Equity strategies
Carmignac Portfolio Asia Discovery
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU2420651155
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: Nov 28, 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
+ 29.4 %
-
-
+ 61.8 %
+ 10.1 %
To 08/01/2026
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
-
-
-
-
-
-
- 21.5 %
+ 14.0 %
+ 30.2 %
+ 6.0 %
Net Asset Value
129.38 €
Asset Under Management
122 M €
Net Equity Exposure28/11/2025
96.8 %
SFDR - Fund Classification
Article
8
Data as of: Nov 28, 2025.
Data as of: Jan 8, 2026.
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: Dec 31, 2025.Fund management team
Performance commentary
- In this environment, the fund delivered a very strong performance, both in absolute and relative terms.
- Our exposure to South Korean equities significantly supported the fund’s performance over the period, notably through the two leading semiconductor manufacturers, Samsung Electronics and SK Hynix.
- Hyundai Motor was also among the main contributors to performance. In December, Hyundai Motor Group and Air Liquide announced the strengthening of their strategic partnership, expanding their collaboration to accelerate the development of a global hydrogen ecosystem. This partnership will allow the company to develop the commercialization of fuel cell electric vehicles (FCEVs) for logistics fleets and public buses, a key area of development for the company, setting a strong foundation for future growth.
- Our selection of Taiwanese equities also contributed positively to the strategy’s performance, in particular TSMC, Universal Microwave Technology and Asia Vital Components.
- Finally, the underperformance of Indian markets weighed somewhat on the portfolio.
Outlook strategy
- Despite a challenging year in 2025, the long-term growth story in India and South-East Asia remains firmly intact. In India, we maintain meaningful exposure to high-quality domestic franchises in banking, insurance and consumer sectors, now trading at more reasonable valuation levels.
- Emerging Asia offers a broad and diversified investment universe, providing fertile ground for active stock selection and compelling long-term growth opportunities. We remain constructive on Asian small- and mid-cap equities, supported by favourable macroeconomic indicators, and continue to allocate the majority of our investments to this segment.
- We maintain significant exposure to companies linked to artificial intelligence, particularly small- and mid-cap names positioned along the semiconductor value chain in Taiwan and South Korea. This segment is expected to regain momentum as markets gradually refocus on economic fundamentals.
- Over the month, we closed our positions in Tong Yang Industry, Cimory and Innodisk, and initiated a new position in All Tech Co., a Taiwan-based company primarily engaged in the design, manufacturing, processing and distribution of automated machinery equipment.
Performance Overview
Data as of: Jan 8, 2026.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 09/01/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Nov 28, 2025.| Asia | 95.7 % |
| Middle East | 2.7 % |
| Eastern Europe | 1.6 % |
| 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: Nov 28, 2025.Equity Investment Weight96.8 %
Net Equity Exposure96.8 %
Number of Equity Issuers69
Active Share72.0 %
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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.
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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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