Share 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
Equities92.2 %
Other7.8 %
Data as of: Feb 27, 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
+ 42.4 %
-
-
+ 79.6 %
+ 48.3 %
To 07/04/2026
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
142.40 €
Asset Under Management
141 M €
Net Equity Exposure27/02/2026
92.2 %
SFDR - Fund Classification
Article
8
Data as of: Feb 27, 2026.
Data as of: Apr 7, 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: Mar 31, 2026.Fund management team
Performance commentary
- In this context, our strategy delivered a negative performance over the month, while nevertheless outperforming its reference indicator.
- We notably suffered from the decline of Asian markets, with the main detractors being our South Korean holdings, notably Samsung Electronics and SK Hynix. Although Korean memory manufacturers have limited exposure to rising energy prices (electricity costs account for less than 2% of SK Hynix’s revenues), their share prices corrected significantly due to profit-taking following strong gains earlier in the year.
- Our Indian portfolio was also negatively impacted by rising energy prices, in a context of heightened sensitivity among certain local companies to these factors (Makemytrip, Schloss Bangalore).
- Finally, despite pronounced market movements, our Taiwanese portfolio has been resilient, supported by disciplined stock selection. In this regard, companies such as All Ring Tech reported record earnings and particularly encouraging outlooks for 2026, notably in the field of advanced semiconductor packaging equipment.
Outlook strategy
- Despite heightened geopolitical volatility, the structural investment case for Emerging Asia remains intact. While rising energy prices may weigh on global and Asian economies, we believe this does not call into question the structurally strong fundamentals of Asian economies. They continue to benefit from robust earnings growth, attractive valuations and sustained technological momentum in Asia.
- Countries such as Korea and Taiwan act as key enablers of global innovation and as such remain indispensable to semiconductor and AI supply chains. This structural positioning continues to underpin long-term growth visibility across select segments of the market.
- While equity markets remain volatile in the short term, these correction phases create attractive entry points, with sometimes indiscriminate market movements offering opportunities to reinforce our convictions at compelling valuation levels. In this environment, we favour a selective positioning, underpinned by rigorous risk management and the ability to exploit market inefficiencies.
- India continues to exhibit one of the most dynamic growth profiles globally. In this context, we favour high-quality domestic companies in the banking, insurance, and consumer sectors, while remaining selective given still-elevated valuation levels.
- Following our trip to India, we made a few changes in our Indian portfolio, exiting some our our financial positions (Home First Finance and SBFC Finance) while adding Nexus Select Trust. ICICI Bank.
- We maintain significant exposure to artificial intelligence-related themes, particularly to companies positioned along the semiconductor value chain in Taiwan and South Korea, which should continue to benefit from sustained investment by US hyperscalers. During the month, we took profits on several Taiwanese positions, including All Ring Tech, Universal Microwave Technology, and Lotes that performed well since the beginning of the year.
Performance Overview
Data as of: Apr 7, 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 08/04/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Feb 27, 2026.| Asia | 95.4 % |
| Middle East | 2.0 % |
| Eastern Europe | 1.8 % |
| Asia-Pacific | 0.8 % |
| 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: Feb 27, 2026.Equity Investment Weight92.2 %
Net Equity Exposure92.2 %
Number of Equity Issuers59
Active Share68.1 %
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