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Equity strategies

Carmignac Portfolio Asia Discovery

Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8
Share Class

LU1623762256

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
Monthly FactsheetKID
Asset Allocation
Equities97.7 %
Other2.3 %
Data as of:  Dec 31, 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 56.5 %
0.0 %
+ 42.1 %
+ 15.4 %
+ 25.3 %
From 26/07/2017
To 13/01/2025
Calendar Year Performance 2024
-
-
+ 5.3 %
- 8.0 %
+ 11.5 %
+ 0.8 %
+ 28.0 %
- 21.6 %
+ 13.6 %
+ 31.1 %
Net Asset Value
156.42 €
Asset Under Management
119 M €
Market
Emerging markets
SFDR - Fund Classification

Article

8
Data as of:  Jan 13, 2025.
​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.
Equity strategiesCarmignac Portfolio Asia Discovery
Equity strategiesCarmignac Portfolio Asia Discovery
Share Class

LU1623762256

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  Dec 31, 2024.
Fund management team
[Management Team] [Author] Amol Gogate

Amol Gogate

Fund Manager

Market environment

  • Emerging equities rose in December, buoyed by the outperformance of Chinese markets, while Latin American markets disappointed.
  • In China, the release of economic indicators was mixed, with an NBS manufacturing PMI down (50.5 in December compared with 51.5 in November) and a non-manufacturing PMI up (52.2 in December compared with 50 in November).
  • China's leaders reaffirmed their intention to step up fiscal measures in the forthcoming months.
  • In South Korea, President Yoon Suk-Yeol declared martial law in response to the blocking of the budget by the opposition-dominated government. This led to numerous demonstrations, plunging the country into a political crisis.
  • In Brazil, in addition to the complex political and economic situation, annual inflation is back on the rise (4.87% in November compared with 4.76% in October). To tackle this, the Central Bank of Brazil continued its cycle of monetary tightening by raising its rate by 100 basis points.

Performance commentary

  • In this context, the fund significantly outperformed its reference indicator.
  • The strategy greatly benefited from our selection of Indian stocks, particularly through our participation in several initial public offerings. Notable IPOs included Zinka Logistics, which saw a substantial increase in its share price, as well as Inventurus Knowledge Solutions and the International Gemmological Institute.
  • Our positions in Taiwan, such as TSMC and Gold Circuit Electronics, also continued to contribute positively to our strategy.
  • Despite being geographically underweight, our allocation to South Korea, specifically in companies like Soulbrain and Samsung Electronics, had a slight negative impact on the fund's performance.

Outlook strategy

  • Emerging Asia is a large and diversified universe that offers fertile ground for stock selection and attractive growth prospects.

  • The Fund explores opportunities in these under-exploited markets, particularly among small and mid-caps, by identifying quality companies capable of generating and capitalising on their earnings over the long term (‘compounders’).

  • We remain constructive on emerging small and mid caps due to encouraging macroeconomic indicators, where we are mainly positioned. However, we believe that D. Trump's victory represents a risk for emerging markets.

  • India remains our main geographic weighting and an excellent local market for finding long-term growth stocks. We maintain significant exposure to artificial intelligence stocks, particularly companies in the semiconductor value chain in Taiwan and Korea.

  • Given the global economic slowdown, we are reducing the risks in the portfolio by increasing diversification.

  • Over the month, we participated in 4 IPOs: Inventurus knowledge solutions (healthcare solutions provider), International Gemmological Institute (gemstone certification institute), Sai Life Sciences (CRDMO pharmaceutical research organisation) and Vishal Mega Mart (groceries).

Performance Overview

Data as of:  Jan 13, 2025.
View Performance in detail
​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 15/01/2025

Carmignac Portfolio Asia Discovery Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Dec 31, 2024.
Asia81.0 %
Latin America7.7 %
Middle East6.2 %
North America1.5 %
Eastern Europe1.3 %
Africa1.2 %
Asia-Pacific0.8 %
Europe0.5 %
Total % Equities100.0 %
Asia81.0 %
inIndia
47.1 %
twTaiwan
13.3 %
krSouth Korea
8.9 %
vnVietnam
5.9 %
idIndonesia
3.8 %
phPhilippines
1.4 %
thThailand
0.7 %
View Portfolio allocation

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:  Dec 31, 2024.
Equity Investment Weight97.7 %
Net Equity Exposure97.7 %
Number of Equity Issuers90
Active Share85.7 %

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] 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
View characteristics and risks
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.