Share Class
LU0336083810
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
Equities99.2 %
Other0.8 %
Data as of: Oct 31, 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
+ 118.3 %
+ 74.3 %
+ 48.4 %
+ 39.5 %
+ 2.5 %
To 04/12/2025
Calendar Year Performance 2015Calendar 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 2024
+ 3.0 %
+ 3.8 %
+ 17.9 %
- 8.9 %
+ 10.0 %
- 0.2 %
+ 25.5 %
- 22.4 %
+ 12.7 %
+ 29.6 %
Net Asset Value
2183.40 €
Asset Under Management
111 M €
Net Equity Exposure31/10/2025
99.2 %
SFDR - Fund Classification
Article
8
Data as of: Oct 31, 2025.
Data as of: Dec 4, 2025.
On 22/11/2024 the Fund’s name, it’s strategy and its reference indicator changed. The fund’s name changed from Carmignac Portfolio Emerging Discovery to Carmignac Portfolio Asia Discovery and its reference indicator changed to MSCI EM Asia Ex-China IMI 10/40. Performances are presented using the chaining method.
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: Nov 28, 2025.Fund management team
Performance commentary
- In this environment, the fund delivered a negative performance, broadly in line with its reference indicator.
- Our exposure to technology stocks also weighed on returns, particularly through our investments in Taiwan (TSMC, Lite-On) and South Korea, where SK Hynix underperformed. The sector as a whole suffered from a broad-based correction.
- Our positions in Southeast Asia (India, Indonesia, Singapore) also modestly detracted from performance.
- Nevertheless, despite the global decline in technology stocks over the month, several of our Taiwanese holdings—Gold Circuit Electronics and Universal Microwave—generated positive contributions.
Outlook strategy
- Emerging Asia offers a broad and diversified investment universe, providing fertile ground for active stock selection and attractive long-term growth prospects. We remain constructive on Asian small and mid caps, supported by favorable macroeconomic indicators, and continue to focus the majority of our investments on this segment.
- India remains our largest geographic allocation, benefiting from a structurally supportive environment and compelling long-term growth opportunities. While valuations remain elevated and global trade tensions could temporarily weigh on exports, US protectionist measures are unlikely to materially affect the companies held in our portfolio. The country’s strong macroeconomic fundamentals continue to underpin our positive outlook.
- We also 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.
- During the month, we initiated several new positions—SK Square (South Korea), Universal Microwave (Taiwan), and Al Rajhi Bank (India). We were able to build these positions partly through profit-taking on Chicony Electronics, Cimory, and Parkin.
Performance Overview
Data as of: Dec 4, 2025.On 22/11/2024 the Fund’s name, it’s strategy and its reference indicator changed. The fund’s name changed from Carmignac Portfolio Emerging Discovery to Carmignac Portfolio Asia Discovery and its reference indicator changed to MSCI EM Asia Ex-China IMI 10/40. Performances are presented using the chaining method.
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 08/12/2025
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Oct 31, 2025.| Asia | 85.7 % |
| Middle East | 5.3 % |
| Eastern Europe | 2.5 % |
| Asia-Pacific | 2.2 % |
| Latin America | 2.1 % |
| North America | 1.4 % |
| Africa | 0.5 % |
| Europe | 0.5 % |
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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: Oct 31, 2025.Equity Investment Weight99.2 %
Net Equity Exposure99.2 %
Number of Equity Issuers103
Active Share73.6 %
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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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On 22/11/2024 the Fund’s name, it’s strategy and its reference indicator changed. The fund’s name changed from Carmignac Portfolio Emerging Discovery to Carmignac Portfolio Asia Discovery and its reference indicator changed to MSCI EM Asia Ex-China IMI 10/40. Performances are presented using the chaining method.
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
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