
Carmignac P. Emergents
June 2023
Portfolio News
Performance - F EUR ACC shareclass - Cumulative returns (%)
June 2023 | YTD | 1 year | 3 years | 5 years | |
---|---|---|---|---|---|
Carmignac P. Emergents | +2.8% | +4.0% | +3.8% | +11.8% | +34.4% |
Performance reference indicator | +1.4% | +2.6% | -2.5% | +10.3% | +12.1% |
As of 30/06/2023. Carmignac P. Emergents F EUR Acc (ISIN: LU0992626480). Reference indicator: MSCI EM NR USD) (Reinvested net dividends rebalanced quarterly). 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. The fund presents a risk of capital loss.
Market Review
- Emerging markets were up, despite a weaker performance than developed markets.
- The Chinese market continued to underperform in the wake of subdued macroeconomic data and persistent geopolitical tensions, despite the visit of US Secretary of State Antony Blinken.
- Latin American countries performed well this month, with Brazil supported by encouraging inflation print and Mexico driven by nearshoring.
Performance Review
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TOP 3 CONTRIBUTORS
Excellent performance of our Brazilian names.
ELETROBRAS (Utilities) - Brazil
MINISO (Cons. Disc.) - China
EQUATORIAL ENERGIA (Utilities) - Brazil
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TOP 3 DETRACTORS
Profit taking on Korean names, weakness in Chinese healthcare names.
WUXI BIOLOGICS (Healthcare) - China
KOTAK MAHINDRA (Financials) - India
LG CHEM (EV) - South Korea
Notable portfolio moves
New positions: Vesta (Mexico)
Reinforcements: Ehang (China), Wuxi Biologics (China), Sungrow (China), Didi (China); Kotak Mahindra (India)
Reductions: Eletrobras (Brazil)
Positions sold: ENN Energy (China)
Number of holdings: 35 (target range 36/55)
Positioning as of 30/06/2023

Our portfolio is currently structured around 4 major socially responsible investment (SRI) themes that are central to our process:
Breakdown of the fund by SDG alignment

Strategy reminder
Carmignac Portfolio Emergents F EUR Acc
Recommended minimum investment horizon
Lower risk Higher risk
EQUITY: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.
EMERGING MARKETS: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.
CURRENCY: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.
DISCRETIONARY MANAGEMENT: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital.
Carmignac Portfolio Emergents F EUR Acc
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
2025 (YTD) ? Year to date |
|
---|---|---|---|---|---|---|---|---|---|---|---|
Carmignac Portfolio Emergents F EUR Acc | +3.92 % | +1.73 % | +19.76 % | -18.22 % | +25.53 % | +44.91 % | -10.29 % | -14.35 % | +9.79 % | +5.49 % | +3.64 % |
Reference Indicator | -5.23 % | +14.51 % | +20.59 % | -10.27 % | +20.61 % | +8.54 % | +4.86 % | -14.85 % | +6.11 % | +14.68 % | +1.39 % |
Scroll right to see full table
3 Years | 5 Years | 10 Years | |
---|---|---|---|
Carmignac Portfolio Emergents F EUR Acc | +1.92 % | +5.92 % | +4.82 % |
Reference Indicator | +1.82 % | +4.36 % | +4.61 % |
Scroll right to see full table
Source: Carmignac at 31/01/2025
Entry costs : | We do not charge an entry fee. |
Exit costs : | We do not charge an exit fee for this product. |
Management fees and other administrative or operating costs : | 1,15% of the value of your investment per year. This estimate is based on actual costs over the past year. |
Performance fees : | 20,00% when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years. |
Transaction Cost : | 0,53% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell. |