Share Class
LU0807689582
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
Equities99,3 %
Other0,7 %
Data as of: Aug 31, 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
+ 271,5 %
+ 185,4 %
+ 88,6 %
+ 115,4 %
+ 71,6 %
To 04/09/2026
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
+ 4,4 %
+ 19,7 %
- 6,7 %
+ 12,9 %
+ 1,2 %
+ 26,2 %
- 21,2 %
+ 14,6 %
+ 30,1 %
+ 6,4 %
Net Asset Value
371,48 US$
Asset Under Management
256 M €
Net Equity Exposure31/08/2026
99,3 %
SFDR - Fund Classification
Article
8
Data as of: Aug 31, 2026.
Data as of: Sep 4, 2026.
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: Aug 31, 2026.Fund management team
Performance commentary
- Against this backdrop, the fund delivered positive performance in both absolute and relative terms. Outperformance was mainly driven by stock selection in Taiwan and India. South Korea also contributed positively in absolute terms, although it detracted slightly on a relative basis.
- In Taiwan, the rebound in AI-related and technology infrastructure stocks was the main performance driver. Asia Vital Components, Fositek, Universal Microwave Technology, Intertech Precision Industrial and All Ring Technology were among the leading contributors. These companies, which are exposed to cooling solutions, components and equipment for AI servers, benefited from renewed investor interest in the sector following July’s correction.
- In India, Manipal Health Enterprises made a strong contribution. The recently listed company, India’s largest private hospital network by capacity, benefited from a positive market reception and a solid first earnings release: quarterly revenue rose by 38.1% year on year, supported by stronger demand, the expansion of complex medical specialties and higher occupancy rates. Sterlite Technologies also contributed positively. Conversely, HDFC Bank, Macrotech Developers, WeWork India Management and Max Healthcare detracted.
- In South Korea, APR Corp was among the leading contributors, gaining 34% over the month. The owner of the Medicube skincare and AGE-R beauty-device brands rallied after reporting record second-quarter results, with revenue and operating profit both rising by around 134% year on year. Growth was driven by strong cosmetics demand and rapid expansion in North America and Europe, prompting the company to raise its full-year revenue target to approximately KRW 3 trillion. HD Hyundai Electric, Samsung E&A and LS Electric also advanced, supported by demand for power-grid and industrial infrastructure.
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.
- AI hardware remains a core conviction, although we are actively broadening our exposure across the value chain. Following the strong performance of memory and other AI beneficiaries, we have taken profits and reallocated capital towards emerging bottlenecks in power infrastructure, cooling, connectivity and semiconductor equipment, while retaining exposure to our highest-conviction technology leaders.
- In South Korea, we are increasingly diversifying beyond semiconductors, adding domestic and infrastructure opportunities such as APR, which benefits from the global expansion of Korean beauty brands, and HD Hyundai Electric, supported by accelerating investment in power-grid infrastructure.
- India is becoming increasingly attractive as valuations improve. We reduced our underweight position significantly (standing at -1% as of the end of August), selectively adding high-quality domestic businesses, including Manipal Hospitals in healthcare and Horizon Industrial Parks in logistics and industrial infrastructure.
- 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: Sep 4, 2026.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 08/09/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 31, 2026.| Asia | 93,5 % |
| Asia-Pacific | 3,5 % |
| Eastern Europe | 2,1 % |
| 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: Aug 31, 2026.Equity Investment Weight99,3 %
Net Equity Exposure99,3 %
Number of Equity Issuers52
Active Share69,4 %
To Access the weekly view
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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.
UAE DIFC and ADGM: for professional clients only. This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638.
This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (?DFSA?). It must not be relied upon by, or distributed to, Retail Clients or any other person.
The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (?CSSF?). Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s).
Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (?SFDR?) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance.
The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (?DFSA?). It must not be relied upon by, or distributed to, Retail Clients or any other person.
The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (?CSSF?). Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s).
Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (?SFDR?) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance.
The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
Market environment