Equity strategies
Carmignac Portfolio Emerging Discovery
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8Share Class
LU0992630169
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
Equities94.3 %
Other5.7 %
Data as of: 31 Jul 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
+ 125.9 %
+ 95.3 %
+ 49.2 %
+ 11.6 %
+ 22.4 %
To 29/08/2024
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
+ 13.6 %
+ 3.1 %
+ 5.9 %
+ 20.5 %
- 5.7 %
+ 13.4 %
+ 2.1 %
+ 27.3 %
- 20.4 %
+ 15.7 %
Net Asset Value
225.90 $
Asset Under Management
116 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 31 Jul 2024.
Data as of: 29 Aug 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 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: 31 Jul 2024.Fund management team
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier Hovasse
Head of Emerging Equities, Fund Manager
![[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
- Our strategy aims to benefit from Carmignac's different areas of expertise. In this respect, Carmignac Expertise is invested in six in-house funds.
- On the equities side, we are invested in the Carmignac Portfolio Investissement and Carmignac Portfolio Grandchildren funds.
- On the fixed income side, we are invested in the Carmignac Portfolio Credit and Carmignac Portfolio Global Bond strategies.
- Finally, in our alternative portfolio, we are invested in the Carmignac Absolute Return Europe fund and the Carmignac Portfolio Merger Arbitrage Plus fund.
Outlook strategy
- We remain constructive on emerging small and mid caps due to encouraging macroeconomic indicators, particularly in Latin America and South-East Asia, where the Fund is mainly positioned.
- The vast emerging universe offers us numerous opportunities across all geographical regions and sectors.
- India remains our main geographic weighting and an excellent local market for finding long-term growth stocks.
- We maintain significant exposure to stocks linked to artificial intelligence, particularly companies in the semiconductor value chain in Taiwan and Korea such as Gold Circuit Electronics and Lotes.
- Given the global economic slowdown, we have reduced the risks in the portfolio by increasing diversification.
- Over the month, we increased our exposure to South-East Asia, by reinforcing our exposure toAsia Commercial Bank, one of the best-managed private sector banks in Vietnam.
- Finally, we initiated a new position in the pharmaceutical company Clicks Group in South Africa, as the political changes have given us the confidence to increase our exposure to the country
Performance Overview
Data as of: 29 Aug 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 31/08/2024
Carmignac Portfolio Emerging Discovery Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Jul 2024.| Asia | 74.2 % |
| Latin America | 12.2 % |
| Middle East | 6.8 % |
| Africa | 2.7 % |
| Eastern Europe | 2.0 % |
| North America | 1.2 % |
| Europe | 1.0 % |
| Total % Equities | 100.0 % |
Asia74.2 %
 India | 40.7 % |
 China | 8.7 % |
 Vietnam | 7.0 % |
 Taiwan | 6.7 % |
 South Korea | 5.1 % |
 Indonesia | 3.7 % |
 Philippines | 1.9 % |
 Thailand | 0.4 % |
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: 31 Jul 2024.Equity Investment Weight94.3 %
Net Equity Exposure94.7 %
Number of Equity Issuers76
Active Share97.1 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Xavier Hovasse
Head of Emerging Equities, Fund Manager
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.
Xavier Hovasse
Head of Emerging Equities, 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
Over the month of July, emerging markets went down, suffering from fears of a more severe-than-expected economic slowdown in the United States.
In this environment, the Chinese, Latin American and South Korean markets declined, at the exception of India that went up.
The Chinese Communist Party's Third Plenum did not adopt any major measures to support the economy.
China cut its one-year medium-term lending facility (MLF) rate by 20 basis points to 2.2%. However, these measures were not enough to support the Chinese markets.
Latin American markets also declined due to political uncertainties and the weakness of agricultural commodity prices since the beginning of the year.