Equity strategies

Carmignac Portfolio Emergents

SICAVEmerging marketsSRI Fund Article 9
Share Class

LU0992626720

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
Equities92.4 %
Other7.6 %
Data as of:  14 Jun 2024.
Risk Indicator
6/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 101.7 %
+ 100.7 %
+ 53.7 %
- 15.1 %
+ 6.8 %
From 15/11/2013
To 18/06/2024
Calendar Year Performance 2023
- 0.7 %
- 0.4 %
+ 17.8 %
+ 24.6 %
- 17.3 %
+ 19.8 %
+ 65.9 %
- 15.8 %
- 9.4 %
+ 8.0 %
Net Asset Value
201.7 £
Asset Under Management
£
Market
Emerging markets
SFDR - Fund Classification

Article

9
Data as of:  18 Jun 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.

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 May 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

  • China’s weak economy remains a burden, as reflected in the publication of lower retail sales and a fall in the NBS manufacturing index.

  • May was also notable for elections in a number of countries (India, South Africa and Mexico), which seem to have increased regional volatility.

  • Brazil’s central bank cut its key interest rate by 25 bps, as opposed to the 50 bps that had been expected, weighing on the national currency and markets.

  • Emerging markets were down over the month as China and Brazil underperformed.

Performance commentary

  • The Fund posted a negative return in May, as did its reference indicator.

  • MercadoLibre of Brazil was the main contributor to the Fund’s performance after it published good results for the last quarter.

  • The Fund’s most costly positions were in South Korea: Hyundai Motor, Samsung Electronics and LG Chem.

  • Latin American stocks such as Eletrobras, Grupo Banorte and Equatorial Energia were down too.

Outlook strategy

  • We are keeping a significant allocation to Chinese markets, taking advantage of market inefficiencies and the upside potential for companies with strong balance sheets and valuations that do not fully reflect their fundamentals.

  • After Chinese stocks rallied, we took some profits on stocks that had performed well, like Miniso, New Oriental.

  • We increased our exposure to Vipshop, which is lagging well behind other internet stocks and is now one of our top 10 positions.

  • Before the announcement of India’s election results, we also strengthened our position in real estate management company Embassy Office Parks.

  • We are remaining exposed to Latin America, and Mexico in particular, which is benefitting from structural trends such as reindustrialisation in North America.

  • We are keeping a concentrated portfolio balanced between growth and discounted stocks, with a particular emphasis on valuations and sustainability criteria.

Performance Overview

Data as of:  18 Jun 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.
Source: Carmignac at 19/06/2024

Carmignac Portfolio Emergents Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  14 Jun 2024.
Asia80.1 %
Latin America18.2 %
Eastern Europe1.8 %
Total % Equities100.0 %
Asia80.1 %
cnChina
27.2 %
krSouth Korea
18.7 %
inIndia
16.4 %
twTaiwan
10.6 %
hkHong Kong
3.2 %
myMalaysia
2.1 %
sgSingapore
1.9 %

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:  14 Jun 2024.
Equity Investment Weight92.4 %
Net Equity Exposure92.4 %
Number of Equity Issuers32
Active Share84.1 %

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
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.

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