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: 31 Dec 2025.
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
+ 38.5 %
-
- 46.1 %
- 0.5 %
+ 23.8 %
To 10/02/2026
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
138.53 €
Asset Under Management
104 M €
Net Equity Exposure31/12/2025
96.8 %
SFDR - Fund Classification
Article
8
Data as of: 31 Dec 2025.
Data as of: 10 Feb 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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 Jan 2026.Fund management team
Performance commentary
- Over the month of January, our fund delivered a solid performance, outperforming its reference indicator.
- Performance was driven primarily by stock selection within the technology sector, and notably thanks to the solid rebound of Universal Microwave Technology. The company specializing on the production of advanced telecommunications infrastructure, including 5G and satellite communications, benefited from growing investor interest for aerospace and defense sectors.
- Montage Technology also emerged as a major contributor to performance. The stock benefited from expectations of strong earnings growth, supported by sustained demand for its chips used in AI servers and data centres, as well as strategic announcements regarding its planned listing in Hong Kong.
- We also saw a strong rally in Hainan Drinda New Energy. The stock benefited from very favourable momentum in the solar sector, supported by announcements of technological partnerships and strong technical factors, amid renewed investor appetite for energy transition-related stocks.
- However, we were somewhat disappointed by our industrial holdings, particularly Didi and CATL, which weighed on overall performance.
Outlook strategy
- Despite a mixed macroeconomic outlook, we maintain our constructive view on Greater China Equities.
- China continues along a two-speed path, with growth stabilising but unlikely to re-accelerate meaningfully given its debt-deflation dynamics and reluctance to deploy large-scale reflationary stimulus. However, one notable tailwind is the diminishing negative impact from the sharp tariff hikes of 2025. Assuming tariff levels stabilise (or in some cases even decline) from here, the drag on growth should dissipate and remove a source of downside pressure, even if this does not translate into meaningful trade volume growth.
- After two consecutive years of strong multiple re-rating (MSCI China forward P/E ratio are up approximately 20% in 2024 and 40% in 2025), we expect earnings growth – rather than multiple expansion – to be the primary driver of China markets performance in 2026.
- Rather than broad market exposure, we focus on selective opportunities tied to new growth engines in innovation, robotics, advanced manufacturing and mobility in China and Taiwan.
- Over the past months, we made major adjustments to the portfolio, notably exiting our positions on state owned companies and those that performed well and displayed lower upside potential.
- We also reduced the number of holdings in the portfolio, resulting in a more concentrated portfolio, organized around multiple themes: AI Enablers (such as TMSC, Montage Technology or Asia Vital Components), can’t live without platforms (Tencent), future mobility (CATL, Didi), New Frontiers (Universal Microwave Technology) and Experience economy (Trip.com).
- Our key convictions include Universal Microwave Technology, the leading designer and manufacturer for microwave devices, antennas used in Aerospace and defense industries and Hainan Drinda New Energy Technology, specializing in the design and production of automotive components and renewable energy equipment, notably photovoltaic cells.
Performance Overview
Data as of: 10 Feb 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 11/02/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 31 Dec 2025.| 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: 31 Dec 2025.Equity Investment Weight96.8 %
Net Equity Exposure96.8 %
Number of Equity Issuers37
Active Share77.8 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
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.
Articles that may interest you
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
Notice to shareholders • 15 September 2025 • English
Letter to unitholders of Carmignac 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