Share Class
FR001400R3Z5
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
Equities94,8 %
Other5,2 %
Data as of: Aug 31, 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
+ 39,5 %
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+ 16,1 %
To 04/09/2026
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
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+ 23,6 %
Net Asset Value
€139.51
Asset Under Management
109 M €
Net Equity Exposure31/08/2026
94,8 %
SFDR - Fund Classification
Article
8
Data as of: Aug 31, 2026.
Data as of: Sep 4, 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: Aug 31, 2026.Fund management team
Yunfan BAO
Fund Manager
Performance commentary
- Against this backdrop, the Fund delivered a positive absolute return but underperformed its reference indicator. Strong stock selection in Taiwan and healthcare was partly offset by weaker performance in mainland China.
- Taiwan was the main performance driver. Asia Vital Components, Universal Microwave Technology, Fositek, Delta Electronics and All Ring Technology benefited from renewed appetite for AI hardware following July’s correction. Nvidia’s strong results and data-centre outlook reinforced confidence in continued demand across the AI infrastructure supply chain.
- Healthcare also supported performance, led by WuXi Biologics, which advanced after reporting robust interim growth, expanding margins and a larger order backlog, confirming an improvement in operating momentum.
- By contrast, Qifu Holdings was among the largest detractors after weaker earnings and a cautious outlook highlighted pressure on the Chinese consumer-credit market. CATL also declined, as investors appeared to focus on margin sustainability despite strong headline growth. Tencent, Alibaba, VNET and several consumption-related holdings also weighed on returns.
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.
- Active position sizing remains central to our investment process, particularly following the significant dispersion across technology stocks. During the month, we took profits in some of our strongest performers, including Asia Vital Components, WuXi Biologics, Fositek and All Ring Technology, while increasing positions in Lotes, Delta Electronics, Grand Process Technology and Yageo where we see better upside. These adjustments aim to keep portfolio exposures aligned with our convictions while maintaining strict valuation discipline.
- Overall, we continue to build a balanced portfolio across multiple growth drivers, combining Taiwanese leaders benefiting from the expansion of AI and semiconductor investment with Chinese companies positioned to benefit from the country’s push towards technological self-sufficiency, advanced manufacturing and the energy transition, alongside cash-generative businesses offering attractive shareholder returns.
Performance Overview
Data as of: Sep 4, 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 08/09/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Aug 31, 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: Aug 31, 2026.Equity Investment Weight94,8 %
Net Equity Exposure94,8 %
Number of Equity Issuers42
Active Share66,1 %
To Access the weekly view
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