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.
Asset Allocation
Equities93.7 %
Other6.3 %
Data as of: Apr 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
+ 57.0 %
-
- 22.3 %
+ 49.2 %
+ 51.7 %
To 04/06/2026
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
€156.99
Asset Under Management
117 M €
Net Equity Exposure30/04/2026
93,7 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: Jun 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: May 29, 2026.Fund management team
Yunfan BAO
Fund Manager
Performance commentary
- Against this backdrop, our strategy delivered a positive performance during the month, in line with its reference indicator.
- Our Taiwanese holdings were the main contributors to performance. TSMC, the global leader in semiconductor foundry services, continued to advance, supported by massive investments from U.S. hyperscalers in AI infrastructure. This trend continues to benefit its broader ecosystem, including strategic suppliers such as Lotes.
- The largest contributor to performance was Yageo. The stock rose sharply following the publication of record quarterly results, reflecting strong demand for electronic components used in AI infrastructure, particularly tantalum capacitors and advanced passive components.
- Universal Microwave Technology was also among the key performance drivers during the month, benefiting from sustained demand for radio-frequency components used in low-Earth orbit (LEO) satellites and next-generation communication infrastructure.
- Finally, Shenzhen Kaifa Technology and Shenzhen Han's CNC Technology also contributed positively to performance, benefiting respectively from the growth of digital infrastructure and investments in precision equipment serving the semiconductor and industrial automation sectors.
Outlook strategy
- Over the medium term, despite an uncertain geopolitical environment, our investment case for emerging markets remains fully intact. It continues to be supported by robust earnings growth, attractive valuations and strong technological momentum, particularly in China and Taiwan. The recent meeting between Donald Trump and Xi Jinping in Beijing also represents a constructive development, as both sides have expressed a willingness to avoid further escalation and maintain dialogue, despite the absence of any concrete announcements regarding the key areas of disagreement.
- Markets are becoming increasingly selective, with performance driven more by companies' ability to deliver on growth expectations and strengthen their competitive positioning. This growing dispersion reinforces the value of active management based on rigorous stock selection.
- Within the portfolio, we continue to favour the beneficiaries of the next phase of development in China and Taiwan. We are exposed to two key investment themes: firstly, innovative companies with cutting-edge technologies and strong global expansion potential, particularly in artificial intelligence, semiconductors, automation and advanced manufacturing; secondly, companies benefiting from China’s capital market reforms and displaying strong fundamentals, characterised by robust free cash flow generation and attractive shareholder return policies, notably through share buybacks.
- Our key convictions include CATL (energy transition and battery technology), Horizon Robotics (autonomous driving and artificial intelligence), Universal Microwave (satellite infrastructure and the low-earth-orbit economy), as well as several beneficiaries of AI infrastructure spending such as Asia Vital Components, VNET, Shenzhen Han's CNC, Shenzhen Kaifa Technology and All Ring Technology.
- During the month, we exited our positions in Prosus and Poya International. Conversely, we initiated two new positions in Fositek and Grand Process Technology while increasing our exposure to Lotes. Fositek is benefiting from the growing adoption of liquid cooling systems for AI servers, while Grand Process Technology is exposed to investment in semiconductor manufacturing equipment. We also increased our position in Lotes, whose high-performance connectors play a strategic role within the AI ecosystem.
Performance Overview
Data as of: Jun 4, 2026.Until January 11, 2026, the Fund's reference indicator was MSCI China NR index. Performances are presented using the chaining method.
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 05/06/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Apr 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: Apr 30, 2026.Equity Investment Weight93.7%
Net Equity Exposure93.7%
Number of Equity Issuers41
Active Share67.3%
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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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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