Carmignac Portfolio 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 Sep 2025.Fund management team
Performance commentary
- In September, the fund delivered an excellent performance, outperforming its reference indicator.
- The main contributors to performance were Alibaba, which performed thanks to its artificial intelligence initiatives and renewed confidence from institutional investors; Tencent, supported by sector rotation into technology and its progress in generative AI; and CATL, which benefited from strong electric vehicle demand and positive developments in securing its lithium supply.
- Our technology holdings (notably Montage Technology) posted solid returns, driven by enthusiasm around AI, solid investment inflows, and attractive valuations.
- In the consumer discretionary sector, e-commerce and digital service names also performed well (New Oriental Education and VIPSHOP), supported by improving domestic sentiment and continued policy backing for the digital transformation of the economy.
Outlook strategy
- We remain constructive on China, supported by a significant improvement in investor sentiment. While geopolitical tensions continue to weigh on the international environment surrounding Beijing, they do not challenge the country’s solid economic fundamentals.
- On the geopolitical front, Xi Jinping continues to stand firm against Donald Trump and his tariff pressures. In response, he has sought to strengthen alliances within the “Global South,” bringing together key leaders such as Vladimir Putin and Narendra Modi to discuss future political challenges and to capitalize on the growing fragmentation of the Western bloc.
- Our recent trip to China confirmed two encouraging trends: the increasing prioritization of technological innovation and the renewed investor interest in Hong Kong markets. We identified several sectors with strong structural growth potential, including technologies enabling artificial intelligence, the experience economy, wellness, next-generation mobility, education, fintech, and key daily-life platforms.
- Although Chinese markets have already posted strong gains year-to-date, valuations remain very attractive. However, this is a market where stock selection should remain the key performance driver, rather than market beta. Greater selectivity therefore remains essential in our investment approach.
- We are thus selectively positioned in themes such as innovation (including Montage Technology, CATL, and Horizon Robotics) and future mobility (Didi), while also favoring high-yield companies with shareholder-friendly policies (VIPSHOP). In a context of limited confidence in a rapid economic recovery, these companies offer both resilience and attractive shareholder returns.
- During the month, we significantly increased our exposure to Tencent, a stock to which we had been underweight, and which remains a key player in China’s artificial intelligence revolution.
Performance Overview
Data as of: 28 Oct 2025.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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 29/10/2025
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: 30 Sep 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: 30 Sep 2025.Equity Investment Weight97.4 %
Net Equity Exposure97.4 %
Number of Equity Issuers37
Active Share71.4 %
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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 • 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
Strategies insights • 10 July 2023 • English
How do Chinese companies succeed internationally
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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.
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.
Market environment