Equity strategies
Carmignac Portfolio Asia Discovery
Luxembourg SICAV sub-fundEmerging marketsArticle 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.
- Gain access to a vast universe and a wide range of investment themes, offering portfolio diversification.
Key documents
Asset Allocation
Equities89.6 %
Other10.4 %
Data as of: Apr 30, 2026.
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
+ 234.9 %
+ 185.1 %
+ 109.8 %
+ 118.4 %
+ 65.1 %
To 12/05/2026
Calendar 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 2024Calendar Year Performance 2025
+ 4.9 %
+ 19.0 %
- 8.0 %
+ 10.7 %
+ 0.9 %
+ 26.4 %
- 21.6 %
+ 13.8 %
+ 30.1 %
+ 5.8 %
Net Asset Value
334.92 €
Asset Under Management
192 M €
Net Equity Exposure31/03/2026
92.0 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: May 12, 2026.
On 22/11/2024 the Fund’s name, it’s strategy and its reference indicator changed. The fund’s name changed from Carmignac Portfolio Emerging Discovery to Carmignac Portfolio Asia Discovery and its reference indicator changed to MSCI EM Asia Ex-China IMI 10/40. Performances are presented using the chaining method.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
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.
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: Apr 30, 2026.Fund management team
Performance commentary
- In this context, our strategy delivered strong performance in April, outperforming its reference indicator.
- Following a difficult month in March for global and Asian equity markets, ceasefire announcements and renewed interest in the artificial intelligence theme supported the market rebound.
- In this environment, our main contributor to performance was our exposure to the Korean technology sector, particularly SK Hynix, which once again reported record results, lifting SK Square and Samsung Electronics in its wake.
- Our Taiwanese holdings also contributed strongly, notably TSMC, Asia Vital Components, and All Ring Technology, as the semiconductor sector continues to benefit from substantial investment by U.S. hyperscalers.
- Finally, our exposure to India also supported fund performance over the period, as illustrated by our position in Aequs, a company operating in the aerospace and defense sectors.
Outlook strategy
- Despite heightened geopolitical volatility, the structural investment case for Emerging Asia remains intact. While rising energy prices may weigh on global and Asian economies, we believe this does not call into question the structurally strong fundamentals of Asian economies. They continue to benefit from robust earnings growth, attractive valuations and sustained technological momentum in Asia.
- Countries such as Korea and Taiwan act as key enablers of global innovation and as such remain indispensable to semiconductor and AI supply chains. This structural positioning continues to underpin long-term growth visibility across select segments of the market.
- While equity markets remain volatile in the short term, these correction phases create attractive entry points, with sometimes indiscriminate market movements offering opportunities to reinforce our convictions at compelling valuation levels. In this environment, we favour a selective positioning, underpinned by rigorous risk management and the ability to exploit market inefficiencies.
- India continues to exhibit one of the most dynamic growth profiles globally. In this context, we favour high-quality domestic companies in the banking, insurance, and consumer sectors, while remaining selective given still-elevated valuation levels.
- We initiated a new position in JX Advanced Metals, reflecting its strategic transition from a traditional mining and recycling business toward higher-value semiconductor and functional materials.
- We also increased our exposure to Lodha Developers, a leading Indian real estate player, and LS Electric in South Korea, a key manufacturer of electric power equipment.
Performance Overview
Data as of: May 12, 2026.On 22/11/2024 the Fund’s name, it’s strategy and its reference indicator changed. The fund’s name changed from Carmignac Portfolio Emerging Discovery to Carmignac Portfolio Asia Discovery and its reference indicator changed to MSCI EM Asia Ex-China IMI 10/40. Performances are presented using the chaining method.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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 13/05/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Apr 30, 2026.| Asia | 92.7 % |
| Asia-Pacific | 3.4 % |
| Eastern Europe | 2.8 % |
| Middle East | 1.1 % |
| Latin America | - |
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: Mar 31, 2026.Equity Investment Weight92.0 %
Net Equity Exposure92.0 %
Number of Equity Issuers52
Active Share70.2 %
To Access the weekly view
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On 22/11/2024 the Fund’s name, it’s strategy and its reference indicator changed. The fund’s name changed from Carmignac Portfolio Emerging Discovery to Carmignac Portfolio Asia Discovery and its reference indicator changed to MSCI EM Asia Ex-China IMI 10/40. Performances are presented using the chaining method.
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