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
Equities96,8 %
Other3,2 %
Data as of: Sep 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
+ 29,4 %
-
- 22,5 %
+ 27,8 %
- 1,1 %
To 22/10/2026
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
€129.45
Asset Under Management
97 M €
Net Equity Exposure30/09/2026
96,8 %
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Oct 22, 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: Sep 30, 2026.Fund management team
Yunfan BAO
Fund Manager
Performance commentary
- Against this backdrop, the Fund delivered a negative performance.
- Industrials weighed on performance. CATL declined amid concerns over battery-industry overcapacity and delays to its international expansion, while Shenzhen Han’s CNC Technology also fell despite our continued conviction in the company and its exposure to semiconductor automation.
- Consumer-related holdings remained more mixed against a still-subdued domestic demand backdrop.
- On the other side, Technology was a key contributor, supported by continued strength across the semiconductor and AI infrastructure value chain. Demand remained robust, particularly across memory and power semiconductors.
- In Taiwan, BizLink was the leading contributor, gaining 22% over the month on continued demand for high-speed connectivity solutions used in AI servers, while TSMC also contributed positively, benefiting from continued strength in AI-related semiconductor demand.
- Healthcare also remained an area of opportunity, as we maintained a selective approach towards innovative biopharma. WuXi Biologics was a strong contributor, supported by solid order momentum and a growing backlog, reinforcing confidence in its medium-term growth outlook.
Outlook strategy
- Despite a volatile backdrop, we remain constructive on Chinese and Taiwanese equities, while maintaining a selective approach and strict valuation discipline. Our investment thesis continues to be supported by attractive long-term growth opportunities across AI, advanced manufacturing, the energy transition and selected consumer services, while further policy support could provide a catalyst for the Chinese domestic economy.
- Technology remains at the core of our convictions, while we continue to diversify both across the AI value chain and into high-quality domestic Chinese companies with strong cash generation and attractive shareholder returns.
- We also see China’s accelerating investment in semiconductors as a multi-year structural opportunity. However, we prefer to capture this investment cycle through established Taiwanese companies across the semiconductor equipment value chain, rather than through recently listed Chinese memory manufacturers, favouring proven technologies, established business models and greater earnings visibility.
- We remained active during the month, adjusting position sizes and reallocating capital towards our strongest opportunities.
- We exited Shenzhen Kaifa Technology and initiated a position in ASE Technology to capture the structural growth in advanced semiconductor packaging, driven by increasingly complex AI chips. We also reduced selected consumer positions, including Anta Sports and Trip.com, remaining selective amid a still-soft consumption environment.
Performance Overview
Data as of: Oct 22, 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.
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 23/10/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Sep 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: Sep 30, 2026.Equity Investment Weight96,8 %
Net Equity Exposure96,8 %
Number of Equity Issuers43
Active Share65,1 %
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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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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