Carmignac Portfolio China SICAV ISIN LU1299310943 Equity management

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Recommended minimum investment horizon : 5 years

At 22/02/2017
Haiyan Li
Emerging Equities
  • NAV : 96.25 $
  • D-1 : +0.79 %
  • YTD : +12.45 %
  • 12 Month : +20.67 %

We are cautious and selective on China. But despite the structural headwinds, investment opportunities are plentiful for those able to select the right stocks.

Fund Manager : Haiyan Li.


Emerging markets equity fund invested mainly in Chinese equities. The investment process is based on the combination of a fundamental top-down analysis, to identify high potential sectors and long-term growth themes, and a disciplined bottom-up approach, to select high-quality cash generating companies with good earnings visibility as well as sound balance sheets. The Fund aims to outperform its reference indicator over 5 years.

Carmignac Global Strategy January 2017

  • Equity markets showed geographical divergence
  • European government bonds came under pressure
  • The euro strengthened against the dollar

Exposure data

monthly weekly
January 2017
97.87 %
Investment rate
99.37 %
Exposure rate
Modified duration
Week from 10 to 17 Feb 2017
This content is reserved to PRO SPACE members

Management Comments


January 2017

The Fund turned in a positive performance, but trailed its reference indicator. Chinese markets all rose over the first month of the year. Our technology stocks made good progress with Alibaba publishing better-than-expected Q3 results. Our selection of financial (China Overseas Land) and industrial (China State Construction) stocks also boosted performance. However, our long position on the US dollar against the renminbi had a negative effect. Similarly, despite having a neutral impact in absolute terms, our cautious exposure to the energy and materials sectors weighed on the Fund’s relative performance. This underperformance can also be attributed to our selection of consumer goods stocks, with Yihai International falling among others. The Fund’s level of equity exposure was high at the end of the period.


Week from 10 to 17 Feb 2017

This content is reserved to PRO SPACE members


Legal information

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in performances. 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 KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

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