Equity strategies
Carmignac Portfolio Emergents
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 9Share 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.
Key documents
Asset Allocation
Equities96.3 %
Other3.7 %
Data as of: 30 Aug 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 40.6 %
0.0 %
+ 31.0 %
- 13.7 %
+ 0.5 %
To 17/09/2024
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
-
- 4.1 %
+ 1.1 %
+ 18.9 %
- 18.8 %
+ 24.9 %
+ 43.8 %
- 10.9 %
- 14.8 %
+ 9.2 %
Net Asset Value
140.59 €
Asset Under Management
383 M €
Market
Emerging markets
SFDR - Fund Classification
Article
9
Data as of: 30 Aug 2024.
Data as of: 17 Sep 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: 30 Aug 2024.Fund management 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
Against this backdrop, the fund was down, but outperformed its reference indicator.
The fund was penalized by the weakness of its Chinese (VIPShop) and Mexican (Banorte, Vesta) holdings.
By contrast, we benefited from the excellent performance of our eCommerce stocks, led by Mercadolibre. The stock hit an all-time high following the publication of solid results.
Despite the downturn in Indian bank Kotak, our selection of Indian stocks proved resilient, with ICICI Lombard, Embassy and our new holding FirstCry enrolling among our main contributors over the month.
Finally, our Taiwanese technology stocks (Lite-on, Taiwan Semiconductor) and our Brazilian holdings (Eletrobras) also underpinned performance.
Outlook strategy
Emerging economies should benefit from structural trends such as artificial intelligence, nearshoring and the new commodity cycle.
Nevertheless, in the shorter term, we remain cautious in view of the global economic slowdown and the US presidential election.
We maintain a concentrated portfolio with balanced exposure, combining high-visibility quality stocks (Asian Tech, India) with companies in less attractive markets whose valuations are clearly attractive, especially when corporate governance gives us confidence (China, Brazil).
Over the month, we took advantage of the weakness of the Indian markets to strengthen our exposure to the country by initiating two new positions: FristCry, an online sales platform for newborn and children's products, and Nexus Select, a real estate investment trust company (REIT) specializing in the leasing of shopping malls, offices and hotel complexes.
We remain confident in our current portfolio and our top ten holdings, for which we are very comfortable with company fundamentals, governance and valuations.
Performance Overview
Data as of: 17 Sep 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™ : © YYYY 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 18/09/2024
Carmignac Portfolio Emergents Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| Asia | 79.4 % |
| Latin America | 19.1 % |
| Eastern Europe | 1.6 % |
| Total % Equities | 100.0 % |
Asia79.4 %
 China | 21.8 % |
 India | 20.7 % |
 South Korea | 16.6 % |
 Taiwan | 13.6 % |
 Hong Kong | 2.8 % |
 Malaysia | 2.2 % |
 Singapore | 1.7 % |
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: 30 Aug 2024.Equity Investment Weight96.3 %
Net Equity Exposure96.3 %
Number of Equity Issuers35
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
Xavier Hovasse
Head of Emerging Equities, Fund Manager
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.
Xavier Hovasse
Head of Emerging Equities, Fund Manager
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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.The Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
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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Market environment
Emerging markets retreated in August, suffering from weakness in China, Korea and Mexico.
In China, domestic markets were down, in the wake of the publication of PMI Manufacturing index in contraction territory and subdued new bank loans data, underlining weak demand.
Rising trade tensions between Brussels and Beijing didn't help, with Chinese electric vehicle manufacturers seeing their export tariffs to the EU increase compared to those imposed on Tesla vehicles manufactured in China.
Indian markets also retreated after their solid rebound of the previous few weeks, on the back of profit-taking due to high valuations and a lacklustre earnings season.
In Latin America, markets were mixed: Brazil was up as fears of fiscal slippage eased, while Mexico was down due to the judicial reform that is increasing political uncertainty in the country, just one month before the new Congress takes office.