Holdings of Carmignac Portfolio EM Debt
Carmignac Gestion Luxembourg S.A. · 86 declared positions · as of Dec 31, 2025
Fund report · Net assets 412.1M € · Ten largest lines: 33.9 % of net assets
Country breakdown
- South Africa 13.0 %
- Mexico 7.2 %
- Egypt 6.4 %
- Colombia 5.7 %
- Hungary 5.4 %
- Ivory coast 5.4 %
- Poland 4.7 %
- Romania 4.4 %
- Turkey 4.3 %
- Germany 4.2 %
- Brazil 4.1 %
- Others 35.0 %
Countries from the fund report. Weights in % of net assets.
Currency breakdown
- USD 49.2 %
- EUR 18.9 %
- ZAR 9.7 %
- PLN 4.7 %
- MXN 3.9 %
- COP 3.8 %
- PEN 2.5 %
- CZK 1.9 %
- HUF 1.6 %
- IDR 1.6 %
- BRL 1.1 %
- UGX 0.9 %
The quoted currency of each line, as declared.
Positions
| Rank | Company | Currency | Shares | Value | Weight |
|---|---|---|---|---|---|
| 1 | SOUTH AFRICA GOVERNMENT BOND 9.0% 31-01-40 South Africa | ZAR | 522,626,767 | 27M € | 6.54 % |
| 2 | EGYPT GOVERNEMENT INTL BOND 7.625% 29-05-32 Egypt | USD | 21,896,000 | 19.8M € | 4.81 % |
| 3 | REPUBLIC OF POLAND GOVERNMENT BOND 2.0% 25-08-36 Poland | PLN | 74,639,000 | 17.3M € | 4.20 % |
| 4 | DEUTSCHE BUNDES INFLATION LINKED BOND 0.5% 15-04-30 Germany | EUR | 12,000,000 | 15.4M € | 3.75 % |
| 5 | IVORY COAST GOVERNMENT INT BOND 6.875% 17-10-40 Ivory coast | EUR | 15,189,000 | 14.9M € | 3.61 % |
| 6 | ARGENTINE REP GVT INTL BOND 4.125% 09-07-35 Argentina | USD | 15,621,796 | 9.9M € | 2.41 % |
| 7 | SOUTH AFRICA GOVERNMENT BOND 8.0% 31-01-30 South Africa | ZAR | 172,000,000 | 9M € | 2.19 % |
| 8 | GUATEMALA GOVERNMENT BOND 6.6% 13-06-36 Guatemala | USD | 9,782,000 | 9M € | 2.18 % |
| 9 | ECUADOR GOVERNMENT INTL BOND 6.9% 31-07-35 Ecuador | USD | 11,635,981 | 8.7M € | 2.12 % |
| 10 | SOUTH AFRICA GOVERNMENT INTL BD 7.1% 19-11-36 South Africa | USD | 9,370,000 | 8.6M € | 2.08 % |
| 11 | MEXICAN BONOS 8.5% 28-02-30 Mexico | MXN | 1,668,400 | 7.9M € | 1.92 % |
| 12 | TURKEY GOVERNMENT INTL BOND 4.875% 16-04-43 Turkey | USD | 11,903,000 | 7.8M € | 1.90 % |
| 13 | COLOMBIA TES 7.75% 18-09-30 Colombia | COP | 41,698,700,000 | 7.7M € | 1.87 % |
| 14 | COLOMBIA GOVERNMENT INTL BOND 7.5% 02-02-34 Colombia | USD | 7,621,000 | 6.8M € | 1.64 % |
| 15 | MEXICAN UDIBONOS 2.75% 27-11-31 Mexico | MXN | 180,700 | 6.7M € | 1.63 % |
| 16 | BRAZILIAN GOVERNMENT INTL BOND 6.125% 15-03-34 Brazil | USD | 7,660,000 | 6.6M € | 1.60 % |
| 17 | COLOMBIA TES 13.25% 09-02-33 Colombia | COP | 28,683,800,000 | 6.6M € | 1.59 % |
| 18 | BENIN GOVERNMENT INTL BOND 8.375% 23-01-41 Benin | USD | 7,096,000 | 6.4M € | 1.55 % |
| 19 | PARAGUAY GOVERNMENT INTL BOND 6.1% 11-08-44 Paraguay | USD | 7,056,000 | 6.2M € | 1.51 % |
| 20 | HUNGARY GOVERNMENT INTL BOND 5.375% 12-09-33 Hungary | EUR | 5,700,000 | 6.1M € | 1.48 % |
| 21 | INDONESIA TREASURY BOND 6.875% 15-04-29 Indonesia | IDR | 113,027,000,000 | 6M € | 1.47 % |
| 22 | PEMEX 4.75 18-29 24/05A Mexico | EUR | 5,846,000 | 5.9M € | 1.43 % |
| 23 | HUNGARY GOVERNMENT BOND 3.0% 21-08-30 Hungary | HUF | 2,584,040,000 | 5.9M € | 1.42 % |
| 24 | ANGOLAN GOVERNMENT INTL BOND 8.25% 09-05-28 Angola | USD | 6,763,000 | 5.8M € | 1.41 % |
| 25 | PERU GOVERNMENT BOND 7.6% 12-08-39 Peru | PEN | 20,072,000 | 5.6M € | 1.35 % |
| 26 | IVORY COAST 6.625 18-48 22/03A Ivory coast | EUR | 5,870,000 | 5.3M € | 1.29 % |
| 27 | EL SALVADOR GOVERNMENT INTERNATIO BOND 8.625% 28-02-29 El Salvador | USD | 5,845,000 | 5.3M € | 1.29 % |
| 28 | PEMEX 6.95 20-60 28/01S Mexico | USD | 6,566,000 | 4.5M € | 1.10 % |
| 29 | UKRAINE GOVERNMENT INTL BOND 4.5% 01-02-34 Ukraine | USD | 8,000,000 | 4.2M € | 1.01 % |
| 30 | BRAZIL NOTAS DO TESOURO NACIONAL SERIE B 6.0% 15-05-27 Brazil | BRL | 6,000 | 4.1M € | 1.01 % |
| 31 | SOUTH AFRICA GOVERNMENT INTL BD 5.75% 30-09-49 South Africa | USD | 5,331,000 | 3.8M € | 0.93 % |
| 32 | ROMANIAN GOVERNMENT INTL BOND 2.875% 13-04-42 Romania | EUR | 5,804,000 | 3.8M € | 0.93 % |
| 33 | JORDAN GOVERNMENT INTL BOND 7.375% 10-10-47 Jordan | USD | 4,439,000 | 3.8M € | 0.92 % |
| 34 | EGYPT GOVERNEMENT INTL BOND 5.8% 30-09-27 Egypt | USD | 4,409,000 | 3.8M € | 0.92 % |
| 35 | PERU GOVERNMENT BOND 6.85% 12-08-35 Peru | PEN | 13,891,000 | 3.8M € | 0.92 % |
| 36 | ROMANIAN GOVERNMENT INTL BOND 2.124% 16-07-31 Romania | EUR | 4,295,000 | 3.8M € | 0.91 % |
| 37 | BRAZILIAN GOVERNMENT INTL BOND 6.625% 15-03-35 Brazil | USD | 4,239,000 | 3.7M € | 0.90 % |
| 38 | TURKEY GOVERNMENT INTL BOND 7.125% 12-02-32 Turkey | USD | 4,000,000 | 3.6M € | 0.88 % |
| 39 | TCHEQUE REPUBLIQUE GOVERNMENT BOND 1.95% 30-07-37 Czech Republic | CZK | 115,190,000 | 3.6M € | 0.88 % |
| 40 | TCHEQUE REPUBLIQUE GOVERNMENT BOND 1.5% 24-04-40 Czech Republic | CZK | 131,880,000 | 3.6M € | 0.87 % |
| 41 | OTP BANK 8.75% 15-05-33 EMTN Hungary | USD | 3,905,000 | 3.5M € | 0.86 % |
| 42 | SOC NATLA DE GAZE NATURALE ROMGAZ 4.75% 07-10-29 Romania | EUR | 3,390,000 | 3.5M € | 0.84 % |
| 43 | REPUBLIC OF UGANDA GOVERNMENT BONDS 16.25% 08-11-35 Uganda | UGX | 15,199,100,000 | 3.5M € | 0.84 % |
| 44 | ING GROEP NV 7.5% PERP Netherlands | USD | 3,885,000 | 3.5M € | 0.84 % |
| 45 | PETROLEOS DEL PERU 4.75% 19-06-32 Peru | USD | 5,000,000 | 3.2M € | 0.77 % |
| 46 | ROMANIAN GOVERNMENT INTL BOND 5.625% 22-02-36 Romania | EUR | 3,162,000 | 3.1M € | 0.76 % |
| 47 | ZAMBIA GOVERNMENT INTL BOND 5.75% 30-06-33 Zambia | USD | 3,663,874 | 3.1M € | 0.75 % |
| 48 | BARBADOS GOVERNMENT INTL BOND 8.0% 26-06-35 Barbados | USD | 2,900,000 | 2.6M € | 0.63 % |
| 49 | CONSTELLATION OIL SERVICES 9.375% 07-11-29 Luxembourg | USD | 2,900,000 | 2.6M € | 0.62 % |
| 50 | REPUBLIC OF CAMEROON INTL BOND 5.95% 07-07-32 Cameroon | EUR | 3,000,000 | 2.5M € | 0.62 % |
| 51 | BORR IHC LTD BORR FINANCE LLC 10.375% 15-11-30 United States of America | USD | 2,732,214 | 2.3M € | 0.56 % |
| 52 | DOMINICAN REPUBLIC INTL BOND 6.95% 15-03-37 Dominican Republic | USD | 2,500,000 | 2.3M € | 0.56 % |
| 53 | HUNGARY GOVERNMENT INTL BOND 4.875% 22-03-40 Hungary | EUR | 2,300,000 | 2.3M € | 0.55 % |
| 54 | UZBEKNEFTEGAZ JSC 8.75% 07-05-30 Uzbekistan | USD | 2,420,000 | 2.2M € | 0.54 % |
| 55 | HUNGARIAN DEVELOPMENT BANK 6.5% 29-06-28 Hungary | USD | 2,400,000 | 2.1M € | 0.52 % |
| 56 | ANGOLAN GOVERNMENT INTL BOND 8.75% 14-04-32 Angola | USD | 2,300,000 | 1.9M € | 0.47 % |
| 57 | CIMKO CIMENTO VE BETON SANAYI TICARET AS 10.75% 21-05-30 Turkey | USD | 2,000,000 | 1.8M € | 0.44 % |
| 58 | GUATEMALA GOVERNMENT BOND 6.25% 15-08-36 Guatemala | USD | 2,000,000 | 1.8M € | 0.43 % |
| 59 | BBVA BANCOMER SATEXAS 8.125% 08-01-39 United States of America | USD | 1,774,000 | 1.6M € | 0.40 % |
| 60 | SIERRACOL ENERGY ANDINA LLC 6.0% 15-06-28 United States of America | USD | 2,028,000 | 1.6M € | 0.40 % |
| 61 | TURKCELL ILETISIM HIZMETLERI AS 7.65% 24-01-32 Turkey | USD | 1,700,000 | 1.5M € | 0.37 % |
| 62 | SAN MARINO GOVERNMENT BOND 6.5% 19-01-27 San Marino | EUR | 1,500,000 | 1.5M € | 0.37 % |
| 63 | YINSON BERGENIA PRODUCTION BV 8.498% 31-01-45 Netherlands | USD | 1,500,000 | 1.3M € | 0.33 % |
| 64 | MEDCO MAPLE TREE PTE 8.96% 27-04-29 Singapore | USD | 1,415,000 | 1.3M € | 0.31 % |
| 65 | PETROLEOS MEXICANOS 10.0% 07-02-33 Mexico | USD | 1,236,000 | 1.2M € | 0.30 % |
| 66 | SERBIA INTL BOND 6.25% 26-05-28 Republic of Serbia | USD | 1,376,000 | 1.2M € | 0.29 % |
| 67 | DOMINICAN REPUBLIC INTL BOND 6.95% 15-03-37 Dominican Republic | USD | 1,300,000 | 1.2M € | 0.29 % |
| 68 | REPUBLIC OF ARMENIA INTL BOND 3.6% 02-02-31 Armenia | USD | 1,472,000 | 1.1M € | 0.28 % |
| 69 | EL SALVADOR GOVERNMENT INTERNATIO BOND 9.65% 21-11-54 El Salvador | USD | 1,150,000 | 1.1M € | 0.27 % |
| 70 | BANCA TRANSILVANIA 5.125% 30-09-30 Romania | EUR | 1,092,000 | 1.1M € | 0.27 % |
| 71 | BANCO MERCANTILE DEL NORTE SA GRAND 8.375% PERP Cayman Islands | USD | 1,200,000 | 1.1M € | 0.26 % |
| 72 | ARMENIA 3.6000 21-31 02/02S Armenia | USD | 1,400,000 | 1.1M € | 0.26 % |
| 73 | ROMANIAN GOVERNMENT INTL BOND 2.0% 14-04-33 Romania | EUR | 1,324,000 | 1.1M € | 0.26 % |
| 74 | BANCO MERCANTILE DEL NORTE SA GRAND 6.625% PERP Cayman Islands | USD | 1,200,000 | 1M € | 0.24 % |
| 75 | FORD OTOMOTIV SANAYI AS 7.125% 25-04-29 Turkey | USD | 960,000 | 847.8K € | 0.21 % |
| 76 | BRAZILIAN GOVERNMENT INTL BOND 4.75% 14-01-50 Brazil | USD | 1,240,000 | 769.3K € | 0.19 % |
| 77 | BANCO MERCANTILE DEL NORTE SA GRAND 7.5% PERP Cayman Islands | USD | 750,000 | 657.2K € | 0.16 % |
| 78 | PARATUS ENERGY SERVICES 9.5% 27-06-29 Norway | USD | 700,000 | 596.6K € | 0.14 % |
| 79 | BANCO DEL ESTADO DE CHILE 7.95% PERP Chile | USD | 600,000 | 541K € | 0.13 % |
| 80 | CORP QUIPORT 9.0% 15-12-37 Ecuador | USD | 500,000 | 455.7K € | 0.11 % |
| 81 | TURK EKONOMI BANKASI AS 9.375% 17-01-34 Turkey | USD | 403,000 | 366.7K € | 0.09 % |
| 82 | BUFFALO ENERGY MEXI 7.875% 15-02-39 Mexico | USD | 373,092 | 348.1K € | 0.08 % |
| 83 | PARATUS ENERGY SERVICES 9.0% 15-07-26 Norway | USD | 322,776 | 275.5K € | 0.07 % |
| 84 | SCC POWER 8.0% 31-12-28 United Kingdom | USD | 341,949 | 180.4K € | 0.04 % |
| 85 | IVANHOE MINES 7.875% 23-01-30 Canada | USD | 200,000 | 176.1K € | 0.04 % |
| 86 | HELLENIC REPUBLIC GOVERNMENT BOND 4.0% 30-01-37 Greece | EUR | 1 | 1 € | 0.00 % |
Source: report published by Carmignac Portfolio EM Debt.