Share Class
FR0014002E46
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
Equities94,9 %
Other5,1 %
Data as of: Jun 30, 2026.
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
- 31,7 %
-
- 26,2 %
+ 41,1 %
+ 39,0 %
To 09/07/2026
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
-
-
-
-
-
- 36,5 %
- 3,8 %
- 22,2 %
+ 1,1 %
+ 20,3 %
Net Asset Value
68,27 €
Asset Under Management
111 M €
Net Equity Exposure30/06/2026
94,9%
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Jul 9, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
Yunfan BAO
Fund Manager
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.
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: Jun 30, 2026.Fund management team
Yunfan BAO
Fund Manager
Performance commentary
- Against this backdrop, the fund delivered negative absolute and relative performance during the month, primarily reflecting adverse stock selection. Despite this weaker monthly performance, the fund continues to outperform its reference indicator on a year-to-date basis.
- Performance was mainly impacted by our Taiwanese holdings. Universal Microwave Technology was among the largest detractors after reporting a 15% month-on-month decline in revenue, following a temporary suspension of shipments to a major customer due to product revisions. Although management indicated that the disruption would have no material impact on profitability, the announcement weighed on investor sentiment. Our positions in Delta Electronics and Lotes also detracted from performance during the month.
- In China, Alibaba also weighed on returns as the stock came under pressure amid renewed regulatory and geopolitical concerns, exacerbated by allegations made by Anthropic regarding Alibaba's Qwen AI model.
- These negative contributions were partly offset by the strong performances of Yageo, which continued to benefit from robust AI-driven demand for electronic components, and Shenzhen Kaifa Technology, supported by the announcement of an investment to expand its advanced memory (HBM) packaging and testing capabilities.
Outlook strategy
- Over the medium term, despite an increasingly uncertain geopolitical environment, we remain constructive on both Chinese and Taiwanese equities. Our investment thesis continues to be supported by robust earnings growth, attractive valuations and strong technological momentum, particularly in industries related to energy transition and new technologies, as well as the experience economy. In addition, persistently weak domestic demand in China could prompt further policy support in the coming months.
- Within the portfolio, we continue to favour companies best positioned to benefit from the next phase of China's and Taiwan's development. Our exposure is centred around two key themes: first, innovative companies with leading technologies and strong international expansion potential, particularly in AI, semiconductors, automation and advanced manufacturing; second, companies benefiting from ongoing capital market reforms in China, supported by strong cash generation and attractive shareholder return policies, notably through share buyback programmes.
- Our highest-conviction holdings include CATL (energy transition and batteries), Horizon Robotics (autonomous driving and AI), Universal Microwave (low-Earth orbit satellite infrastructure), as well as several beneficiaries of the AI investment cycle, including Asia Vital Components, VNET, Shenzhen Han's CNC, Shenzhen Kaifa Technology and All Ring Technology.
- During the month, we initiated two new positions. We invested in Hon Hai (Foxconn), the global leader in electronics manufacturing, which we expect to benefit from the continued expansion of AI server demand. We also initiated a position in BizLink, a leading provider of copper and optical connectivity solutions.
- Conversely, we took partial profits in Shenzhen Kaifa Technology, Sinoma and Montage Technology following their strong share price performance. We also took advantage of market weakness to increase our positions in Asia Vital Components (AVC), Lotes and Hainan Drinda, where we continue to see attractive medium-term growth prospects.
Performance Overview
Data as of: Jul 9, 2026.Until January 11, 2026, the Fund's reference indicator was MSCI China NR index. Performances are presented using the chaining method.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
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 10/07/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 30, 2026.| 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: Jun 30, 2026.Equity Investment Weight94,9%
Net Equity Exposure94,9%
Number of Equity Issuers43
Active Share66,9%
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Articles that may interest you
Press release • May 12, 2026 • English
Carmignac strengthens investment team with four appointments
Notice to shareholders • December 11, 2025 • English
Changes to the Fund Carmignac China New Economy
Notice to shareholders • September 15, 2025 • English
Notice to shareholders - Carmignac Portfolio 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 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