Share Class
LU0807689582
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
Equities91.7 %
Other8.3 %
Data as of: May 29, 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
+ 261.1 %
+ 198.1 %
+ 96.9 %
+ 117.3 %
+ 67.1 %
To 08/07/2026
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
+ 4.4 %
+ 19.7 %
- 6.7 %
+ 12.9 %
+ 1.2 %
+ 26.2 %
- 21.2 %
+ 14.6 %
+ 30.1 %
+ 6.4 %
Net Asset Value
$361.08
Asset Under Management
245 M €
Net Equity Exposure29/05/2026
91,7 %
SFDR - Fund Classification
Article
8
Data as of: May 29, 2026.
Data as of: Jul 8, 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 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: Jun 30, 2026.Fund management team
Performance commentary
- Against this backdrop, the fund delivered positive absolute and relative performance during the month.
- After weighing on performance earlier this year, our Indian portfolio was the strongest contributor over the month. Aequs benefited from solid annual results, driven by strong growth in its aerospace and electronics businesses, while Inox India advanced on the back of record results and a robust order book, supported by continued demand across the LNG, hydrogen and aerospace sectors.
- Our South Korean portfolio also contributed positively to performance. SK Square continued to re-rate, supported by the persistent discount to its stake in SK Hynix, whose outlook remains highly favourable thanks to strong demand for AI-related memory products. By contrast, Hyundai Motor declined as investors reassessed the group's earnings outlook amid an expected slowdown in automotive demand, fading optimism surrounding its robotics and AI initiatives, and uncertainty related to ongoing wage negotiations.
Outlook strategy
- Despite South Korean and Taiwanese equities reaching new highs, we remain constructive on both markets. Valuations remain attractive relative to their earnings growth prospects and continue to trade at a discount to many developed markets.
- South Korea and Taiwan occupy a central position in the global semiconductor and artificial intelligence ecosystem. Their strategic role within these value chains provides strong earnings visibility and supports attractive long-term growth prospects.
- During the month, we significantly rebalanced our exposure to the tech/ memory sector. Following the strong performance of these holdings, we reduced our positions in SK Hynix and SK Square in order to maintain disciplined portfolio risk and concentration levels. While we remain highly confident in the sector's long-term fundamentals—supported by structurally strong AI-driven demand and exceptional free cash flow generation—we believe that much of this positive outlook is now reflected in market valuations. Having benefited significantly from this rally, we continue to see attractive upside, albeit more moderate than over the past twelve months.
- India continues to exhibit one of the strongest structural growth profiles globally. Against this backdrop, we favour high-quality domestic companies in the banking, insurance and consumer sectors, while maintaining a selective approach given demanding valuations, weakening fundamentals and downward revisions to earnings growth expectations.
- During the month, we initiated four new positions: Hon Hai (Foxconn), the global leader in electronics manufacturing (connectors and thermal management solutions); BizLink, a specialist in copper and optical connectivity solutions; Sterlite Technologies, a leading provider of optical networking solutions; and CMTX, a manufacturer of materials for the semiconductor industry.
- Finally, we took partial profits in SK Hynix, SK Square and Yageo following their strong share price performance.
Performance Overview
Data as of: Jul 8, 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 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 09/07/2026
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: May 29, 2026.| Asia | 92.3% |
| Asia-Pacific | 4.4% |
| Eastern Europe | 2.1% |
| Middle East | 1.1% |
| 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: May 29, 2026.Equity Investment Weight91.7%
Net Equity Exposure91.7%
Number of Equity Issuers47
Active Share69.0%
To Access the weekly view
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
Did you enjoy the fund page?
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