Equity strategies
Carmignac Portfolio Asia Discovery
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8Share Class
LU0992629740
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.
Key documents
Asset Allocation
Equities90.4 %
Other9.6 %
Data as of: 29 Nov 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 121.5 %
+ 100.4 %
+ 47.9 %
+ 18.2 %
+ 31.5 %
To 19/12/2024
Calendar Year Performance 2014Calendar 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 2023
+ 13.7 %
+ 3.7 %
+ 4.9 %
+ 19.0 %
- 8.0 %
+ 10.7 %
+ 0.9 %
+ 26.4 %
- 21.6 %
+ 13.8 %
Net Asset Value
221.53 €
Asset Under Management
125 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 29 Nov 2024.
Data as of: 19 Dec 2024.
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: 29 Nov 2024.Fund management team
![[Management Team] [Author] Amol Gogate](https://carmignac.imgix.net/uploads/NextImage/0001/18/206d57f4169601a1b5be4a1556a54ff4db7b53d8.png?auto=format%2Ccompress&fit=fill&w=3840)
Amol Gogate
Fund Manager
Performance commentary
- Against this backdrop, the fund delivered a negative performance over the month.
- The decline in South Korean markets weighed on the strategy, against a backdrop of political and economic uncertainties, amid global economic slowdown.
- The drop in memory prices, notably the NAND memory prices also had an impact on semiconductor stocks, which fell, penalising our holdings in SK Hynix, Samsung Electronics and Soulbrain.
- On the other hand, our Indian stock picking helped the performance of the fund, with our the good performance of Premier Energies, a solar panel manufacturer, as well as financial companies PB fintech and Salik.
Outlook strategy
- In November, we revamped the strategy from Carmignac P. Emerging Discovery to Carmignac P. Asia Discovery. Emerging Asia was one of our main performance drivers in previous years, which is why we decided to focus on this region, excluding China from our investment universe.
- Emerging Asia is a large and diversified universe that offers fertile ground for stock selection and attractive growth prospects.
- The Fund explores opportunities in these under-exploited markets, particularly among small- and mid-caps, by identifying quality companies capable of generating and capitalising on their earnings over the long term (‘compounders’).
- We remain constructive on emerging small and mid caps due to encouraging macroeconomic indicators, where we are mainly positioned. However, we believe that D. Trump's victory represents a risk for emerging markets.
- India remains our main geographic weighting and an excellent local market for finding long-term growth stocks. We maintain significant exposure to artificial intelligence stocks, particularly companies in the semiconductor value chain in Taiwan and Korea.
- Given the global economic slowdown, we are reducing the risks in the portfolio by increasing diversification.
- Over the month, we participated to the IPO of Swiggy, an Indian online delivery specialist, and also in the IPO of Zinka Logisitics, a provider of digital solutions for logistics. Following the fund's transformation, we sold our last Chinese positions to achieve an exposure of 0%.
Performance Overview
Data as of: 19 Dec 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™ : © YYYY 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 21/12/2024
Carmignac Portfolio Asia Discovery Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 29 Nov 2024.| Asia | 79.7 % |
| Latin America | 8.5 % |
| Middle East | 5.9 % |
| Africa | 2.1 % |
| Eastern Europe | 1.6 % |
| North America | 1.5 % |
| Europe | 0.5 % |
| Asia-Pacific | 0.3 % |
| Total % Equities | 100.0 % |
Asia79.7 %
 India | 44.2 % |
 Taiwan | 13.5 % |
 South Korea | 9.4 % |
 Vietnam | 6.2 % |
 Indonesia | 4.2 % |
 Philippines | 1.4 % |
 Thailand | 0.7 % |
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: 29 Nov 2024.Equity Investment Weight90.4 %
Net Equity Exposure93.2 %
Number of Equity Issuers84
Active Share23.1 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
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.
Amol Gogate
Fund Manager
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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
In November, Emerging markets tumbled, following Donald Trump’s election with a landslide victory for the Republican party bringing a wind of volatility to stock markets.
D. Trump victory has led to stronger USD that weighed on Emerging markets and growth sensitive sectors.
In China, markets have shown mixed signals, Hong Kong markets (H shares), penalized by concerns over Trump’s protectionist measures, while domestic markets (A shares) moved higher in the wake of encouraging macroeconomic data (Caixin Manufacturing PMI at 51.5 and retail sales up 4.8%)
The Brazilian markets were also weak, following disappointing fiscal announcement from government, causing uncertainty and nervousness among investors.