Share 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
Equities90,4 %
Other9,6 %
Data as of: Jun 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
+ 241,7 %
+ 161,7 %
+ 84,0 %
+ 106,8 %
+ 65,2 %
To 06/08/2026
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
€341.67
Asset Under Management
243 M €
Net Equity Exposure30/06/2026
90,4 %
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Aug 6, 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: Jul 31, 2026.Fund management team
Performance commentary
- Against this backdrop, the fund delivered negative performance.
- This decline was primarily attributable to its exposure to South Korean and Taiwanese technology stocks. AI-related companies corrected following their strong performance since the beginning of the year, with the impact amplified by several holdings’ sensitivity to the memory, component and equipment segments.
- In South Korea, SK Hynix was the largest detractor, followed by Samsung Electronics and SK Square. Despite reporting record quarterly results, SK Hynix’s earnings release did not fully meet the market’s elevated expectations, triggering significant profit-taking across the memory and semiconductor value chains. HD Hyundai Electric and LS Electric also declined.
- In Taiwan, the sell-off spread to component and equipment manufacturers, including Yageo, Grand Process Technology, Universal Microwave Technology and Delta Electronics. Yageo’s decline, despite solid results, primarily reflected a broader investor pullback from high-beta technology stocks and valuation compression.
- Conversely, stock selection in India partially offset the decline. Macrotech Developers was the leading contributor, supported by robust results and strong pre-sales. Shaily Engineering Plastics, ICICI Bank, WeWork India and MakeMyTrip also contributed positively, alongside Sea, BizLink and Samsung Biologics.
Outlook strategy
- Following July's correction, we remain constructive on South Korea and Taiwan, while becoming more selective. The pullback has created attractive valuation opportunities, although volatility is likely to remain elevated amid questions over hyperscalers' AI spending, intensifying Chinese competition, and ongoing trade and geopolitical uncertainties.
- Against this backdrop, we entered this period of heightened volatility with a more balanced positioning, having already disciplinedly reduced our overweight exposure to memory names during the second quarter. We took advantage of the correction to selectively add to several high-conviction holdings, including SK Square, Asia Vital Components, Aspeed Technology, Bizlink and Hon Hai Precision. Our AI exposure remains significant but is now more diversified across memory, thermal management, interconnect solutions, server management chips and electronics manufacturing services.
- We also increased our exposure to India, adding to HDFC Bank and ICICI Bank, while initiating a position in Shaily Engineering Plastics, a manufacturer of precision components and drug delivery devices. At the same time, we exited Policybazaar and trimmed Lodha Developers following their strong share price performance.
- We used the market correction to initiate positions in Samsung Biologics, a leading contract biologics manufacturer, and HD Hyundai Electric, a supplier of power grid equipment. We also increased our position in LS Electric to strengthen our exposure to electrical infrastructure, supported by growing demand from data centre expansion.
- Finally, we exited E Ink, Elite Material, HYBE and Silicon2, reallocating capital towards higher-conviction opportunities offering a more attractive balance between growth prospects, valuations and risk.
Performance Overview
Data as of: Aug 6, 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 08/08/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| Asia | 92,5 % |
| Asia-Pacific | 4,3 % |
| Eastern Europe | 2,1 % |
| Middle East | 1,0 % |
| Latin America | - |
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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: Jun 30, 2026.Equity Investment Weight90,4 %
Net Equity Exposure90,4 %
Number of Equity Issuers51
Active Share63,7 %
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.
Market environment