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
Equities98.2 %
Other1.8 %
Data as of: Nov 28, 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
+ 32.2 %
-
- 35.7 %
- 11.1 %
+ 29.5 %
To 08/01/2026
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
-
-
-
-
+ 93.4 %
- 29.3 %
- 3.5 %
- 22.0 %
+ 1.4 %
+ 20.7 %
Net Asset Value
132.21 €
Asset Under Management
99 M €
Net Equity Exposure28/11/2025
98.2 %
SFDR - Fund Classification
Article
8
Data as of: Nov 28, 2025.
Data as of: Jan 8, 2026.
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: Dec 31, 2025.Fund management team
Performance commentary
- In this environment, the fund posted a negative performance, while nonetheless outperforming its reference indicator.
- The main contributor to performance was Universal Microwave Technology, supported by strong demand for low-Earth-orbit (LEO) satellite-related technologies and attractive structural growth prospects in high-potential segments.
- The fund also benefited from its exposure to other Taiwanese equities, notably leading players within the artificial intelligence theme, including Asia Vital Components, TSMC and Gold Circuit Electronics.
- Conversely, positions in the consumer discretionary sector weighed on performance, in particular Alibaba, Tencent and Anta Sports.
Outlook strategy
- Despite a mixed macroeconomic outlook, we maintain our constructive view on Greater China Equities.
- China continues along a two-speed path, with growth stabilising but unlikely to re-accelerate meaningfully given its debt-deflation dynamics and reluctance to deploy large-scale reflationary stimulus. However, one notable tailwind is the diminishing negative impact from the sharp tariff hikes of 2025. Assuming tariff levels stabilise (or in some cases even decline) from here, the drag on growth should dissipate and remove a source of downside pressure, even if this does not translate into meaningful trade volume growth.
- Despite prevailing bearishness on property and long-term demographic trends, we maintain a contrarian positive view on China’s offline consumption in 2026 based on: (a) younger generations being less burdened by property ownership; (b) under-supply in certain niche consumer categories in lower-tier cities; (c) inbound consumption, ie. consumption coming from non-residents; and (d) early signs of e-commerce fatigue creating stock-picking opportunities.
- After two consecutive years of strong multiple re-rating (MSCI China forward P/E ratio are up approximately 20% in 2024 and 40% in 2025), we expect earnings growth – rather than multiple expansion – to be the primary driver of China markets performance in 2026.
- Rather than broad market exposure, we focus on selective opportunities tied to new growth engines in innovation, robotics, advanced manufacturing (Horizon Robotics), and mobility (CATL, Didi), where companies aligned with policy priorities and global value chains continue to gain relevance.
- We also maintain significant exposure to Taiwanese companies operating in the AI theme (TSMC, Asia Vital Components). This segment is expected to regain momentum as markets gradually refocus on economic fundamentals.
- Over the month, we closed our position in Haier Smart Home, a company specializing in the manufacturing of household appliances.
Performance Overview
Data as of: Jan 8, 2026.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 10/01/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Nov 28, 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: Nov 28, 2025.Equity Investment Weight98.2 %
Net Equity Exposure98.2 %
Number of Equity Issuers38
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 • 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
Notice to shareholders • September 15, 2025 • English
Letter to unitholders of Carmignac China New Economy
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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