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
+ 6.2 %
- 0.5 %
+ 21.2 %
+ 24.1 %
- 6.9 %
+ 5.2 %
+ 6.5 %
+ 20.0 %
- 17.2 %
+ 10.9 %
Net Asset Value
209.8 £
Asset Under Management
£
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 1 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.
China’s weak economy remains a burden, as reflected in the publication of lower retail sales and a fall in the NBS manufacturing index.
May was also notable for elections in a number of countries (India, South Africa and Mexico), which seem to have increased regional volatility.
Brazil’s central bank cut its key interest rate by 25 bps, as opposed to the 50 bps that had been expected, weighing on the national currency and markets.
Emerging markets were down over the month as China and Brazil underperformed.
Performance commentary
The Fund posted a flat performance for the month, though beat its reference indicator.
Our portfolio of Asian industrial stocks such as Taskus (Philippines), SITC International (Hong Kong) and Jyoti CNC Automation (India) appreciated.
Indian markets’ weakness adversely affected our healthcare (Entero HealthCare and Max Healthcare) and consumer discretionary (Juniper Hotels and Eureka Forbes) stocks.
Outlook strategy
We still have an optimistic view of emerging market small and mid-caps due to some encouraging macroeconomic data, especially in Latin America and South-East Asia on which the Fund is focused.
The vast emerging world presents numerous opportunities across all regions and sectors.
India remains our heaviest regional weighting and is an excellent local market in which to find long-term growth stocks.
In response to the development of AI, we are maintaining our exposure to the semiconductor market through companies such as Gold Circuit Electronics, a Taiwanese IT parts manufacturer.
We opened two new positions in May: DB Insurance (South Korea) and Lotes (Taiwan).
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.
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Market environment
China’s weak economy remains a burden, as reflected in the publication of lower retail sales and a fall in the NBS manufacturing index.
May was also notable for elections in a number of countries (India, South Africa and Mexico), which seem to have increased regional volatility.
Brazil’s central bank cut its key interest rate by 25 bps, as opposed to the 50 bps that had been expected, weighing on the national currency and markets.
Emerging markets were down over the month as China and Brazil underperformed.