Equity strategies

Carmignac Portfolio Emerging Discovery

SICAVEmerging marketsSRI Fund Article 8
Share Class

LU0336083810

Crossing frontiers to discover small and mid-cap gems
  • Capturing small- and mid-cap equity opportunities from both emerging countries and less covered frontier markets.
  • Seeking out cash-generative companies with solid balance sheets and high growth perspectives.
Key documents
Asset Allocation
Equities99.7 %
Other0.3 %
Data as of:  28 Jun 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 99.8 %
+ 67.3 %
+ 24.6 %
+ 9.1 %
+ 23.3 %
From 14/12/2007
To 11/07/2024
Calendar Year Performance 2023
+ 13.1 %
+ 3.0 %
+ 3.8 %
+ 17.9 %
- 8.9 %
+ 10.0 %
- 0.2 %
+ 25.5 %
- 22.4 %
+ 12.7 %
Net Asset Value
1997.88 €
Asset Under Management
127 M $
Market
Emerging markets
SFDR - Fund Classification

Article

8
Data as of:  11 Jul 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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 Emerging 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:  28 Jun 2024.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
[Management Team] [Author] Amol Gogate

Amol Gogate

Fund Manager

Market environment

  • The MSCI EM index in EUR gained 5.3% in June as Taiwanese and Korean technology companies involved in the AI revolution rallied, and Indian stocks were strong after national elections.
  • Latin American markets were down, with Mexico declining after election results, and Lula spooking the markets amid fears of a deterioration in public finances in Brazil.
  • Chinese markets backtracked on the previous weeks’ rally due to gloomy economic data and concerns about the US elections.

Performance commentary

  • The Fund delivered a positive monthly return, outperforming its reference indicator.
  • Our Indian stocks performed extremely well across all sectors: Max Healthcare in healthcare, Jyoti CNC Automation in industrials, and TBO Tek in the consumer sector.
  • Our investments in Vietnam (FPT) and Turkey (BIM) also drove performance.
  • However, we suffered somewhat from weakness in our Chinese stocks (Yadea).

Outlook strategy

  • We still have an optimistic view of emerging market small and mid-caps due to some encouraging macroeconomic data, especially in Latin America and South-East Asia on which the Fund is focused.
  • The vast emerging world presents numerous opportunities across all regions and sectors.
  • IPOs are another source of opportunities for the Fund. During the month we signed up to the successful IPO of TBO Tek, an online travel platform in India.
  • India remains our heaviest regional weighting and is an excellent local market in which to find long-term growth stocks.
  • In response to the development of artificial intelligence, we are maintaining our exposure to the Asian (Taiwanese, Korean) semiconductor market through companies such as Gold Circuit Electronics and Lotes, a Taiwanese electronic components manufacturer.

Performance Overview

Data as of:  11 Jul 2024.
​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.
Source: Carmignac at 13/07/2024

Carmignac Portfolio Emerging Discovery Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
Asia74.4 %
Latin America11.7 %
Middle East6.8 %
Eastern Europe2.6 %
Africa2.6 %
North America1.1 %
Europe0.9 %
Total % Equities100.0 %
Asia74.4 %
inIndia
39.8 %
cnChina
9.4 %
twTaiwan
6.9 %
vnVietnam
6.6 %
krSouth Korea
5.6 %
idIndonesia
3.3 %
phPhilippines
1.9 %
thThailand
0.8 %

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:  28 Jun 2024.
Equity Investment Weight99.7 %
Net Equity Exposure100.1 %
Number of Equity Issuers70
Active Share97.4 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
[Management Team] [Author] Amol Gogate

Amol Gogate

Fund Manager
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.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
View Fund's characteristics
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.