Equity strategies

Carmignac Portfolio Asia Discovery

Emerging marketsArticle 8
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
Equities98 %
Other2 %
Data as of:  Aug 29, 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 115.7 %
+ 73.1 %
+ 50.4 %
+ 34.4 %
+ 5.0 %
From 14/12/2007
To 07/10/2025
Calendar 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
2157.20 €
Asset Under Management
113 M €
Net Equity Exposure29/08/2025
98.0 %
SFDR - Fund Classification

Article

8
Data as of:  Oct 7, 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:  Sep 30, 2025.
Fund management team
[Management Team] [Author] Amol Gogate

Amol Gogate

Fund Manager

Market environment

  • In September, Asian emerging markets posted gains, supported by the strength of the technology sector amid the AI hype, and a supportive backdrop with weak US dollar and Fed rate cut.
  • On the geopolitical front, Xi Jinping brought together key leaders of the “Global South” – including Narendra Modi and Vladimir Putin – to deepen economic cooperation and trade integration, fueling renewed investor optimism toward emerging economies.
  • In Indonesia, the political climate deteriorated following a major cabinet reshuffle and large-scale anti-government protests denouncing corruption and rising living costs, adding a degree of uncertainty to local markets.
  • In South Korea, rising global demand for semiconductors continued to support the economy and major industry players. A stable political environment and still-attractive valuations also helped sustain this positive momentum.
  • In India, markets came under pressure from net foreign outflows – around USD 2.7 billion over the month – while already-rich valuations left limited room for further upside in the absence of new catalysts.

Performance commentary

  • In September, the fund delivered a positive performance, although it underperformed its reference indicator.
  • Our strategy benefited from its exposure to Taiwanese equities, particularly those linked to the AI value chain, including TSMC, Innodisk, and Elite Material. However, we recorded relative underperformance due to Taiwan’s significant weighting in the reference indicator.
  • South Korean equities also contributed positively to performance, notably SK Hynix, which benefited from strong semiconductor demand, attractive valuations, and a pro-market political environment. In addition, during the month, the company announced the in-house certification of its HBM4 memory and the preparation for mass production — news that was well received by the market.
  • However, we were somewhat disappointed by our Indian holdings, particularly Ajax Engineering, Zinka Logistics, and Sapphire Foods India.

Outlook strategy

  • Emerging Asia represents a broad and diverse investment universe, offering fertile ground for active stock selection and attractive long-term growth prospects. We remain constructive on Asian small and mid-cap companies, supported by favourable macroeconomic indicators, and continue to focus the bulk of our investments on this segment.
  • India remains our largest geographical allocation, supported by a structurally favourable environment and strong long-term growth opportunities. While valuations remain elevated and global trade tensions could temporarily weigh on exports, the protectionist measures implemented by the United States are not expected to have a material impact on the portfolio’s holdings. The country’s solid macroeconomic fundamentals underpin our continued constructive view.
  • We also maintain significant exposure to companies linked to artificial intelligence, particularly among small and mid-cap firms positioned along the semiconductor value chain in Taiwan and South Korea. This segment should benefit from renewed momentum as markets gradually refocus on fundamentals.
  • During the month, we chose to refocus the portfolio around our highest-conviction ideas and took profits on several positions. In this context, we closed our investments in KT Corp and DB Insurance in South Korea together with our Japanese semi cap equipment companies Dexterials and Tokyo Electron.

Performance Overview

Data as of:  Oct 7, 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 08/10/2025

Carmignac Portfolio Asia Discovery Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Aug 29, 2025.
Asia79.9 %
Middle East5.3 %
Latin America5.2 %
Asia-Pacific3.1 %
Eastern Europe2.3 %
Europe1.5 %
North America1.5 %
Africa1.2 %
View details

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:  Aug 29, 2025.
Equity Investment Weight98.0 %
Net Equity Exposure98.0 %
Number of Equity Issuers118
Active Share77.2 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Amol Gogate

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.
[Management Team] [Author] Amol Gogate

Amol Gogate

Fund Manager
View Fund's characteristics

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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.