Equity strategies

Carmignac Portfolio Asia Discovery

Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8
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.
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
+ 123.0 %
+ 98.7 %
+ 50.1 %
+ 14.2 %
+ 28.0 %
From 19/07/2012
To 03/12/2024
Calendar Year Performance 2023
+ 12.7 %
+ 2.4 %
+ 4.4 %
+ 19.7 %
- 6.7 %
+ 12.9 %
+ 1.2 %
+ 26.2 %
- 21.2 %
+ 14.6 %
Net Asset Value
222.98 $
Asset Under Management
132 M €
Market
Emerging markets
SFDR - Fund Classification

Article

8
Data as of:  3 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:  31 Oct 2024.
Fund management team
[Management Team] [Author] Amol Gogate

Amol Gogate

Fund Manager

Market environment

  • After a strong rebound in September, emerging markets experienced a slight decline in October, driven by uncertainty surrounding new measures in China and the upcoming US elections.

  • Market expectations of a potential Trump victory led to an increase in US yields and a stronger dollar, which negatively impacted emerging markets and growth-sensitive sectors.

  • Chinese markets were highly volatile due to concerns over the US elections. Economic data from the Golden Week showed mixed results. However, by the end of the month, China released some positive indicators, including the manufacturing PMI (NBS and Caixin), which entered the expansion zone for the first time in six months. Additionally, retail sales rose, surpassing market expectations.

  • In India, rising interest rates and oil prices exerted pressure on the markets, leading to a retreat.

  • In Latin America, political instability and fluctuating commodity and agricultural prices continued to adversely affect local markets.

Performance commentary

  • Against this backdrop, the fund performed very well, posting a positive return, unlike its reference indicator, which declined.

  • Our selection of Indian stocks once again made a strong contribution to the strategy's performance. In particular, we benefited from our participation in the IPO of Waaree Energies, India's leading manufacturer of solar panels, during which its share price rose by more than 80%.

  • Our portfolio also benefited from our positions in Latin America with BBB Foods, and in the Middle East with Salik, which operates Dubai's toll roads, and Parkin PJSC, a public parking provider.

  • We were, however, somewhat disappointed by our investments in China and South Korea over the period, which posted disappointing performances no impact on the fund's overall good performance.

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. Nevertheless, we believe that a possible victory by D. Trump represents a risk for emerging markets.

  • The vast emerging universe offers us numerous opportunities across all geographic areas and sectors. India remains our main geographic allocation and an excellent domestic 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

  • During the month, we participated in the IPO of Waaree Energies, India's leading solar panel manufacturer, and also took new positions in Hyundai Motor and Taiwan's Sinbon Electronics, a global manufacturer of cable assemblies and connectivity.

Performance Overview

Data as of:  3 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™ :  © 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 04/12/2024

Carmignac Portfolio Asia Discovery Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  29 Nov 2024.
Asia79.7 %
Latin America8.5 %
Middle East5.9 %
Africa2.1 %
Eastern Europe1.6 %
North America1.5 %
Europe0.5 %
Asia-Pacific0.3 %
Total % Equities100.0 %
Asia79.7 %
inIndia
44.2 %
twTaiwan
13.5 %
krSouth Korea
9.4 %
vnVietnam
6.2 %
idIndonesia
4.2 %
phPhilippines
1.4 %
thThailand
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
[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] Amol Gogate

Amol Gogate

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.
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.