Equity strategies
Carmignac Portfolio Asia Discovery
Luxembourg SICAV sub-fundEmerging marketsArticle 8Share Class
LU0992630086
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
Equities96.4 %
Other3.6 %
Data as of: Jan 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
+ 181.2 %
+ 180.2 %
+ 57.6 %
+ 64.8 %
+ 27.7 %
To 10/02/2026
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
+ 21.2 %
+ 24.1 %
- 6.9 %
+ 5.2 %
+ 6.5 %
+ 20.0 %
- 17.2 %
+ 10.9 %
+ 25.1 %
+ 11.5 %
Net Asset Value
281.24 £
Asset Under Management
130 M €
Net Equity Exposure30/01/2026
96.4 %
SFDR - Fund Classification
Article
8
Data as of: Jan 30, 2026.
Data as of: Feb 10, 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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: Jan 30, 2026.Fund management team
Performance commentary
- In this context, our strategy delivered an excellent performance, outperforming its reference indicator.
- This outperformance was largely driven by our allocation to the technology sector, particularly within the artificial intelligence value chain. In this regard, our holdings in SK Hynix, Samsung Electronics and TSMC made a significant contribution.
- The strategy also benefited from its exposure to Hyundai Motor, whose share price was supported by the unveiling of its Atlas robot and the announcement of a project to build a manufacturing facility capable of producing up to 30,000 units per year by 2028, enhancing the stock’s appeal among investors seeking exposure to next-generation technologies.
- By contrast, our exposure to India weighed on relative performance, penalised by weak local markets and unfavourable stock selection, particularly Zinka Logistics and Kotak Mahindra.
Outlook strategy
- Despite a challenging year in 2025, the long-term growth trajectory of India and Asia overall remains firmly intact, as evidenced by the rebound observed as early as the first month of 2026. We believe this momentum should continue, supported by a rotation of asset allocations away from the United States and a weaker US dollar.
- In India, the reduction in tariff uncertainty supports sentiment and growth visibility. However, it does not resolve the issues surrounding the still-elevated valuations and relatively lower forward earnings growth versus other Asian peers. We believe these factors justify continued selectivity. We therefore favor an approach which depends on bottom-up earnings delivery and valuation discipline, maintaining our exposure to high-quality domestic companies in the banking, insurance and consumer sectors, now trading at more attractive valuation levels.
- We also maintain meaningful exposure to artificial intelligence-related companies, particularly small- and mid-cap stocks positioned along the semiconductor value chain in Taiwan and South Korea. This segment should continue to benefit from elevated investment requirements from US hyperscalers.
- Over the past months, we significantly reduced the number of holdings in the portfolio, resulting in a more concentrated portfolio, organized around two major themes: High-tech, advanced, globally competitive companies (mostly Taiwan and Korea) and quality domestic companies in early-stage economies, with large internal consumption markets (India and ASEAN).
- Our key conviction stocks included Universal Microwave Technology, the leading designer and manufacturer for microwave passive devices and antennas used in the aerospace and defense industries and SK Square, parent company of SK Hynix benefiting from both the memory upcycle and the Korean value-up program.
Performance Overview
Data as of: Feb 10, 2026.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 11/02/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jan 30, 2026.| Asia | 95.7 % |
| Middle East | 2.2 % |
| Eastern Europe | 2.1 % |
| 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: Jan 30, 2026.Equity Investment Weight96.4 %
Net Equity Exposure96.4 %
Number of Equity Issuers58
Active Share68.4 %
To Access the weekly view
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.
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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