Share Class
FR0011269349
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
Equities94.4 %
Other5.6 %
Data as of: 28 Jun 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
+ 65.8 %
+ 53.4 %
+ 30.4 %
- 15.5 %
+ 2.8 %
To 25/07/2024
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
+ 5.8 %
+ 5.5 %
+ 1.4 %
+ 18.8 %
- 18.6 %
+ 24.7 %
+ 44.3 %
- 10.8 %
- 15.7 %
+ 9.5 %
Net Asset Value
155.98 €
Asset Under Management
908 M €
Market
Emerging markets
SFDR - Fund Classification
Article
9
Data as of: 28 Jun 2024.
Data as of: 25 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. 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 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: 28 Jun 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
- 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 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.
Performance Overview
Data as of: 25 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™ : © 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 27/07/2024
Carmignac Emergents Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Jun 2024.| Asia | 80.2 % |
| Latin America | 18.1 % |
| Eastern Europe | 1.7 % |
| Total % Equities | 100.0 % |
Asia80.2 %
 China | 24.7 % |
 South Korea | 18.7 % |
 India | 16.7 % |
 Taiwan | 13.2 % |
 Hong Kong | 3.0 % |
 Malaysia | 2.1 % |
 Singapore | 1.8 % |
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: 28 Jun 2024.Equity Investment Weight94.4 %
Net Equity Exposure94.4 %
Number of Equity Issuers33
Active Share83.7 %
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
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