Equity strategies

Carmignac Portfolio Emerging Discovery

SICAVEmerging marketsSRI Fund Article 8
Share 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
Equities95.1 %
Other4.9 %
Data as of:  14 Jun 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 96.4 %
+ 67.8 %
+ 25.4 %
+ 11.8 %
+ 21.0 %
From 14/12/2007
To 20/06/2024
Calendar 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
1964.1 €
Asset Under Management
117 M €
Market
Emerging markets
SFDR - Fund Classification

Article

8
Data as of:  20 Jun 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.

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 May 2024.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
[Management Team] [Author] Amol Gogate

Amol Gogate

Fund Manager

Market environment

  • China’s weak economy remains a burden, as reflected in the publication of lower retail sales and a fall in the NBS manufacturing index.

  • May was also notable for elections in a number of countries (India, South Africa and Mexico), which seem to have increased regional volatility.

  • Brazil’s central bank cut its key interest rate by 25 bps, as opposed to the 50 bps that had been expected, weighing on the national currency and markets.

  • Emerging markets were down over the month as China and Brazil underperformed.

Performance commentary

  • The Fund posted a flat performance for the month, though beat its reference indicator.
  • Our portfolio of Asian industrial stocks such as Taskus (Philippines), SITC International (Hong Kong) and Jyoti CNC Automation (India) appreciated.
  • Indian markets’ weakness adversely affected our healthcare (Entero HealthCare and Max Healthcare) and consumer discretionary (Juniper Hotels and Eureka Forbes) stocks.

Outlook strategy

  • We still have an optimistic view of emerging market small and mid-caps due to some encouraging macroeconomic data, especially in Latin America and South-East Asia on which the Fund is focused.
  • The vast emerging world presents numerous opportunities across all regions and sectors.
  • India remains our heaviest regional weighting and is an excellent local market in which to find long-term growth stocks.
  • In response to the development of AI, we are maintaining our exposure to the semiconductor market through companies such as Gold Circuit Electronics, a Taiwanese IT parts manufacturer.
  • We opened two new positions in May: DB Insurance (South Korea) and Lotes (Taiwan).

Performance Overview

Data as of:  20 Jun 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 24/06/2024

Carmignac Portfolio Emerging Discovery Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  14 Jun 2024.
Asia76.9 %
Latin America10.8 %
Middle East7.1 %
Eastern Europe3.3 %
Africa1.2 %
North America0.5 %
Europe0.2 %
Total % Equities100.0 %
Asia76.9 %
inIndia
40.3 %
cnChina
10.0 %
twTaiwan
7.4 %
vnVietnam
7.0 %
krSouth Korea
5.8 %
idIndonesia
3.5 %
phPhilippines
2.0 %
thThailand
0.9 %

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:  14 Jun 2024.
Equity Investment Weight95.1 %
Net Equity Exposure95.5 %
Number of Equity Issuers64
Active Share97.7 %

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] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
[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] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, 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.