Carmignac Emergents FCP ISIN FR0010149302 Equity management

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Recommended minimum investment horizon : 5 years

At 18/10/2018
Xavier Hovasse
Emerging Equities
David Park
Emerging Equities
  • NAV : 756.47 €
  • D-1 : -1.39 %
  • YTD : -20.39 %
  • 12 Month : -21.08 %

In an environment of heightened volatility in which we expect liquidity to continue to reduce, we are maintaining our focus on countries and companies with solid fundamentals.

2nd Emerging Market Equity Fund - 20 years

€uro Fund Award 2018
Germany
February 2018
All awards

Description

Emerging market equity fund combining a fundamental top-down approach with a disciplined bottom-up analysis in order to identify the best opportunities within its investment universe by seeking companies offering long-term growth potential and attractive cash generation, in underpenetrated sectors and in countries with healthy fundamentals. The Fund aims to outperform its reference indicator over 5 years with lower volatility.

Carmignac Global Strategy September 2018

  • • Oil prices rose
  • • German and US yields rose
  • • Latin American markets rallied
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Exposure data

monthly weekly
September 2018
92.82 %
Investment rate
86.98 %
Exposure rate
0.00
Modified duration
Week from 5 to 12 Oct 2018
This content is reserved to PRO SPACE members

Management Comments

Global

September 2018

Emerging markets experienced mixed fortunes in September: down in Asia, largely due to ongoing trade tensions and the announcement of US tariffs on Chinese imports, but rallying in Latin America following the announcement of new IMF support for Argentina. Against this backdrop, the portfolio's Asian names were down, especially in China (Vipshop, Tencent). Our Indian positions (United Spirits, Housing Development Finance) also proved costly as the national market fell across the board due to the default of one of India’s leading financial institutions. However, our Latin American stocks rallied, with those in Mexico (Grupo Banorte) and Argentina (Grupo Supervielle) amongst the biggest contributors to performance. Our Russian holdings (Yandex) were also up. The Fund’s equity exposure remains relatively high.

Weekly

Week from 5 to 12 Oct 2018

This content is reserved to PRO SPACE members

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Legal information

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in performances. 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 KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

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