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
Equities97.1 %
Other2.9 %
Data as of: Sep 30, 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
+ 32.9 %
-
- 20.4 %
+ 21.3 %
+ 26.6 %
To 06/11/2025
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
-
-
-
-
-
+ 93.4 %
- 29.3 %
- 3.5 %
- 22.0 %
+ 1.4 %
Net Asset Value
132.94 €
Asset Under Management
99 M €
Net Equity Exposure30/09/2025
97.1 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2025.
Data as of: Nov 6, 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 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: Oct 31, 2025.Fund management team
Performance commentary
- In this context, the fund delivered a negative performance, while outperforming its reference indicator.
- Our strategy benefited from its exposure to technology stocks, supported by strong investment demand in the AI sector. In this regard, the main contributor to performance during the month was Asia Vital Components, a Taiwanese company specializing in cooling solutions for data centers.
- We also benefited from the appreciation of TSMC’s share price, which posted a solid advance, supported by its key position in the semiconductor value chain and a 40% year-on-year increase in revenue.
- However, we were partially impacted by our positions in the consumer discretionary sector, particularly Alibaba, Yadea, and Anta Sports.
Outlook strategy
- We remain constructive on China, supported by a notable 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.
- Our recent visit to China confirmed two encouraging trends: the growing priority given to technological innovation and the renewed investor interest in Hong Kong markets. We identify several sectors with strong structural growth potential, including technologies related to artificial intelligence, the experience economy, wellness, future mobility, education, fintech, and essential everyday platforms.
- Regarding the artificial intelligence theme, we believe that China is well positioned to benefit from this technological revolution. As Jensen Huang, CEO of Nvidia, recently stated, “China will win the AI race,” notably thanks to its large pool of engineers and exceptionally low energy costs.
- Although Chinese markets have already posted strong gains since the start of the year, valuations remain attractive. However, this is a market where stock selection will remain the key performance driver, rather than market beta. A selective approach therefore remains essential in our investment decisions.
- Within the fund, we recently initiated a new position in Asia Vital Components, a Taiwanese company specializing in cooling solutions for data centers.
Performance Overview
Data as of: Nov 6, 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.
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 08/11/2025
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 30, 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: Sep 30, 2025.Equity Investment Weight97.1 %
Net Equity Exposure97.1 %
Number of Equity Issuers37
Active Share78.1 %
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 • September 15, 2025 • English
Notice to shareholders - Carmignac Portfolio China New Economy
Notice to shareholders • September 15, 2025 • English
Letter to unitholders of Carmignac China New Economy
Strategies insights • July 10, 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 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