Share Class
FR0013467024
Seize the growth potential of China's New Economy
- Investing with conviction : seeking companies in China's New Economy, which benefit from the country's economic transition and long-term reform.
- Investing with selectivity : favoring domestic quality companies which have high income visibility, while avoiding those linked to external demand.
- Investing sustainably : analysing companies according to their financial profile but also according to their environmental, social and governance (ESG) practices.
Key documents
Asset Allocation
Equities96.8 %
Other3.2 %
Data as of: 30 Sep 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 27.0 %
-
- 16.4 %
+ 22.6 %
- 3.4 %
To 05/11/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
-
-
-
-
+ 93.4 %
- 29.3 %
- 3.5 %
- 22.0 %
+ 1.4 %
+ 20.7 %
Net Asset Value
€126.96
Asset Under Management
95 M €
Net Equity Exposure30/09/2026
96.8%
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2026.
Data as of: 5 Nov 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Yunfan BAO
Fund Manager
Through an active conviction and sustainable approach, we focus on domestic companies in China's new economy that can benefit from the country's economic transition and long-term reforms.
Carmignac China New Economy 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 Oct 2026.Fund management team
Yunfan BAO
Fund Manager
Performance commentary
- Against this backdrop, the Fund delivered a negative performance and underperformed its reference indicator. Industrials and Information Technology were the main detractors, amid a broad correction across AI and semiconductor-related holdings.
- In Taiwan, several of the Fund’s strongest performers in previous months experienced significant profit-taking. Delta Electronics and BizLink were the largest detractors, declining 30% and 37% respectively, with Delta additionally affected by weaker-than-expected profitability amid component shortages and inventory-related headwinds. TSMC proved comparatively more resilient, declining 5% over the month.
- In mainland China, Shenzhen Han’s CNC Technology fell 46%, while CATL declined 18%, amid the broader rotation away from technology and AI-related names and continued concerns around competition, extending the weakness seen in September.
- Healthcare also detracted, led by WuXi Biologics, which declined 19%. The stock corrected following a strong run, amid broader profit-taking across Chinese biotech and a sizeable shareholder placement, while underlying business fundamentals remained solid.
- On the positive side, selected holdings proved more resilient, with Mao Geping Cosmetics, Anta Sports and AIA Group contributing positively, while KE Holdings also supported performance.
Outlook strategy
- Despite a volatile backdrop, we remain constructive on Chinese and Taiwanese equities, while maintaining a selective approach and strict valuation discipline. Our investment thesis continues to be supported by attractive long-term growth opportunities across AI, advanced manufacturing, the energy transition and selected consumer services, while further policy support could provide a catalyst for the Chinese domestic economy.
- Technology remains at the core of our convictions, while we continue to diversify both across the AI value chain and into high-quality domestic Chinese companies with strong cash generation and attractive shareholder returns.
- We also see China’s accelerating investment in semiconductors as a multi-year structural opportunity. However, we prefer to capture this investment cycle through established Taiwanese companies across the semiconductor equipment value chain, rather than through recently listed Chinese memory manufacturers, favouring proven technologies, established business models and greater earnings visibility.
- We remained active during the month, taking profits in some of our more resilient holdings. We reduced Lotes, which held up relatively well during the technology sell-off, and AIA Group following strong performance. Conversely, we added to WuXi Biologics, as we viewed the market reaction as excessive, and to Yageo, where strong AI-driven demand for passive components continues to support capacity utilisation and pricing power.
- We also increased our position in New Oriental Education following its sharp correction in October, and Zijin Mining, while exiting All Ring Tech.
Performance Overview
Data as of: 5 Nov 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
Morningstar Rating™ : © YYYY 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 08/11/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 2026.| Asia | 100.0% |
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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 Sep 2026.Equity Investment Weight96.8%
Net Equity Exposure96.8%
Number of Equity Issuers43
Active Share65.1%
To Access the weekly view
Articles that may interest you
Press release • 12 May 2026 • English
Carmignac strengthens investment team with four appointments
Notice to shareholders • 11 December 2025 • English
Changes to the Fund Carmignac China New Economy
Notice to shareholders • 15 September 2025 • English
Notice to shareholders - Carmignac Portfolio China New Economy
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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.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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 Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
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.
Market environment