Share Class
FR0014002E46
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
Equities94.9 %
Other5.1 %
Data as of: Jun 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
- 33.0 %
-
- 20.7 %
+ 23.3 %
+ 29.1 %
To 06/08/2026
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
-
-
-
-
-
- 36.5 %
- 3.8 %
- 22.2 %
+ 1.1 %
+ 20.3 %
Net Asset Value
€67.04
Asset Under Management
110 M €
Net Equity Exposure30/06/2026
94,9 %
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Aug 6, 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: Jul 31, 2026.Fund management team
Yunfan BAO
Fund Manager
Performance commentary
- Against this backdrop, the fund delivered negative performance.
- The strategy was primarily penalised by its exposure to the technology sector, amid a broad correction in artificial intelligence-related stocks, particularly semiconductor, memory and electronic component companies, following their strong performance since the beginning of the year.
- This combination of profit-taking and valuation compression weighed on several holdings in Taiwan and China. The decline in a number of leading Korean and Japanese component manufacturers intensified the broader investor pullback from the sector, affecting Yageo despite its solid second-quarter results, as well as Universal Microwave Technology and Grand Process Technology. In China, Shenzhen Han’s CNC Technology, Shenzhen Kaifa Technology and Sinoma Science & Technology were also hurt by the rotation out of high-beta technology stocks. Stock selection in China was therefore the main source of the fund’s relative underperformance.
- Conversely, positions in Alibaba, Tencent and New Oriental Education contributed positively to performance over the month.
Outlook strategy
- Despite a still-uncertain geopolitical environment, we remain constructive on Chinese and Taiwanese equity markets. Our investment thesis continues to be supported by robust earnings growth, attractive valuations and strong technological momentum, particularly in industries linked to the energy transition, new technologies and consumer services. In addition, persistently weak domestic demand in China could prompt the authorities to step up support for the economy over the coming months.
- Within the portfolio, we continue to favour companies positioned to benefit from the next phase of development in China and Taiwan. Our exposure is built around two main themes: first, innovative companies with cutting-edge technologies and strong international expansion potential, particularly in AI, semiconductors, automation and advanced manufacturing; and second, companies benefiting from reforms to China’s capital markets and displaying solid fundamentals, including strong cash generation and share buyback policies.
- Our main convictions include CATL, which is exposed to the energy transition and batteries; Horizon Robotics, a specialist in autonomous driving and AI; Universal Microwave Technology, which is positioned in low-Earth-orbit satellite infrastructure; and several beneficiaries of the AI theme, including Asia Vital Components, VNET, Shenzhen Han’s CNC Technology, Shenzhen Kaifa Technology and All Ring Technology.
- During the month, we exited our remaining positions in EHang and closed our position in Elite Material on profit taking.
- We took advantage of the correction to initiate a new position in Dajin Heavy Industry, a Chinese manufacturer of equipment used in photovoltaic power generation.
Performance Overview
Data as of: Aug 6, 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 08/08/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Jun 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: Jun 30, 2026.Equity Investment Weight94.9%
Net Equity Exposure94.9%
Number of Equity Issuers43
Active Share66.9%
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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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