Equity strategies
Carmignac Portfolio Asia Discovery
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8Share Class
LU0992629740
Unlock the untapped potential of Asian markets beyond China:
- Capture the growth potential of Asian markets beyond China, thanks to a rigorous investment process focusing on quality companies, with sustainable profitability.
- Capitalise on the expertise of a seasoned investment team to unlock hidden opportunities through a small and mid-cap bias, a segment often neglected by research analysts and consequently overlooked by investors.
Key documents
Asset Allocation
Equities91.9 %
Other8.1 %
Data as of: 28 Feb 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 93.7 %
+ 55.7 %
+ 60.0 %
+ 21.6 %
+ 6.5 %
To 12/03/2025
Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024
+ 3.7 %
+ 4.9 %
+ 19.0 %
- 8.0 %
+ 10.7 %
+ 0.9 %
+ 26.4 %
- 21.6 %
+ 13.8 %
+ 30.1 %
Net Asset Value
193.70 €
Asset Under Management
104 M €
Net Equity Exposure28/02/2025
91.9 %
SFDR - Fund Classification
Article
8
Data as of: 28 Feb 2025.
Data as of: 12 Mar 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Portfolio Asia Discovery fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.Our monthly comments
Data as of: 28 Feb 2025.Fund management team
![[Management Team] [Author] Amol Gogate](https://carmignac.imgix.net/uploads/NextImage/0001/18/206d57f4169601a1b5be4a1556a54ff4db7b53d8.png?auto=format%2Ccompress&fit=fill&w=3840)
Amol Gogate
Fund Manager
Performance commentary
- In this context, the fund delivered a negative performance, but nevertheless exceeded its reference indicator.
- Our portfolio was penalised by our significant exposure to the Indian markets, particularly small and mid-caps, which fell indiscriminately after three years of growth. In this context, our holdings in International Gemmological, Brainbees and Bansal Wire Industries weighed on the fund's performance. However, this correction seems healthy to us, especially given that valuations had reached historic highs.
- Our main position, TSMC, suffered from the downturn in the semiconductor sector, but also from fears surrounding significant US tariffs on chip imports.
- Finally, our portfolio benefited from its selection of South Korean stocks, such as F&F Co and Soulbrain Co, which rose after a difficult 2024.
Outlook strategy
- Emerging Asia is a vast and diverse universe that offers fertile ground for stock picking and attractive growth prospects.
- We remain constructive on emerging small and mid-caps due to encouraging macroeconomic indicators, where we are mainly positioned. Nevertheless, we believe that the return of Donald Trump represents a risk for emerging economies.
- India remains our main geographical weighting and an excellent local market for finding long-term growth stocks. Our trip to India has confirmed our view of the country's promising prospects and the recent correction offers us some interesting entry points. We are therefore taking advantage of the recent correction in the Indian indices to gradually strengthen our positions that are attractively valued.
- In this respect, we have initiated a position in Clean Science and Technology, a company specialising in the manufacture of chemical products.
- Finally, we maintain significant exposure to artificial intelligence stocks, particularly to companies in the semiconductor value chain in Taiwan and Korea.
- Nevertheless, in the short term, we remain cautious about India and AI due to their recent strong performance.
Performance Overview
Data as of: 12 Mar 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 13/03/2025
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Feb 2025.| Asia | 78.1 % |
| Latin America | 8.4 % |
| Middle East | 6.6 % |
| Eastern Europe | 2.1 % |
| North America | 1.7 % |
| Asia-Pacific | 1.3 % |
| Africa | 1.2 % |
| Europe | 0.6 % |
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Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and equity positioning.Exposure Data
Data as of: 28 Feb 2025.Equity Investment Weight91.9 %
Net Equity Exposure91.9 %
Number of Equity Issuers94
Active Share82.6 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Amol Gogate
Fund Manager
We seek to select the most attractive companies in the universe of emerging small and mid-caps and underexploited frontier markets through a socially responsible investment approach.
Amol Gogate
Fund Manager
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The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment