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
Equities96.8 %
Other3.2 %
Data as of: Sep 30, 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
+ 123.4 %
+ 75.8 %
+ 54.3 %
+ 46.1 %
+ 10.5 %
To 27/10/2025
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
2233.54 €
Asset Under Management
116 M €
Net Equity Exposure30/09/2025
96.9 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2025.
Data as of: Oct 27, 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](https://carmignac.imgix.net/uploads/NextImage/0001/18/206d57f4169601a1b5be4a1556a54ff4db7b53d8.png?auto=format%2Ccompress&fit=fill&w=3840)
Amol Gogate
Fund Manager
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 27, 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 28/10/2025
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 2025.| Asia | 82.0 % |
| Latin America | 5.4 % |
| Middle East | 4.3 % |
| Eastern Europe | 2.7 % |
| Asia-Pacific | 2.6 % |
| North America | 1.6 % |
| Europe | 0.9 % |
| Africa | 0.5 % |
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: Sep 30, 2025.Equity Investment Weight96.9 %
Net Equity Exposure96.9 %
Number of Equity Issuers102
Active Share76.0 %
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
Articles that may interest you
Strategies insights • July 25, 2025 • English
Carmignac Portfolio Asia Discovery: Letter from the Fund Manager - Q2 2025
3 minute(s) read
Strategies insights • March 25, 2025 • English
Southeast Asia: A powerhouse in the making
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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