28 Jun 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 51.1 %
0.0 %
+ 41.3 %
- 10.7 %
+ 12.8 %
From 19/11/2015
To 11/07/2024
Calendar Year Performance 2023
-
- 4.1 %
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
Net Asset Value
151.14 €
Asset Under Management
387 M €
Market
Emerging markets
SFDR - Fund Classification

Article

9
Data as of:  11 Jul 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:  28 Jun 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

  • The MSCI EM index in EUR gained 5.3% in June as Taiwanese and Korean technology companies involved in the AI revolution rallied, and Indian stocks were strong after national elections.
  • Latin American markets were down, with Mexico declining after election results, and Lula spooking the markets amid fears of a deterioration in public finances in Brazil.
  • Chinese markets backtracked on the previous weeks’ rally due to gloomy economic data and concerns about the US elections.

Performance commentary

  • The Fund delivered a positive return but significantly lagged its reference indicator.
  • This underperformance mainly stemmed from our high exposure to Latin America,
  • and to the disappointing performance of our Chinese holdings, despite solid fundamentals and decent results. We took profits on stocks that had performed well, such as New Oriental, but this was not enough.
  • Our overexposure to Mexico and Brazil weighed on performance as these markets trailed global EM indices.
  • However, our Taiwanese and Korean technology stocks (TSMC and Hyundai) and our Indian holdings (ICICI Lombard) rose significantly.

Outlook strategy

  • Emerging market economies should benefit from long-term structural trends: artificial intelligence, nearshoring and the new commodities supercycle.
  • We continue to hold a concentrated yet balanced portfolio of quality stocks that either offer good visibility (Asian tech, India) or are trading at very attractive valuation levels (China, Mexico, Brazil).
  • We added two new Taiwanese positions to our portfolio during the month to make up for our underweighting of the country and diversify our exposure to the AI value chain: Elite Material and Lite-On.
  • We remain confident about our current portfolio and top ten positions, feeling relaxed about their fundamentals, governance and valuations.

Performance Overview

Data as of:  11 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.​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 13/07/2024

Carmignac Portfolio Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
Asia80.2 %
Latin America18.2 %
Eastern Europe1.7 %
Total % Equities100.0 %
Asia80.2 %
cnChina
24.7 %
krSouth Korea
18.7 %
inIndia
16.7 %
twTaiwan
13.2 %
hkHong Kong
3.0 %
myMalaysia
2.1 %
sgSingapore
1.8 %

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 Jun 2024.
Equity Investment Weight94.0 %
Net Equity Exposure94.0 %
Number of Equity Issuers33
Active Share83.8 %

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
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.

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