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
Equities98,3 %
Other1,7 %
Data as of: Sep 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
+ 211,4 %
+ 146,1 %
+ 61,5 %
+ 96,5 %
+ 34,4 %
To 05/11/2026
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
€311.4
Asset Under Management
218 M €
Net Equity Exposure30/09/2026
98,3 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Nov 5, 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: Oct 30, 2026.Fund management team
Performance commentary
- Against this particularly volatile backdrop, the Fund delivered negative absolute and relative performance. After several months of strong gains in Asian technology stocks, renewed uncertainty around the AI investment cycle triggered significant profit-taking across the value chain.
- Asian technology was therefore the main detractor. In Taiwan, BizLink, Delta Electronics, Grand Process Technology, TSMC and Asia Vital Components were penalised by this reduction in risk exposure. The correction nevertheless came against a backdrop of still-solid earnings releases: TSMC notably reported another record quarter, confirming strong demand for the most advanced manufacturing technologies.
- The picture was similar in South Korea, where Samsung Electronics, SK Hynix and SK Square weighed on performance. Earnings releases nevertheless confirmed the strength of the memory cycle, with continued robust demand for advanced memory and improving earnings prospects. After their strong year-to-date gains, these stocks nevertheless experienced significant profit-taking.
- In India, stock selection was more mixed. Aequs detracted from performance, while ICICI Bank, Schloss Bangalore, Shaily Engineering Plastics and Zetwerk contributed positively. ICICI Bank notably benefited from solid results, supported by loan growth and higher earnings.
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.
- Over the month, we reduced several positions where we saw more limited upside potential. We exited Bank Central Asia in Indonesia, as well as Kotak Mahindra Bank and Embassy Office Parks in India. These moves reflect our willingness to reallocate capital towards opportunities offering, in our view, a more attractive balance between growth, valuation and prospective upside.
- In India, we notably initiated a position in Zetwerk Manufacturing Businesses. The company provides exposure to the expansion of India’s industrial and technology manufacturing ecosystem, across areas ranging from electronics to energy and industrial equipment, while benefiting from the ongoing diversification of global supply chains.
- In South Korea, we used the recent correction to increase our positions in SK Square and Samsung Electronics. Despite recent volatility, we remain constructive on the memory cycle and on Korean beneficiaries of AI investment. The decline in share prices provided more attractive entry points into companies whose earnings prospects remain solid.
- Portfolio balance and valuation discipline remain central to our approach. We continue to diversify the Fund’s sources of performance across global technology leaders, innovative companies and domestic opportunities in consumer, healthcare, advanced manufacturing, infrastructure and commodities.
Performance Overview
Data as of: Nov 5, 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 07/11/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 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: Sep 30, 2026.Equity Investment Weight98,3 %
Net Equity Exposure98,3 %
Number of Equity Issuers51
Active Share69,3 %
To Access the weekly view
Articles that may interest you
Our views • November 4, 2026 • English
The age of discovery: Navigating a new era for Emerging Markets
Strategies insights • July 25, 2025 • English
Carmignac Portfolio Asia Discovery: Letter from the Fund Manager - Q2 2025
3 minute(s) read
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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.
Market environment