Share 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.
- Gain access to a vast universe and a wide range of investment themes, offering portfolio diversification.
Key documents
Asset Allocation
Equities98 %
Other2 %
Data as of: 29 Aug 2025.
Risk Indicator
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2
3
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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
+ 116.9 %
+ 93.1 %
+ 58.7 %
+ 33.3 %
+ 3.8 %
To 25/09/2025
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
216.93 €
Asset Under Management
111 M €
Net Equity Exposure29/08/2025
98.0 %
SFDR - Fund Classification
Article
8
Data as of: 29 Aug 2025.
Data as of: 25 Sep 2025.
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: 29 Aug 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
- Over the month, the fund posted a negative return, while outperforming its reference indicator
- Our Indian holdings weighed on performance during the period, but significantly outperformed the local index thanks to effective stock selection, notably Zinka Logistics. The company reported very strong quarterly results, which drove its share price up by more than 30% over the period.
- Similarly, our South Korean portfolio detracted from performance, in line with the broader market. However, the impact was more limited due to our underweight allocation.
- Finally, Vietnamese stock Asia Commercial Bank and Taiwanese company Gold Circuit Electronics made positive contributions to the fund’s performance.
Outlook strategy
- Emerging Asia is a vast and diverse investment universe offering fertile ground for active stock selection and attractive growth prospects. We remain positive on Asian small and mid-caps, supported by encouraging macroeconomic indicators, and this is where we have the bulk of our investments.
- India remains our largest geographical allocation, providing a highly supportive environment for identifying long-term growth opportunities. Although local markets have recently faced downward pressure due to geopolitical tensions, the outlook for the second half of the year appears more favorable for Indian assets. Moreover, the hostile measures taken by the United States are not expected to materially impact the companies in our portfolio.
- We also maintain a significant exposure to companies linked to artificial intelligence, particularly small and mid-cap firms positioned along the semiconductor value chain in Taiwan and South Korea. This segment should benefit from renewed momentum once markets shift back toward a more fundamentals-driven approach.
- During the month, we took advantage from market weakness to initiate two new positions: one in Philippine bank BDO Unibank, and the other in Singaporean conglomerate Keppel, which operates across infrastructure, real estate, and connectivity, notably through its data center activities.
Performance Overview
Data as of: 25 Sep 2025.Source: Carmignac at 29/09/2025
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 29 Aug 2025.| Asia | 79.9 % |
| Middle East | 5.3 % |
| Latin America | 5.2 % |
| Asia-Pacific | 3.1 % |
| Eastern Europe | 2.3 % |
| Europe | 1.5 % |
| North America | 1.5 % |
| Africa | 1.2 % |
To Access the weekly view
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: 29 Aug 2025.Equity Investment Weight98.0 %
Net Equity Exposure98.0 %
Number of Equity Issuers118
Active Share77.2 %
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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Market environment