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
Equities94.7 %
Other5.3 %
Data as of: Oct 31, 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
+ 26.1 %
-
- 27.3 %
- 3.1 %
+ 22.7 %
To 04/12/2025
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
126.07 €
Asset Under Management
94 M €
Net Equity Exposure31/10/2025
94.7 %
SFDR - Fund Classification
Article
8
Data as of: Oct 31, 2025.
Data as of: Dec 4, 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: Nov 28, 2025.Fund management team
Performance commentary
- In this environment, the fund delivered a negative performance, lagging its benchmark.
- Didi’s share price fell sharply at the start of the period, pressured by negative market sentiment linked to elevated spending to expand its food-delivery operations in Latin America. The stock recovered toward month-end, supported by strong quarterly results, which helped partially offset its earlier decline.
- We were also hurt by our significant exposure to the consumer discretionary sector, particularly through Tencent, Alibaba and New Oriental Education.
- Nevertheless, despite the broader sell-off in global technology stocks during the month, several of our Taiwanese positions—Gold Circuit Electronics, Elite Material and Universal Microwave—generated positive contributions.
Outlook strategy
- We remain constructive on China, supported by a notable improvement in investor sentiment. We have observed a clear easing in trade-related tensions—an environment that is likely to persist in the coming months.
- However, on the domestic front, we acknowledge that China continues to struggle with stabilizing its property sector and boosting household consumption. That’s why we expect additional policy support to emerge over the next 2–3 months, as a high comparison base and still-soft demand continue to weigh on growth.
- Our recent trip to China confirmed two encouraging trends: the growing emphasis on technological innovation and renewed investor interest in Hong Kong markets. We identify several sectors with strong structural growth potential, including AI-related technologies, the experience economy, wellness, future mobility, education, fintech, and essential daily-use digital platforms.
- In the field of artificial intelligence, we believe China is well positioned to benefit from this technological revolution. As Nvidia’s CEO Jensen Huang stated, “China will win the AI race,” supported by a deep pool of engineering talent and particularly low energy costs.
- Although Chinese markets have already rallied significantly since the start of the year, valuations remain attractive. Still, it is a market where stock selection will remain critical to performance—more so than broad market exposure—making a selective, bottom-up approach essential.
- During the month, we continued to build our positions in Asia Vital Components and Universal Microwave, and exited our position in Lite-On to take profits.
Performance Overview
Data as of: Dec 4, 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 05/12/2025
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Oct 31, 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: Oct 31, 2025.Equity Investment Weight94.7 %
Net Equity Exposure94.7 %
Number of Equity Issuers36
Active Share76.8 %
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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 • 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