Share Class
LU2295992320
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
Equities98.8 %
Other1.2 %
Data as of: Aug 29, 2025.
Risk Indicator
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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
- 42.1 %
-
-
+ 8.7 %
+ 28.5 %
To 26/09/2025
Calendar Year Performance 2015Calendar 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 2024
-
-
-
-
-
-
- 35.6 %
- 5.2 %
- 22.5 %
+ 1.0 %
Net Asset Value
57.86 €
Asset Under Management
10 M €
Net Equity Exposure29/08/2025
98.8 %
SFDR - Fund Classification
Article
8
Data as of: Aug 29, 2025.
Data as of: Sep 26, 2025.
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: Aug 29, 2025.Fund management team
Performance commentary
- Over the month, our strategy delivered an excellent performance, outperforming significantly its reference indicator.
- The portfolio benefited significantly from its exposure to the technology sector, particularly through Montage Technology (semiconductors) and Horizon Robotics (chips and intelligent driving solutions), both of which reported outstanding results.
- Our industrial holdings (Didi, CATL, Zhejiang Sanhua Intelligent) also contributed meaningfully to alpha generation during the period.
- Conversely, our Taiwanese positions, notably TSMC, Lotes, and Mediatek, were somewhat disappointing, though their impact on overall performance remained limited.
Outlook strategy
- We remain constructive on China, supported by a gradual shift in investor perception. While geopolitical tensions continue to weigh on Beijing, they do not undermine the country’s economic fundamentals.
- Our trip to China confirmed two encouraging trends: the growing emphasis on tech innovation and renewed interest in Hong Kong markets. There are a few areas in which we see continued growth support, these include: AI enablers, the experience economy, wellness, future mobility, education, financialisation and ‘can’t live without’ platforms
- Even though some of the recent performance in China may have run too far, too fast at the index level, and this is a market in which we expect alpha rather than beta to remain key, retaining high selectivisim in the opportunities we invest in.
- We are therefore selectively positioned in themes like innovation (Montage Technology, CATL, Horizon Robotics) and future mobility (Didi), while focusing on high yielding stocks with shareholder-friendly policies (VIPSHOP). With lower confidence in a near-term economic recovery these companies offer resilience and attractive shareholder returns.
- During the month, we took profits on Montage Technology following its strong rally in August and increased our position in Gaotu Techedu.
- Finally, we initiated a new position in Qfin Technology, a technology platform specializing in credit.
Performance Overview
Data as of: Sep 26, 2025.Source: Carmignac at 29/09/2025
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 29, 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: Aug 29, 2025.Equity Investment Weight98.8 %
Net Equity Exposure98.8 %
Number of Equity Issuers38
Active Share82.3 %
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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
Corporate • September 15, 2025 • English
Notice to shareholders - Carmignac Portfolio China New Economy
Corporate • September 15, 2025 • English
Letter to unitholders of Carmignac China New Economy
Emerging equities • July 10, 2023 • English
How do Chinese companies succeed internationally
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Market environment