Diversified strategies

Carmignac Portfolio Emerging Patrimoine

SICAVEmerging marketsSRI Fund Article 8
Share Class

LU0592698954

An all-inclusive, sustainable Emerging Market solution
  • Accessing a rich and heterogenous universe of EM bonds, equities, and currencies in a sustainable manner.
  • Offering portfolio diversification by exploiting decorrelations between regions, sectors and asset classes.
Asset Allocation
Bonds56.9 %
Equities38.5 %
Other4.6 %
Data as of:  28 Jun 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 41.3 %
+ 39.0 %
+ 25.7 %
- 6.4 %
+ 5.6 %
From 31/03/2011
To 11/07/2024
Calendar Year Performance 2023
+ 5.3 %
+ 0.2 %
+ 9.8 %
+ 7.3 %
- 14.4 %
+ 18.6 %
+ 20.4 %
- 5.2 %
- 9.6 %
+ 7.8 %
Net Asset Value
141.33 €
Asset Under Management
361 M €
Market
Emerging markets
SFDR - Fund Classification

Article

8
Data as of:  11 Jul 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 Emerging Patrimoine 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:  28 Jun 2024.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager

Abdelak Adjriou

Fund Manager

Market environment

  • Emerging markets were volatile in June, as elections took place in India, Mexico and South Africa.
  • EM equity markets gained 5.3% in EUR as Taiwanese and Korean technology companies involved in the AI revolution rallied.
  • Latin American markets were down, with Mexico declining after election results, and Lula spooking the markets amid fears of a deterioration in public finances in Brazil.
  • Chinese markets backtracked on the previous weeks’ rally due to gloomy economic data and concerns about the US elections.

Performance commentary

  • The Fund delivered a positive return but significantly lagged its reference indicator.
  • This lag underperformance mainly stemmed from the disappointing performance of our equity investments, especially in China and Latin America.
  • Our external debt holdings weighed on the Fund’s fixed-income performance, mainly as a result of our South African hedges and our Argentinean positions.
  • However, we benefited from our exposure to Hungarian, Polish and Colombian bonds.
  • Our currency component was a drag on performance, in particular due to exposure to the Brazilian real.

Outlook strategy

  • We remain optimistic for emerging market assets as the US economy shows signs of slowing, and this could enable the Federal Reserve to cut interest rates as early as September.
  • With this in mind, we nudged up the Fund’s modified duration with an allocation balanced between local and external debt.
  • For local debt, we still prefer countries like Mexico and Brazil where real short-term interest rates remain extremely high.
  • We added to our Mexican local debt holdings in June after a post-election rout, which we believed to be excessive.
  • We increased our equity exposure to 30%, with significant exposure to Asian markets and, in particular, technology stocks, where the artificial intelligence theme is leading to sustained growth.
  • We opened two new Taiwanese positions, in Elite Material and Lite-On, during the month, to diversify our exposure to the AI value chain.
  • At a foreign exchange level, we reduced our EM currency exposure but retained positions on the Brazilian real, Chilean peso and Indian rupee.

Performance Overview

Data as of:  11 Jul 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. Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31/12/2021, the reference indicator was 50% MSCI Emerging Markets index, 50% JP Morgan GBI - Emerging Markets Global Diversified Index. The performances are presented using the chaining method.​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 13/07/2024

Carmignac Portfolio Emerging Patrimoine Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
Asia83.0 %
Latin America15.5 %
Eastern Europe1.5 %
Total % Equities100.0 %
Asia83.0 %
krSouth Korea
26.4 %
twTaiwan
18.7 %
cnChina
18.1 %
inIndia
13.7 %
hkHong Kong
2.8 %
myMalaysia
1.8 %
sgSingapore
1.5 %

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  28 Jun 2024.
Equity Investment Weight38.5 %
Net Equity Exposure30.7 %
Active Share90.3 %
Modified Duration2.8
Yield to Maturity8.6 %
Average RatingBBB-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

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

Abdelak Adjriou

Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
[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.
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.