Naomi Waistell Joins Carmignac’s Emerging Markets Equity Team
7 JAN, 2025
By Jose Luis Palmer from RankiaPro Europe
Carmignac strengthens its emerging markets team with the appointment of Naomi Waistell as portfolio manager.
A Key Addition to Carmignac
Carmignac has announced the appointment of Naomi Waistell as a portfolio manager within its emerging markets equity team. Based in London, Naomi will report to Mark Denham, Head of Equities, and will co-lead the emerging markets investment strategy under Article 9 alongside Xavier Hovasse. The team will also benefit from the support of Yunfan Bao, an analyst specialising in Greater China, and Amol Gogate, an emerging markets equity fund manager.
Naomi brings with her 15 years of portfolio management experience. She joins Carmignac from Polar Capital, where since 2020 she co-managed a Quality Growth fund focused on emerging markets. During her tenure, the fund achieved a top-decile net performance in its Morningstar category, and assets under management grew from €167 million to €1.5 billion. Her work prioritised sustainable investing, perfectly aligning with Carmignac’s commitment to integrating ESG analysis into its investment process.
Previously, Naomi managed emerging market, European, and global equity funds at Newton Investment Management. She is a Chartered Financial Analyst (CFA) and holds an MBA from Cambridge University.
This appointment coincides with the departure of Haiyan Li-Labbé, who left Carmignac at the end of 2024 to pursue a new professional venture.
Key Statements Set the Tone
We are delighted to welcome Naomi Waistell to Carmignac. Her extensive experience in emerging markets and sustainable investing will be valuable to our investment team. Her proven approach is consistent with our investment style, which focuses on identifying high quality companies that deliver sustainable returns and are able to navigate macroeconomic, political and ESG challenges. Naomi's appointment is further evidence of Carmignac's broad appeal to talented fund managers who are committed to active, conviction-based investing.
I would also like to thank Haiyan Li-Labbé for his contribution to the company and wish him the best of luck.
Mark Denham, Head of Equities
Naomi Waistell expressed her enthusiasm for this new role:
Carmignac has a strong reputation for investing in emerging markets, having been one of the pioneers of the asset class, and I am looking forward to joining a leading team in the sector. 2025 looks set to be an exciting but volatile year, with the impact of monetary policy normalisation in emerging markets and a second term for Donald Trump. I am more convinced than ever that an active approach, with a clear and consistent process that focuses on in-depth analysis of companies and avoids superfluous information, is the optimal way to identify investment opportunities in emerging markets and avoid potential pitfalls.
Naomi Waistell, Portfolio Manager
This strategic move reinforces Carmignac’s position in emerging markets, showcasing its commitment to attracting talented portfolio managers with a focus on conviction-driven active investing.
