Equity strategies
Carmignac Portfolio Emerging Discovery
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8Share 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
Equities96.4 %
Other3.6 %
Data as of: 30 Aug 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
+ 103.0 %
+ 63.8 %
+ 33.8 %
+ 4.0 %
+ 22.7 %
To 17/09/2024
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
+ 13.1 %
+ 3.0 %
+ 3.8 %
+ 17.9 %
- 8.9 %
+ 10.0 %
- 0.2 %
+ 25.5 %
- 22.4 %
+ 12.7 %
Net Asset Value
2030.10 €
Asset Under Management
122 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 30 Aug 2024.
Data as of: 17 Sep 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: 30 Aug 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
- Against this backdrop, the fund delivered a positive performance, unlike its reference indicator, which fell over the period.
- Our main geographical allocation, India, strongly supported the fund's performance. We benefited from the appreciation of our healthcare stocks (Akums Drugs & pharmaceutical, Entero Healthcare, Poly Medicure).
- Our Latin American portfolio of mid-cap and small-cap companies benefited the strategy. In this context, Prologis Property Mexico, BBB Foods and Grupo Financiero Galicia appreciated.
- However, we were disappointed by some of our convictions, such as Mexican stock Fibra Terrafina, Turkish stock BIM and Philippine stock TaskUs.
Outlook strategy
We remain constructive on emerging small- and mid-cap stocks due to encouraging macro-economic indicators, particularly in Latin America and Southeast Asia, where the Fund is mainly positioned.
The vast emerging universe offers us numerous opportunities across all geographic zones 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, notably companies in the semiconductor value chain in Taiwan and Korea, such as Gold Circuit Electronics and Lotes.
Given the global economic slowdown, we are striving to reduce the risks in the portfolio by increasing diversification.
Over the month, we took advantage of the weakness of the Indian markets to strengthen our exposure to the country by initiating two new positions: FristCry, an online sales platform for newborn and children's products, and Nexus Select, a real estate investment trust company (REIT) specializing in the leasing of shopping malls, offices and hotel complexes.
Performance Overview
Data as of: 17 Sep 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. The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 18/09/2024
Carmignac Portfolio Emerging Discovery Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| Asia | 76.7 % |
| Latin America | 12.0 % |
| Middle East | 5.6 % |
| Africa | 2.1 % |
| Eastern Europe | 1.9 % |
| North America | 1.1 % |
| Europe | 0.6 % |
| Total % Equities | 100.0 % |
Asia76.7 %
 India | 44.8 % |
 China | 8.4 % |
 Vietnam | 6.7 % |
 Taiwan | 6.6 % |
 South Korea | 4.9 % |
 Indonesia | 3.6 % |
 Philippines | 1.4 % |
 Thailand | 0.5 % |
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: 30 Aug 2024.Equity Investment Weight96.4 %
Net Equity Exposure96.7 %
Number of Equity Issuers77
Active Share97.3 %
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
Emerging markets retreated in August, suffering from weakness in China, Korea and Mexico.
In China, domestic markets were down, in the wake of the publication of PMI Manufacturing index in contraction territory and subdued new bank loans data, underlining weak demand.
Rising trade tensions between Brussels and Beijing didn't help, with Chinese electric vehicle manufacturers seeing their export tariffs to the EU increase compared to those imposed on Tesla vehicles manufactured in China.
Indian markets also retreated after their solid rebound of the previous few weeks, on the back of profit-taking due to high valuations and a lacklustre earnings season.
In Latin America, markets were mixed: Brazil was up as fears of fiscal slippage eased, while Mexico was down due to the judicial reform that is increasing political uncertainty in the country, just one month before the new Congress takes office.