Morningstar Fund Report  | 05/04/2025Print

Carmignac Portfolio Emerging Patrimoine A EUR Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Carmignac Portfolio Emerging Patrimoine A EUR Acc
Fund-11.1-4.55.3-2.81.5
+/-Cat-9.35.32.9-7.80.9
+/-B’mrk-8.68.01.3-12.42.0
 
Category: Global Emerging Markets Allocation
Category Benchmark: Cat 50%JPM EMBI Plus TR&50%...
Key Stats
NAV
03/04/2025		 EUR 138.70
Day Change 0.72%
Morningstar Category™ Global Emerging Markets Allocation
ISIN LU0592698954
Fund Size (Mil)
03/04/2025		 EUR 305.22
Share Class Size (Mil)
03/04/2025		 EUR 169.93
Max Initial Charge 4.00%
Ongoing Charge
03/02/2025		  1.82%
Investment Objective: Carmignac Portfolio Emerging Patrimoine A EUR Acc
The Sub-Fund’s objective is to outperform its reference indicator over a recommended investment horizon of five years. In addition, the Sub-Fund seeks to invest sustainably and implements a socially responsible investment approach. This Sub-Fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy.
Returns
Trailing Returns (GBP)03/04/2025
YTD2.28
3 Years Annualised3.62
5 Years Annualised3.43
10 Years Annualised3.29
12 Month Yield 0.00
Management
Manager Name
Start Date
Abdelak Adjriou
11/08/2023
Xavier Hovasse
25/02/2015
Inception Date
31/03/2011

Category Benchmark
Fund BenchmarkMorningstar Benchmark
40% JPM GBI-EM Global Diversified TR EUR ,  20% ESTER capitalised EUR ,  40% MSCI EM NR EURCat 50%JPM EMBI Plus TR&50%MSCI EM NR
Portfolio Profile for  Carmignac Portfolio Emerging Patrimoine A EUR Acc28/02/2025
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock38.3210.0028.32
Bond203.2958.11145.18
Property0.000.000.00
Cash239.98322.17-82.20
Other1.260.001.26
Fixed Income
Effective Maturity11.80
Effective Duration5.19
Top 5 Regions%
Asia - Developed39.99
Asia - Emerging39.76
Latin America20.25
United States0.00
Canada0.00
Top 5 Sectors%
Technology31.22
Consumer Cyclical23.76
Financial Services17.16
Utilities11.93
Real Estate7.73
Top 5 HoldingsSector%
2 Year Treasury Note Future June 2518.36
Poland (Republic of) 2%7.44
Taiwan Semiconductor Manufacturi... TechnologyTechnology7.11
Centrais Eletricas Brasileiras SAUtilitiesUtilities4.01
Czech (Republic of) 1.95%3.35
Increase Decrease New since last portfolio
Carmignac Portfolio Emerging Patrimoine A EUR Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Carmignac Portfolio Emerging Patrimoine A EUR Acc
Category:  Global Emerging Markets Allocation
Category Index:  Cat 50%JPM EMBI Plus TR&50%MSCI EM NR
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-13.4111.9327.19-11.10-4.465.27-2.791.49
+/- Category-4.922.8619.92-9.265.272.88-7.800.88
+/- Category Index-9.160.7117.70-8.597.971.30-12.442.02
% Rank in Category912929816169730
Trailing Returns (GBP)03/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.72   1.282.71
1 Week-0.30   1.212.25
1 Month0.15   1.553.57
3 Months1.38   2.034.69
6 Months-2.44   -1.070.14
YTD2.28   2.074.51
1 Year-0.90   -3.90-4.92
3 Years Annualised3.62   2.261.37
5 Years Annualised3.43   -1.140.14
10 Years Annualised3.29   0.17-0.70
 
Category: Global Emerging Markets Allocation
Category Index: Cat 50%JPM EMBI Plus TR&50%MSCI EM NR
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.49---
20240.24-0.650.44-2.82
20234.62-1.58-0.292.53
2022-10.70-1.150.667.53
2021-4.785.30-5.53-6.15
2020-4.8413.174.2013.35
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAbove AverageAverage4 star
5-YearAverageAverage4 star
10-YearAverageBelow Average3 star
OverallAverageAverage4 star
 
Category :  Global Emerging Markets AllocationClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev9.67 %
3-Yr Mean Return4.03 %
 
3-Yr Sharpe Ratio0.00
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Cat 50%JPM EMBI Plus TR&50%MSCI EM NR  MSCI AC Asia Pacific NR USD
3-Yr Beta0.980.82
3-Yr Alpha0.63-0.25
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)EUR 44134-
Market Capitalisation% of Equity
Giant59.80
Large37.04
Medium3.16
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings12.361.05
Price/Book1.440.79
Price/Sales1.390.88
Price/Cash Flow4.550.67
Dividend-Yield Factor3.080.87
 
Long-Term Projected Earnings Growth11.711.03
Historical Earnings Growth19.480.87
Sales Growth-0.63-0.11
Cash-Flow Growth10.431.08
Book-Value Growth7.090.92
 
Category: Global Emerging Markets Allocation
Fixed Income Style28/02/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)EUR 318
Maturity Distribution %
1 to 325.31
3 to 522.08
5 to 70.84
7 to 1017.67
10 to 158.57
15 to 203.23
20 to 302.48
Over 300.61
Effective Maturity11.80
Effective Duration5.19
Credit Quality Breakdown %     %
AAA0.00   BB24.53
AA6.44   B11.89
A14.31   Below B11.00
BBB31.84   Not Rated0.00
 
Category: Global Emerging Markets Allocation
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock38.3210.0028.32
Bond203.2958.11145.18
Property0.000.000.00
Cash239.98322.17-82.20
Other1.260.001.26
World Regions28/02/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America20.251.96
United Kingdom0.000.00
Eurozone0.000.00
Europe - ex Euro0.000.00
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed39.991.31
Asia - Emerging39.760.88
 
Category: Global Emerging Markets Allocation
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials1.940.74
Consumer CyclicalConsumer Cyclical23.761.59
Financial ServicesFinancial Services17.160.77
Real EstateReal Estate7.733.52
Consumer DefensiveConsumer Defensive3.610.39
HealthcareHealthcare2.640.73
UtilitiesUtilities11.935.77
TechnologyTechnology31.221.21
 
Category: Global Emerging Markets Allocation
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings38
Total Number of Bond Holdings91
Assets in Top 10 Holdings53.79
NameSectorCountry% of Assets
2 Year Treasury Note Future June 25United States18.36
Poland (Republic of) 2%Poland7.44
Taiwan Semiconductor Manufacturing Co... 311Taiwan7.11
Centrais Eletricas Brasileiras SA207Brazil4.01
Czech (Republic of) 1.95%Czech Republic3.35
Petroleos Mexicanos 4.75%Mexico2.93
Ivory Coast (Republic Of) 6.875%Cote D´Ivoire2.91
South Africa (Republic of) 8.5%South Africa2.62
Ultra US Treasury Bond Future June 25United States2.59
Vipshop Holdings Ltd ADR102China2.47
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Allocation
 
Management
Name of CompanyCarmignac Gestion Luxembourg S.A.
Phone+352 46 70 60-62
Websitewww.carmignac.lu/en/index.htm
Address7, rue de la Chapelle
 Luxembourg   L-1325
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date31/03/2011
Fund Advisor(s)
Carmignac Gestion Luxembourg S.A.
Fund ManagerAbdelak Adjriou
Manager Start Date11/08/2023
Career Start Year2003
Education
Ecole Superieure en Sciences Informatiques, B.A./B.S.
 
Biography
Abdelak Adjriou, Vice President and Senior Portfolio Manager, has served on teams managing fixed-income investments since joining the advisor in 2016. Prior to joining American Century Investments, he was an emerging market fixed income, global bond and European fund manager for HSBC Global Asset Management. He joined HSBC Global Asset Management (France) in December 2004 and moved into a portfolio management role in 2007. Before joining HSBC, he worked for Credit Agricole Indosuez (France) as a quantitative analyst and for IBM (France) as an engineer. Mr. Adjriou has been working in the industry since 2003. He graduated from the Ecole Superieure en Sciences Informatiques (ESSI) (France) with a degree in Engineering and a postgraduate degree in Computer Science applied to Finance. He also holds a postgraduate degree in Random Modeling from the Universite Paris VI – Jussieu.
Fund ManagerXavier Hovasse
Manager Start Date25/02/2015
 
Biography
· Education - 1999: Graduated from Ecole Supérieure de Commerce (ESCP-EAP), Paris - 2004 : CFA Charterholder · Professional experience - 1999-2003 : Analyst – Emerging Markets (BNP Asset Management, Paris) - 2003-2008 : Fund Manager – Emerging Markets (BNP Asset Management, Paris) -2008: Portfolio Manager (Richelieu Finance, Paris) - 2008 - 2010 : Analyst – Emerging Markets, Latin America & Africa (Carmignac Gestion) - January 2011 to date: Portfolio manager – Emerging Markets Equities (Carmignac Gestion)
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge4.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.82%
Purchase Details
Minimum Investments
Initial-
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes