Share Class
LU0336083810
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.
- Gain access to a vast universe and a wide range of investment themes, offering portfolio diversification.
Key documents
Asset Allocation
Equities97.4 %
Other2.6 %
Data as of: 31 Jul 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
+ 103.9 %
+ 54.1 %
+ 45.6 %
+ 27.2 %
+ 7.7 %
To 08/08/2025
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
+ 3.0 %
+ 3.8 %
+ 17.9 %
- 8.9 %
+ 10.0 %
- 0.2 %
+ 25.5 %
- 22.4 %
+ 12.7 %
+ 29.6 %
Net Asset Value
2039.14 €
Asset Under Management
108 M €
Net Equity Exposure31/07/2025
97.4 %
SFDR - Fund Classification
Article
8
Data as of: 31 Jul 2025.
Data as of: 8 Aug 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: 31 Jul 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 July, the fund delivered a positive performance, although it lagged behind its reference indicator.
Our selection of Taiwanese stocks, particularly TSMC and Gold Circuit Electronics, contributed positively to performance. However, the reference indicator outperformed, benefiting from broader geographic exposure to Taiwan.
In South Korea, although Samsung Electronics and Soulbrain made positive contributions, our underweight in the region weighed on relative performance.
Finally, our exposure to India, through Kotak Mahindra and Kfin Technologies, slightly underperformed, in line with local market trends.
Outlook strategy
Emerging Asia represents a vast and diversified investment universe, offering fertile ground for active stock selection and benefiting from attractive growth prospects. We remain constructive on Asian small and mid caps, supported by encouraging macroeconomic indicators, and we prioritize our positions in this segment.
India remains our largest geographical weighting, offering a particularly favorable environment for identifying long-term growth stocks. Although local markets have recently faced downward pressure due to geopolitical tensions, the second half of the year looks more promising for Indian assets.
We also maintain significant exposure to artificial intelligence-related stocks, through small and mid-cap companies positioned along the semiconductor value chain in Taiwan and South Korea. This segment is expected to benefit from renewed momentum once markets return to a more fundamentals-driven approach.
Performance Overview
Data as of: 8 Aug 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™ : © YYYY 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 12/08/2025
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 31 Jul 2025.| Asia | 80.5 % |
| Latin America | 5.3 % |
| Middle East | 5.2 % |
| Asia-Pacific | 3.2 % |
| Eastern Europe | 2.0 % |
| Europe | 1.4 % |
| North America | 1.4 % |
| Africa | 1.2 % |
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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: 31 Jul 2025.Equity Investment Weight97.4 %
Net Equity Exposure97.4 %
Number of Equity Issuers115
Active Share79.9 %
To Access the weekly view
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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Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
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
In July, Asian equity markets showed a positive trend, with South Korean and Taiwanese exchanges performing well, while Indian indices were penalized.
On the international front, the United States imposed new tariffs: 50% on imports from Brazil, 25% on those from India, and a tariff agreement of 15% with South Korea. These measures affected local currencies, particularly the Indian rupee.
In South Korea, markets continued to benefit from a supportive environment for index growth, driven by the election of a new president and technical levels considered attractive.
In India, the market decline was attributed to elevated valuation levels and ongoing trade uncertainties with the United States.