Morningstar Fund Report  | 10/04/2025Print

FP Carmignac ICVC - FP Carmignac Emerging Markets A GBP Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
FP Carmignac ICVC - FP Carmignac Emerging Markets A GBP Accumulation
Fund-15.6-9.57.20.91.6
+/-Cat-14.12.63.1-7.22.4
+/-B’mrk-14.7-1.63.2-8.12.4
 
Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD
Key Stats
NAV
10/04/2025		 GBP 1.47
Day Change 3.89%
Morningstar Category™ Global Emerging Markets Equity
IA (formerly IMA) Sector Global Emerging Markets
ISIN GB00BK1W2P36
Fund Size (Mil)
-		 -
Share Class Size (Mil)
09/04/2025		 GBP 17.07
Max Initial Charge -
Ongoing Charge
17/02/2025		  0.95%
Investment Objective: FP Carmignac ICVC - FP Carmignac Emerging Markets A GBP Accumulation
The investment objective of the Fund is to achieve capital growth over a period of at least five years. The Fund seeks to achieve its investment objective by investing, either directly or indirectly through collective investment schemes that it holds, in shares of companies whose registered office or core business is located in emerging countries, with no particular emphasis on business sector or company size. The Fund will typically invest between 80% – 95% in shares, however, on rare occasions, such as when the markets are experiencing heavy turmoil, the Fund may decrease its exposure to company shares to no less than 51% and invest a greater proportion (up to 40%) in debt instruments.
Returns
Trailing Returns (GBP)10/04/2025
YTD-3.90
3 Years Annualised2.03
5 Years Annualised7.94
10 Years Annualised-
12 Month Yield 1.30
Management
Manager Name
Start Date
Xavier Hovasse
15/05/2019
Inception Date
15/05/2019

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI EM NR USDMorningstar EM TME NR USD
Portfolio Profile for  FP Carmignac ICVC - FP Carmignac Emerging Markets A GBP Accumulation28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock93.410.0093.41
Bond0.000.000.00
Property0.000.000.00
Cash19.5512.956.59
Other0.000.000.00
Top 5 Regions%
Asia - Emerging46.69
Asia - Developed32.22
Latin America21.09
United States0.00
Canada0.00
Top 5 Sectors%
Consumer Cyclical27.06
Technology24.62
Financial Services21.28
Real Estate10.86
Utilities7.76
Top 5 HoldingsSector%
Taiwan Semiconductor Manufacturi... TechnologyTechnology8.95
Vipshop Holdings Ltd ADRConsumer CyclicalConsumer Cyclical8.17
Grupo Financiero Banorte SAB de ... Financial ServicesFinancial Services5.80
Kotak Mahindra Bank LtdFinancial ServicesFinancial Services4.61
Embassy Office Parks REITReal EstateReal Estate4.47
Increase Decrease New since last portfolio
FP Carmignac ICVC - FP Carmignac Emerging Markets A GBP Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  FP Carmignac ICVC - FP Carmignac Emerging Markets A GBP Accumulation
Category:  Global Emerging Markets Equity
Category Index:  Morningstar EM TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 2020202120222023202431/03
Price Return63.02-15.59-9.457.190.881.56
+/- Category48.96-14.142.613.08-7.242.36
+/- Category Index49.13-14.73-1.613.21-8.142.43
% Rank in Category19827209214
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day3.89   4.864.89
1 Week-3.43   5.735.46
1 Month-6.53   3.823.83
3 Months-6.48   4.053.62
6 Months-8.83   2.462.30
YTD-3.90   5.455.39
1 Year-8.03   -1.59-2.92
3 Years Annualised2.03   3.332.84
5 Years Annualised7.94   3.743.00
10 Years Annualised-   --
 
Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.56---
20243.92-1.090.71-2.54
20233.88-3.233.712.82
2022-9.76-2.55-0.113.08
2021-3.124.39-9.31-7.98
2020-14.7831.8115.4125.75
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAbove AverageAbove Average4 star
5-YearAbove AverageHigh4 star
10-Year--Not Rated
OverallAbove AverageHigh4 star
 
Category :  Global Emerging Markets EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev14.21 %
3-Yr Mean Return4.29 %
 
3-Yr Sharpe Ratio0.02
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM TME NR USD  MSCI EM NR USD
3-Yr Beta0.990.95
3-Yr Alpha1.261.19
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 21627-
Market Capitalisation% of Equity
Giant53.12
Large38.88
Medium8.00
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings12.391.04
Price/Book1.420.86
Price/Sales1.350.90
Price/Cash Flow4.210.66
Dividend-Yield Factor3.381.06
 
Long-Term Projected Earnings Growth10.230.97
Historical Earnings Growth19.603.53
Sales Growth0.810.18
Cash-Flow Growth15.553.32
Book-Value Growth8.130.93
 
Category: Global Emerging Markets Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock93.410.0093.41
Bond0.000.000.00
Property0.000.000.00
Cash19.5512.956.59
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America21.092.30
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
Australasia0.00-
Asia - Developed32.221.11
Asia - Emerging46.690.96
 
Category: Global Emerging Markets Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials1.790.42
Consumer CyclicalConsumer Cyclical27.061.84
Financial ServicesFinancial Services21.280.88
Real EstateReal Estate10.865.60
Consumer DefensiveConsumer Defensive4.000.84
HealthcareHealthcare2.630.75
UtilitiesUtilities7.764.28
TechnologyTechnology24.620.99
 
Category: Global Emerging Markets Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings44
Total Number of Bond Holdings0
Assets in Top 10 Holdings47.71
NameSectorCountry% of Assets
Taiwan Semiconductor Manufacturing Co... 311Taiwan8.95
Vipshop Holdings Ltd ADR102China8.17
Grupo Financiero Banorte SAB de CV Cl... 103Mexico5.80
Kotak Mahindra Bank Ltd103India4.61
Embassy Office Parks REIT104India4.47
ICICI Lombard General Insurance Co Ltd103India3.38
Hong Kong Exchanges and Clearing Ltd103Hong Kong3.36
Centrais Eletricas Brasileiras SA207Brazil3.15
SK Hynix Inc311Korea, Republic Of3.04
Samsung Electronics Co Ltd Participat... 311Korea, Republic Of2.76
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity
 
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
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date15/05/2019
Fund Advisor(s)
Carmignac Gestion Luxembourg S.A.
Fund ManagerXavier Hovasse
Manager Start Date15/05/2019
 
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 Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.87%
Ongoing Charge0.95%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional100  GBP
Savings-
Tax Free Savings Schemes
ISAsYes