Relatório Trimestral

Carmignac Portfolio Emerging Discovery : Letter from the Portfolio Managers
Carmignac Portfolio Emerging Discovery1 returned -2.8% during the first quarter of 2023 versus +1,6% for its reference indicator2.
During the first quarter of 2023, the fund’s investments in Taiwan, Mexico and South Korea contributed positively to overall returns. The fund was also able to sell down legacy Russian holdings at a profit relative to the value they were written down to a year ago. While returns of the broader Indian market were negative in absolute terms, the fund’s holdings in India delivered good relative gains.
Performance explanation
This year, equity markets are being shaped by two contrasting forces. On one hand, we are seeing tailwinds from the reopening in China and continued growth, albeit at a slower pace than 2022, across much of the rest of our emerging markets universe. The interest rate cycle getting closer to its peak across many geographies is also helping equities. On the other hand, increasing signs of an economic slowdown in the US are keeping us on our toes. We remain focused on identifying businesses that have a combination of a long runway for growth ahead of them, sustainably profitable business models and management teams we can trust. We hope to use the volatility in the markets to buy more of these businesses at attractive valuations.
One of the businesses that we have gradually built a position in recent quarters is Policybazaar (PB Fintech). Policybazaar is India’s leading online insurance agent. India has a very low penetration of term life insurance and health insurance. Policybazaar started as a price comparison site allowing customers to compare offerings of various insurers. But over the years they have built capabilities to help customers complete the entire process of purchase of insurance online. This is particularly relevant for term life and health insurance where customers need advice and significant handholding in choosing the right product. Policybazaar has sometimes gone even further and identified products for which there was unmet demand and advised insurers to build such products and offer them on Policybazaar. We have tracked Policybazaar since the time they were a private company and have greatly come to respect their founders and management. There was a meaningful sell-off in the shares of Policybazaar towards the end of last year and early this year, which allowed us to build a position at very attractive prices.
Another area of continued interest for us has been electric vehicles (EV). Both China and South Korea have established themselves as leaders in EV battery supply chain. EV batteries are set for strong growth in the coming years given active policy support for EV adoption globally, especially in the US with generous subsidies announced under the ‘Inflation Reduction Act’. Our focus has been to identify high barrier-to-entry business models within the EV supply chain. The fund currently has investments in Chunbo and Daejoo Electronic Materials. There has recently been euphoria surrounding cathode makers in South Korea, but our preference has been for businesses with clear technology leadership who can sustain attractive margins and return-on-capital over the long term.
Outlook going forward
During the first quarter of 2023, we have added to the fund’s higher conviction holdings whenever the opportunity has arisen, we also have taken profits on some of our long-term holdings such as Varun Beverages. India remains an excellent market to find long term compounders, but we are also wary of high valuations at a time when many major economies around the world have exited the very-low-interest-rates regime of the previous decade. The fund continues to have a good mix of defensive holdings though investments in predictable return companies such as the Brazilian transmission utility Alupar, where growth is somewhat lower but even then, the guaranteed regulated returns are very attractive.
As we head into the second quarter of 2023, the fund’s focus on small and mid-caps in Emerging Markets continues to offer us a diversity of opportunities across themes in our major geographies – from leaders in export of services and resultant domestic consumption in India and ASEAN to goods export powerhouses of China and Vietnam and their domestic consumption; from advanced technology ecosystems in South Korea and Taiwan to economies enriched by critical commodities across Latin America, Middle East and Africa. We aim to continually strengthen the fund’s portfolio by taking advantage of opportunities offered by dislocations in any specific geography or theme.
1Performance of the A EUR acc share class ISIN code: LU0336083810. Past performance is not necessarily indicative of future performance. The return may increase or decrease as a result of currency fluctuations. Performances are net of fees (excluding possible entrance fees charged by the distributor). From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
250% MSCI EM SmallCap (EUR) + 50% MSCI EM MidCap (EUR) (Reinvested net dividends rebalanced quarterly).
Sources: Carmignac Bloomberg, CLSA, BoAML Research, company data, 31/03/2023
Carmignac Portfolio Emerging Discovery A EUR Acc
Horizonte de investimento mínimo recomendado
Risco mais baixo Risco mais elevado
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Ações: O Fundo pode ser afetado por variações nos preços das ações, numa escala que depende de fatores externos, volumes de negociação de ações ou capitalização bolsista.
Países emergentes: As condições de funcionamento e de supervisão dos mercados "emergentes" podem desviar-se das normas em vigor nas principais praças mundiais e ter implicações nas cotações dos instrumentos cotados nos quais o Fundo pode investir.
Cambial: O risco cambial está associado à exposição a umamoeda que não seja a moeda de avaliação do Fundo, através de investimento direto ou do recurso a instrumentos financeiros a prazo.
Liquidez: As distorções temporárias do mercado podem influenciar as condições de avaliação em que o Fundo pode ser levado a liquidar, iniciar ou modificar as suas posições.
Este fundo não possui capital garantido.
* Escala de Risco do KID (documentos de informação fundamental). O risco 1 não significa um investimento isento de risco. Este indicador pode variar ao longo do tempo.
Carmignac Portfolio Emerging Discovery A EUR Acc
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
2023 (YTD) ? Desde o início do ano até à data |
|
---|---|---|---|---|---|---|---|---|---|---|---|
Carmignac Portfolio Emerging Discovery A EUR Acc | -2.25 % | +13.12 % | +2.99 % | +3.76 % | +17.91 % | -8.90 % | +9.98 % | -0.16 % | +25.55 % | -22.39 % | +4.28 % |
Indicador de Referência | -5.19 % | +12.98 % | +0.19 % | +6.67 % | +18.14 % | -11.64 % | +14.39 % | +5.35 % | +21.27 % | -11.67 % | +3.95 % |
Deslocar para a direita para ver a tabela completa
3 anos | 5 anos | 10 anos | |
---|---|---|---|
Carmignac Portfolio Emerging Discovery A EUR Acc | +7.00 % | +1.09 % | +2.85 % |
Indicador de Referência | +13.09 % | +3.16 % | +4.49 % |
Deslocar para a direita para ver a tabela completa
O desempenho passado não é necessariamente um indicador do desempenho futuro. Os desempenhos são líquidos de comissões (excluindo eventuais comissões de subscrição cobradas pelo distribuidor).
Fonte: Carmignac em 31/05/2023
Custos de entrada : | 4,00% do montante que paga ao entrar neste investimento. Este é o valor máximo que lhe será cobrado. A pessoa que lhe vender o produto irá informá-lo do custo efetivo. |
Custos de saída : | Não cobramos uma comissão de saída para este produto. |
Comissões de gestão e outros custos administrativos ou operacionais : | 2,36% O impacto dos custos que suportamos anualmente pela gestão dos seus investimentos e outras comissões administrativas. Esta é uma estimativa baseada nos custos efetivos ao longo do último ano. |
Comissões de desempenho : | 20,00% quando a classe de ações supera o indicador de referência durante o período de desempenho. Será pago também no caso de a classe de ações ter superado o indicador de referência, mas teve um desempenho negativo. O baixo desempenho é recuperado por 5 anos. O valor real varia dependendo do desempenho do seu investimento. A estimativa de custo agregado acima inclui a média dos últimos 5 anos, ou desde a criação do produto se for inferior a 5 anos. |
Custos de transação : | 0,52% O impacto dos custos inerentes às nossas operações de compra e de venda de investimentos subjacentes ao produto. |