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
Equities99.7 %
Other0.3 %
Data as of: 28 Jun 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
+ 98.3 %
+ 67.7 %
+ 25.5 %
+ 8.5 %
+ 23.8 %
To 01/07/2024
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
1982.9 €
Asset Under Management
125 M $
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 28 Jun 2024.
Data as of: 1 Jul 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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 May 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
- 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: 1 Jul 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.
Source: Carmignac at 03/07/2024
Carmignac Portfolio Emerging Discovery Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Jun 2024.| Asia | 74.4 % |
| Latin America | 11.7 % |
| Middle East | 6.8 % |
| Eastern Europe | 2.6 % |
| Africa | 2.6 % |
| North America | 1.1 % |
| Europe | 0.9 % |
| Total % Equities | 100.0 % |
Asia74.4 %
 India | 39.8 % |
 China | 9.4 % |
 Taiwan | 6.9 % |
 Vietnam | 6.6 % |
 South Korea | 5.6 % |
 Indonesia | 3.3 % |
 Philippines | 1.9 % |
 Thailand | 0.8 % |
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: 28 Jun 2024.Equity Investment Weight99.7 %
Net Equity Exposure100.1 %
Number of Equity Issuers70
Active Share98.1 %
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.
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.