Equity strategies

Carmignac Portfolio Emerging Discovery

SICAVEmerging marketsSRI Fund Article 8
Share Class

LU0992630086

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
Equities95.8 %
Other4.2 %
Data as of:  30 Apr 2024.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
+ 102.1 %
+ 92.1 %
+ 26.9 %
+ 17.1 %
+ 21.4 %
From 15/11/2013
To 29/05/2024
Calendar Year Performance 2023
+ 6.2 %
- 0.5 %
+ 21.2 %
+ 24.1 %
- 6.9 %
+ 5.2 %
+ 6.5 %
+ 20.0 %
- 17.2 %
+ 10.9 %
Net Asset Value
202.1 £
Asset Under Management
121 M $
Market
Emerging markets
SFDR - Fund Classification

Article

8
Data as of:  29 May 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:  30 Apr 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

Emerging markets gained ground in April (+1.73% in EUR), unlike developed markets. The main push came from China, where the Hang Seng was up 8.54% and the CSI 300 mainland index 3.20%. China had published some encouraging economic data including the Caixin manufacturing index, which stood in expansionary territory at 51.4. The global economy’s resilience helped China to also post above-forecast Q1 GDP growth (+5.3% vs 5%). As far as geopolitical tensions go, US Secretary of State Anthony Blinken’s recent visit illustrates an improvement in communications between the two countries. Elsewhere in Asia, India’s markets were up (BSE SENSEX 30 +2.10% in EUR) and South Korea’s were down (Kospi -3.54% in EUR). In Latin America, Mexican (-2.57% for the Mexico IPC) and Brazilian (-4.12% for the Bovespa) markets also fell in April.

Performance commentary

The Fund delivered a positive return, benefitting from our significant allocation to Indian markets. Our Indian financial stocks, PB Fintech and KFin Technologies, were up, as were our industrial names such as Sterling & Wilson Renewable and Inox India. However, we were somewhat disappointed with Juniper Hotels and Sapphire Foods India. Chinese ebike manufacturer Yadea raised the Fund’s performance, but our Latin American investments proved detrimental. The latter included Alupar Investimento and Fibra Terrafina.

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. Macroeconomic uncertainties abound, but some excellent investment opportunities can be found in a multitude of diverse themes ranging from domestic consumer spending to IT services and commodities. India remains our heaviest regional weighting and is an excellent local market in which to find long-term growth stocks, especially in the consumer, finance and new technology sectors, although we have to be aware of overpricing. During the month we opened two positions in India: WNS Holdings, a business process management company; and Asia Commercial Bank. Given what is at stake with artificial intelligence, we are maintaining our exposure to the semiconductor market through companies such as Gold Circuit Electronics, a Taiwanese IT parts manufacturer. Lastly, we are keeping significant Latin American exposure to diversify the portfolio and take advantage of secular trends such as nearshoring to Mexico, and rising commodity prices, which benefits commodity-producing countries like Brazil.

Performance Overview

Data as of:  29 May 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 30/05/2024

Carmignac Portfolio Emerging Discovery Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Apr 2024.
Asia77.5 %
Latin America11.5 %
Middle East5.4 %
Eastern Europe4.2 %
Africa0.6 %
North America0.6 %
Europe0.3 %
Total % Equities100.0 %
Asia77.5 %
inIndia
41.7 %
cnChina
10.1 %
twTaiwan
6.9 %
vnVietnam
6.7 %
krSouth Korea
5.6 %
idIndonesia
3.8 %
phPhilippines
1.8 %
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:  30 Apr 2024.
Equity Investment Weight95.8 %
Net Equity Exposure96.6 %
Number of Equity Issuers55
Active Share98.3 %

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
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.