# PROFILE
SFDR Fund Classification: Article 6
Domicile: Luxembourg Dividend Policy: Accumulation Fund Type: UCITS
175
150
125
100
75
50
01/12
09/12
09/13
09/14
09/15
09/16
09/17
09/18
09/19
09/20
09/21
56.5%
45.3%
09/22
Legal Form: SICAV
SICAV Name: Carmignac Portfolio Fiscal Year End: 31/12 Subscription/Redemption: Daily
Order Placement Cut-Off Time: Before 18:00 (CET/CEST)
Fund Inception Date: 14/12/2007
Date of 1st NAV: 14/12/2007
Carmignac Portfolio Emerging Discovery A EUR Acc	Reference Indicator
CUMULATIVE AND ANNUALIZED PERFORMANCE (as of 30/09/2022 - Net of fees)
Cumulative Performance (%)	Annualised Performance (%)
|  | Since | 1 | 1 | 3 | 5 | 10 |  | 3 | 5 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 31/12/2021 | Month | Year | Years | Years | Years |  | Years | Years | Years |
| A EUR Acc | -18.3 | -3.8 | -17.9 | 3.6 | 7.1 | 45.3 |  | 1.2 | 1.4 | 3.8 |
| Reference Indicator | -12.6 | -8.2 | -10.9 | 19.3 | 20.4 | 56.5 |  | 6.1 | 3.8 | 4.6 |
| Category Average | -15.7 | -6.9 | -13.3 | 16.0 | 15.5 | 67.3 |  | 5.1 | 2.9 | 5.3 |
| Ranking (Quartile) | 4 | 1 | 4 | 4 | 4 | 4 |  | 4 | 4 | 4 |

Source: Morningstar for the category average and quartiles.

## MONTHLY GROSS PERFORMANCE
Base Currency: EUR
Fund AUM: 123M€ / 121M$ (1)
Share class AUM: 55M€
NAV: 1572.80€
Morningstar Category™: Global Emerging Markets Small/Mid-Cap Equity

## FUND MANAGER(S)
Xavier Hovasse since 01/01/2011 Amol Gogate since 01/01/2021

## REFERENCE INDICATOR
50% MSCI Emerging Small Cap NR USD Index + 50% MSCI Emerging Mid Cap NR USD Index (Reinvested Net Dividends, quarterly rebalanced).
| STATISTICS (%) |  |  |  | VAR |  |  | CONTRIBUTION |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 Year 3 | Years |  | Fund VaR | 8.3% |  | Equity Portfolio | -3.8% |
| Fund Volatility | 14.6 | 16.4 |  | Indicator VaR | 10.6% |  | Equity Derivatives | 0.2% |
| Indicator Volatility | 15.5 | 18.9 |  |  |  |  | Currency Derivatives | 0.0% |
| Sharpe Ratio | -1.2 | 0.1 |  |  |  |  | Total | -3.6% |
| Beta | 0.8 | 0.8 |  |  |  |  |  |  |
| Alpha | -0.2 | -0.0 |  |  |  |  |  |  |
| Calculation : Weekly basis |  |  |  |  |  |  |  |  |

* For the share class Carmignac Portfolio Emerging Discovery A EUR Acc. Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. (1) Exchange Rate EUR/USD as of 30/09/2022.
| ASSET ALLOCATION |  |  | SECTOR BREAKDOWN |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
| Equities | 90.4% |  | Information Technology |  |  | 22.0% |
| Emerging Markets | 90.4% |  | Healthcare |  | 16.7% |  |

Africa	2.6%
Latin America	14.7%
Asia	65.6%
Eastern Europe	1.3%
Middle East	6.3%
Cash, Cash Equivalents and Derivatives Operations	9.6%
Industrials Consumer Staples
| Financials |  |  | 6.4% |
| --- | --- | --- | --- |
|  |  |  |  |
| Real Estate |  |  | 5.8% |
|  |  |  |  |
| Energy | 1.8% |  |  |
|  |  |  |  |
| Communication Services | 1.2% |  |  |
| Materials | 0.3% |  |  |

Utilities Consumer Discretionary
15.5%
12.3%
10.2%
7.8%
ARAMEX PJSC	United Arab Emirates
Industrials	3.5%
Philippines
|  | Rebased weights |  |
| --- | --- | --- |
| CAPITALISATION BREAKDOWN |  |  |  | NET CURRENCY EXPOSURE OF THE FUND |
|  |  |  |  |  |  |  |
| Large (>10000 MEUR) | 1.0% |  |  | US Dollar |  | 20.2% |
|  |  |  |  |  |  |  |
| Mid (2000 - 10000 MEUR) |  | 52.7% |  | Indian Rupee | 13.2% |  |
|  |  |  |  |  |  |  |
| Small (<2000 MEUR) |  | 46.2% |  | New Taiwan Dollar | 11.6% |  |
| Rebased weights |  |  |  |  |  |  |
|  |  |  |  | Euro | 9.8% |  |
|  |  |  |  |  |  |  |
|  |  |  |  | Brazilian Real | 8.3% |  |
|  |  |  |  |  |  |  |
|  |  |  |  | Hong Kong Dollar | 6.8% |  |
|  |  |  |  |  |  |  |
|  |  |  |  | UAE Dirham | 6.1% |  |
|  |  |  |  |  |  |  |
|  |  |  |  | Mexican Peso | 5.4% |  |
|  |  |  |  |  |  |  |
|  |  |  |  | Vietnamese Dong | 4.8% |  |
|  |  |  |  |  |  |  |
|  |  |  |  | Renminbi (Yuan) | 4.4% |  |
|  |  |  |  |  |  |  |
|  |  |  |  | Others Look through currency exposure, based on the home market | 9.3% of the foreign company. |  |
| TOP TEN |  |  |  | GEOGRAPHIC BREAKDOWN |  |  |
|  |  |  |  |  |  |  |
| Name	Country | Sector | % |  | India |  | 30.5% |
| ALUPAR INVESTIMENTO SA-UNIT Brazil | Utilities | 8.2% |  | Taiwan | 13.0% |  |
| MAX HEALTHCARE INSTITUTE LTD India | Healthcare | 8.2% |  |  |  |  |
|  |  |  |  | China |  | 11.0% |
| PRESIDENT CHAIN STORE | Taiwan | Consumer Staples | 5.1% |  |  |  |
| SAPPHIRE FOODS INDIA LTD | India | Consumer Discretionary | 5.1% | Brazil | 9.1% |
| TF ADMINISTRADOR 3 MM | Mexico | Real Estate | 3.9% | United Arab Emirates | 6.3% |  |
| VARUN BEVERAGES LTD | India | Consumer Staples | 3.7% | Mexico | 5.9% |  |
| CHINA COMMU. SERVICES | China | Industrials | 3.6% |

Vietnam
CHINDATA GROUP HOLDINGS-ADR China	Information Technology		3.4% TASKUS INC-A	Philippines	Information Technology		3.2% Total			48.1%
Rebased weights
South Korea Indonesia Other countries

Translation (ENFR, 2022-09-30):
# PROFIL
Classification SFDR : Article 6
Domicile : Luxembourg
Affectation des résultats : Capitalisation
Type de fonds : UCITS
175
150
125
100
75
50
01/12
09/12
09/13
09/14
09/15
09/16
09/17
09/18
09/19
09/20
09/21
56.5%
45.3%
09/22
Forme juridique : SICAV
Nom de la SICAV : Carmignac Portfolio Fin de l’exercice fiscal : 31/12 Souscription/Rachat : Jour ouvrable
Heure limite de passation d’ordres : avant 18:00 heures (CET/CEST)
Date de lancement du Fonds : 14/12/2007
Date de la 1ère VL : 14/12/2007
Carmignac Portfolio Emerging Discovery A EUR Acc	Indicateur de référence
PERFORMANCES CUMULÉES ET ANNUALISÉES (au 30/09/2022 - Net de frais)
	Performances cumulées (%)	 Performances annualisées (%) 
|  | Depuis le | 1 | 1 | 3 | 5 | 10 |  | 3 | 5 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 31/12/2021 | Mois | an | ans | ans | ans |  | ans | ans | ans |
| A EUR Acc | -18.3 | -3.8 | -17.9 | 3.6 | 7.1 | 45.3 |  | 1.2 | 1.4 | 3.8 |
| Indicateur de référence | -12.6 | -8.2 | -10.9 | 19.3 | 20.4 | 56.5 |  | 6.1 | 3.8 | 4.6 |
| Moyenne de la catégorie | -15.7 | -6.9 | -13.3 | 16.0 | 15.5 | 67.3 |  | 5.1 | 2.9 | 5.3 |
| Classement (quartile) | 4 | 1 | 4 | 4 | 4 | 4 |  | 4 | 4 | 4 |

Source : Morningstar pour la moyenne de la catégorie et les quartiles.
| STATISTIQUES (%) |  |  |  | VAR |  |  | MENSUELLE |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 an | 3 ans |  | VaR du Fonds | 8.3% |  | Portefeuille actions | -3.8% |
| Volatilité du fonds | 14.6 | 16.4 |  | VaR de l'indicateur | 10.6% |  | Derivés actions | 0.2% |
| Volatilité du benchmark | 15.5 | 18.9 |  |  |  |  | Derivés devises | 0.0% |
| Ratio de Sharpe | -1.2 | 0.1 |  |  |  |  | Total | -3.6% |
| Bêta | 0.8 | 0.8 |  |  |  |  |  |  |
| Alpha | -0.2 | -0.0 |  |  |  |  |  |  |
| Calcul : pas hebdomadaire |  |  |  |  |  |  |  |  |


## CONTRIBUTION DE LA PERFORMANCE BRUTE
Devise de cotation : EUR
Actifs sous gestion du Fonds : 123M€ / 121M$ (1)
Encours de la part : 55M€
VL : 1572.80€
Catégorie Morningstar™ : Global Emerging Markets Small/Mid-Cap Equity

## GÉRANT(S) DU FONDS
Xavier Hovasse depuis le 01/01/2011 Amol Gogate depuis le 01/01/2021

## INDICATEUR DE RÉFÉRENCE
50% MSCI Emerging Small Cap NR USD Index + 50% MSCI Emerging Mid Cap NR USD Index (Dividendes nets réinvestis, rebalancé trimestriellement).
* Pour la part Carmignac Portfolio Emerging Discovery A EUR Acc. Echelle de risque du DICI (Document d’Informations Clés pour l’Investisseur). Le risque 1 ne signifie pas un investissement sans risque. Cet indicateur pourra évoluer dans le temps. (1) Taux de change EUR/USD au 30/09/2022.
| ALLOCATION D'ACTIFS |  |  | RÉPARTITION SECTORIELLE |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
| Actions | 90.4% |  | Technologies de l'Information |  |  | 22.0% |
| Pays émergents | 90.4% |  | Santé |  | 16.7% |  |

Afrique	2.6%
Amérique Latine	14.7%
Asie	65.6%
Europe de l'Est	1.3%
Moyen-Orient	6.3%
Liquidités, emplois de trésorerie et opérations sur dérivés	9.6%
| Finance |  |  | 6.4% |
| --- | --- | --- | --- |
|  |  |  |  |
| Immobilier |  |  | 5.8% |
|  |  |  |  |
| Energie | 1.8% |  |  |
|  |  |  |  |
| Services de Communication | 1.2% |  |  |
| Matériaux | 0.3% |  |  |

Industrie Biens de Consommation de Base Services aux collectivités Consommation Discrétionnaire
15.5%
12.3%
10.2%
7.8%
Poids rebasés

## RÉPARTITION PAR CAPITALISATION
Grandes (>10000 MEUR)
1.0%

## EXPOSITION NETTE PAR DEVISE
Dollar des Etats-Unis
20.2%
Moyennes (2000 - 10000MEUR)
52.7%
Roupie indienne
Poids rebasés
Petites (<2000 MEUR)
46.2%
Nouveau dollar de Taïwan
EURO
Réal de Brésil
Dollar de Hong Kong
UAE Dirham
Péso mexicain
Dong
Yuan Ren-Min-Bi
Autres
Expositions devises transparisées, basées sur le marché local des sociétés étrangères.

## PRINCIPALES POSITIONS
Nom	Pays	Secteur	%

## RÉPARTITION GÉOGRAPHIQUE
Inde
30.5%
ALUPAR INVESTIMENTO SA-UNIT Brésil	Services aux collectivités	8.2% MAX HEALTHCARE INSTITUTE LTD Inde	Santé	8.2%
Taiwan Chine
PRESIDENT CHAIN STORE	Taiwan	Biens de Consommation de
Base
SAPPHIRE FOODS INDIA LTD	Inde	Consommation Discrétionnaire
5.1%
5.1%
Brésil Emirats Arabes Unis
TF ADMINISTRADOR 3 MM	Mexique	Immobilier	3.9%
Mexique
VARUN BEVERAGES LTD	Inde	Biens de Consommation de
Base
3.7%
Philippines
CHINA COMMU. SERVICES	Chine	Industrie	3.6%
Viet Nam
ARAMEX PJSC	Emirats Arabes Unis
Industrie	3.5%
Corée du Sud
CHINDATA GROUP HOLDINGS-ADR Chine	Technologies de l'Information 3.4% TASKUS INC-A	Philippines	Technologies de l'Information 3.2% Total			48.1%
Poids rebasés
Indonésie Autres pays