Equity strategies
FP Carmignac Emerging Markets
Share Class
GB00BK1W2P36
Risk Indicator
6 / 7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
From 15/05/2019
To 25/07/2024
+ 49.4 %
0.0 %
+ 36.7 %
- 16.6 %
+ 0.4 %
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
-
-
-
-
-
+ 13.6 %
+ 63.0 %
- 15.6 %
- 9.5 %
+ 7.2 %
Net Asset Value
1.49 £
Asset Under Management
21 M £
Market
Emerging markets
FP Carmignac Emerging Markets fund performance
Performance Overview
Data as of: 27 Jul 2024.Calendar Year Performance (as %)
Calendar Year Performance (as %)
Data as of: 28 Jun 2024.- FP Carmignac Emerging Markets - A GBP ACC
- Comparator Benchmark: MSCI EM (USD) (Reinvested net dividends)
| FP Carmignac Emerging Markets A GBP ACC | +9.6 % | -16.7 % | +45.8 % | - |
| Comparator Benchmark | +13.2 % | -6.5 % | +17.3 % | - |
| Category Average | +11.6 % | -8.8 % | +12.6 % | - |
| Ranking (quartile) | 3 | 4 | 1 | - |
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 28/06/2024.
Statistics (%)
These measures are used to assess a Fund's risk-adjusted performance. A well-performing Fund should ideally have a solid return (measured by the Sharpe ratio and alpha) relative to its risk (measured by volatility), while being well aligned with market expectations (measured by beta relative to the reference indicator).
Volatility
Data as of: 28 Jun 2024.| Fund | +16.8 % | +18.6 % | +18.5 % |
| Comparator Benchmark | +14.3 % | +15.4 % | +15.3 % |
Calculation : Weekly basis
Comparator Benchmark: MSCI EM (USD) (Reinvested net dividends)
Source: Carmignac at 28 Jun 2024.
Comments from the Investment Team
Read the Investment team's analysis below.
FP Carmignac Emerging Markets Monthly comments
Data as of: 28 Jun 2024.The Investment team
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier Hovasse
Head of Emerging Equities, Fund Manager
![[Management Team] [Author] Li-Labbe Haiyan](https://carmignac.imgix.net/uploads/NextImage/0001/18/Haiyan-Li-Labbe.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Haiyan Li-Labbé
Fund Manager
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 and Investment 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.
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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.
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