Equity strategies

Carmignac Portfolio China New Economy

Emerging marketsArticle 8
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.
Asset Allocation
Equities98.2 %
Other1.8 %
Data as of:  Jul 31, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
- 45.9 %
-
-
- 7.0 %
+ 33.1 %
From 31/03/2021
To 05/09/2025
Calendar Year Performance 2024
-
-
-
-
-
-
- 35.6 %
- 5.2 %
- 22.5 %
+ 1.0 %
Net Asset Value
54.13 €
Asset Under Management
59 M €
Net Equity Exposure31/07/2025
98.2 %
SFDR - Fund Classification

Article

8
Data as of:  Sep 5, 2025.
​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.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.

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

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

  • In August, Chinese equities performed strongly, particularly Shanghai-listed stocks (CSI 300 +8.8%, Hang Seng -0.3%).

  • Economic activity indicators remained in expansionary territory, with the NBS General PMI at 50.5 and July trade data surprising to the upside (exports up +7.2% year-on-year), while retail sales disappointed (+3.7% versus +4.6% expected).

  • Despite these mixed macro signals, the market performed well overall—especially A-shares, which rebounded sharply.

  • Furthermore, Chinese government measures aimed at boosting equity market investment continue to strengthen investor confidence, enhance stability, and increase the attractiveness of domestic markets, thereby supporting equity prices.

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 5, 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™ :  © 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 08/09/2025

Carmignac Portfolio China New Economy Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Jul 31, 2025.
Asia100.0 %
View details

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:  Jul 31, 2025.
Equity Investment Weight98.2 %
Net Equity Exposure98.2 %
Number of Equity Issuers37
Active Share81.3 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
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.

Naomi Waistell

Fund Manager
Source and Copyright: Citywire. Naomi Waistell is + rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

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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.
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.