FP Carmignac Emerging Markets

FP Carmignac Emerging Markets is a high-conviction fund designed to capture the growth potential of large and mid-sized companies across emerging economies. The portfolio typically consists of 35–45 carefully selected holdings, with a focus on sectors offering sustainable, long-term growth opportunities.

The fund has twin objectives: to provide investors with access to the dynamic growth of emerging markets, and to contribute to sustainable development, including the reduction of greenhouse gas (GHG) emissions. Environmental, Social, and Governance (ESG) considerations are deeply embedded in the investment process, and the fund holds Article 9 status.

AlphaQuest data Fund provider factsheet
Print this note / Save to PDF

Quick Access

Our Opinion
Fund Managers
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

This fund’s active, benchmark agnostic approach within the diverse landscape of emerging markets has provided excellent performance since its inception. The fund specifically targets cash generative businesses in underpenetrated sectors in emerging economies, with healthy macroeconomic fundamentals. We feel this fund is a strong consideration for anyone looking for active emerging markets exposure.

Fund Managers

Expand

Fund Managers

Close

Xavier Hovasse, Co-Manager Xavier Hovasse is a Fund Manager and Head of Emerging Equities at Carmignac. He joined the firm in 2008 as an analyst focused on Latin America and was promoted to Fund Manager in 2011. Prior to Carmignac, Xavier spent nine years at BNP Paribas Asset Management, where he worked as an analyst and manager of emerging and global equities. He graduated from ESCP-EAP Paris and has been a CFA Charterholder since 2004.

Naomi Waistell, Co-manager Naomi joined Carmignac in 2025 as a Fund Manager in the Emerging Equities team. She began her career in asset management in 2007 in London. In 2010, she joined Newton Investment Management in London where she held the position of Fund Manager for a decade. Prior to joining Carmignac, Naomi was a Senior Fund Manager at Polar Capital specialising in Global Emerging Markets. Naomi is a CFA Charterholder and holds an MBA from the University of Cambridge.

Xavier Hovasse, Co-Manager Xavier Hovasse is a Fund Manager and Head of Emerging Equities at Carmignac. He joined the firm in 2008 as an analyst focused on Latin America and was promoted to Fund Manager in 2011. Prior to Carmignac, Xavier spent nine years at BNP Paribas Asset Management, where he worked as an analyst and manager of emerging and global equities. He graduated from ESCP-EAP Paris and has been a CFA Charterholder since 2004.

Read More

Naomi Waistell, Co-manager Naomi joined Carmignac in 2025 as a Fund Manager in the Emerging Equities team. She began her career in asset management in 2007 in London. In 2010, she joined Newton Investment Management in London where she held the position of Fund Manager for a decade. Prior to joining Carmignac, Naomi was a Senior Fund Manager at Polar Capital specialising in Global Emerging Markets. Naomi is a CFA Charterholder and holds an MBA from the University of Cambridge.

Read More

Key Facts

Asset type Equity

Annual Income (Historic) -

Sector Global Emerging Markets

Gearing-

Fund Size-

Fund Manager Start Date 15 May 2019

Ongoing Charges Figure (OCF) -

Annual Management Charge (AMC) -

Fund Performance

Expand

Risk

To enhance risk analysis, a front office risk management team has been established to assist portfolio managers. At the portfolio level, the investment team benefits from access to proprietary portfolio management tools, enabling daily monitoring of the portfolio's exposure to key risks, including factors like exposure to value stocks versus growth stocks; cyclicals versus defensive stocks; geographic and sector concentration; the balance of idiosyncratic and market risks; as well as beta and adjusted beta of the portfolio.

At the individual position level, a range of risk management tools is applied. This includes daily monitoring of the investment thesis for all positions; continuous adjustments in position sizes as the risk-reward dynamics evolve over the holding period of securities; assessment of single stock volatility relative to overall portfolio volatility; and the use of drawdown flags to identify potential concerns.

Read more
Back
Risk: 95

Company Description

Carmignac is an independent European asset management company that was founded in 1989 in France. They have grown to manage over €30bn in assets with north of 300 employees. It remains family and employee-owned with the firm heralding an entrepreneurial-minded culture. They are strong advocators of active management and they embed an ESG focus into everything that they do.

Read more
Back

Fund Performance

Close

Risk

Close

To enhance risk analysis, a front office risk management team has been established to assist portfolio managers. At the portfolio level, the investment team benefits from access to proprietary portfolio management tools, enabling daily monitoring of the portfolio's exposure to key risks, including factors like exposure to value stocks versus growth stocks; cyclicals versus defensive stocks; geographic and sector concentration; the balance of idiosyncratic and market risks; as well as beta and adjusted beta of the portfolio.

At the individual position level, a range of risk management tools is applied. This includes daily monitoring of the investment thesis for all positions; continuous adjustments in position sizes as the risk-reward dynamics evolve over the holding period of securities; assessment of single stock volatility relative to overall portfolio volatility; and the use of drawdown flags to identify potential concerns.

Company Description

Close

Carmignac is an independent European asset management company that was founded in 1989 in France. They have grown to manage over €30bn in assets with north of 300 employees. It remains family and employee-owned with the firm heralding an entrepreneurial-minded culture. They are strong advocators of active management and they embed an ESG focus into everything that they do.

Investment process

The team focus on both the macroeconomic picture and the position of individual companies when building this high conviction portfolio of 35-45 holdings, typically with a bias to large and medium-sized businesses.

FP Carmignac Emerging Markets has a universe of some 1,300 stocks. Their objective is to identify underpenetrated sectors with sustainable long-term growth prospects, ideally aligned with the United Nations Sustainable Development Goals (SDG). This initial screening ensures that sustainability criteria is integrated from the outset.

Once attractive sectors are pinpointed, the focus shifts to selecting companies with improving ESG credentials. These companies should also generate revenue in alignment with selected SDGs, showcasing a positive societal and environmental impact. This screening based on ESG and SDG criteria excludes around two-thirds of the original investment universe.

They then target sector leaders positioned to capture growth potential. Thorough analysis includes scrutiny of business models, competitive landscapes, product range expansion, and the quality of management. Financial health indicators, like cash generation and debt levels, are also scrutinised.

The managers also meet with companies to gain a deeper understanding of their financials and ESG policies, including any past controversies.

Risk

To enhance risk analysis, a front office risk management team has been established to assist portfolio managers. At the portfolio level, the investment team benefits from access to proprietary portfolio management tools, enabling daily monitoring of the portfolio's exposure to key risks, including factors like exposure to value stocks versus growth stocks; cyclicals versus defensive stocks; geographic and sector concentration; the balance of idiosyncratic and market risks; as well as beta and adjusted beta of the portfolio.

At the individual position level, a range of risk management tools is applied. This includes daily monitoring of the investment thesis for all positions; continuous adjustments in position sizes as the risk-reward dynamics evolve over the holding period of securities; assessment of single stock volatility relative to overall portfolio volatility; and the use of drawdown flags to identify potential concerns.

ESG

ESG - Explicit  

Carmignac employs its own proprietary ESG research system called START. The tool combines external quantitative data with internal qualitative expertise. Inputs into the system include external ESG assessments, company-reported data, past and present controversies and Carmignac’s proprietary analysis. The outputs are a ranking from A to E, which helps inform the investment team of the company’s ESG trajectory and suitability for the portfolio. The fund holds accreditation as an Article 9 fund.

Related Insights

The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.