Equity strategies
Carmignac Portfolio Asia Discovery
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU0992630086
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
Equities98.3 %
Other1.7 %
Data as of: 30 Sep 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
+ 248.4 %
+ 141.4 %
+ 73.1 %
+ 104.2 %
+ 43.0 %
To 21/10/2026
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
+ 21.2 %
+ 24.1 %
- 6.9 %
+ 5.2 %
+ 6.5 %
+ 20.0 %
- 17.2 %
+ 10.9 %
+ 25.1 %
+ 11.5 %
Net Asset Value
£348.45
Asset Under Management
235 M €
Net Equity Exposure30/09/2026
98.3%
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2026.
Data as of: 21 Oct 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.
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: 30 Sep 2026.Fund management team
Performance commentary
- Against this backdrop, the Fund delivered a positive absolute return in September, although it slightly underperformed its reference indicator. Industrials and Information Technology were the main contributors, supported by strong stock selection and continued momentum across the Asian AI infrastructure and semiconductor value chain.
- In Taiwan, BizLink was the leading contributor, gaining 22% over the month, supported by continued demand for high-speed connectivity solutions used in AI servers. Aspeed Technology, Jentech Precision Industrial, Universal Microwave Technology and TSMC also advanced, reflecting continued investor appetite for companies exposed to AI computing and infrastructure. Conversely, Voltronic Power Technology detracted from performance.
- In South Korea, SK Square, SK Hynix and Samsung Electronics contributed positively. The memory manufacturers continued to benefit from strong demand for high-bandwidth memory, while expectations of sustained pricing power and continued shareholder returns also supported sentiment. CMTX also advanced strongly. Conversely, APR Corp, HD Hyundai Electric and Hyundai Motor gave back some of their recent gains.
- In India, performance was more mixed. Sterlite Technologies and Aequs were among the leading contributors, supported by their exposure to digital infrastructure and advanced manufacturing. Conversely, ICICI Bank, MakeMyTrip and selected healthcare and real-estate holdings detracted.
Outlook strategy
- We remain constructive on Asian equities, while maintaining a selective approach and strict valuation discipline. Asia remains at the heart of several structural growth trends, from AI infrastructure and advanced manufacturing to electrification, power infrastructure and commodities.
- In India, we exited MakeMyTrip, Kotak Mahindra Bank and BlackBuck, as we continued to actively manage our exposure and maintain discipline around position sizing and valuations.
- In Taiwan, we added to Yageo and Hon Hai Precision Industry, reinforcing our exposure to selected beneficiaries of the technology and AI infrastructure ecosystem.
- In South Korea, we took some profits on Samsung Electronics following its strong performance in the second half of the month to avoid excessive concentration. We redeployed part of the capital towards APR Corp, diversifying beyond semiconductors into a fast-growing Korean consumer company benefiting from the international expansion of K-beauty.
- Portfolio balance and valuation discipline remain central to our approach. We continue to diversify the Fund’s sources of return across global technology leaders, innovative small- and mid-cap companies and domestic opportunities in consumption, healthcare, industrial infrastructure and commodities.
Performance Overview
Data as of: 21 Oct 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 23/10/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2026.| Asia | 93.5% |
| Asia-Pacific | 3.7% |
| Eastern Europe | 1.8% |
| Middle East | 0.9% |
| 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: 30 Sep 2026.Equity Investment Weight98.3%
Net Equity Exposure98.3%
Number of Equity Issuers51
Active Share69.3%
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
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.
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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