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
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
+ 51.2 %
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+ 42.8 %
To 13/05/2026
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
151.22 €
Asset Under Management
117 M €
Net Equity Exposure31/03/2026
95.4 %
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
Data as of: May 13, 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: Apr 30, 2026.Fund management team
Yunfan BAO
Fund Manager
Performance commentary
- In this context, the fund delivered an excellent relative performance in April, significantly outperforming its reference indicator, supported by a more favorable market environment and strong stock selection.
- Following a difficult month of March for global and Chinese equity markets, ceasefire announcements, together with renewed interest in the artificial intelligence theme, supported the market rebound.
- Our Taiwanese positions contributed strongly to this momentum, notably TSMC, Asia Vital Components and All Ring Technology, as the semiconductor sector continues to benefit from massive investments by U.S. hyperscalers, supporting the entire value chain.
- In mainland China, CATL also stood out with particularly strong results, reporting profit growth of 49% year-on-year, while continuing to invest strategically in upstream resources to secure its supply chains and reinforce its leading position.
Outlook strategy
- Looking ahead, despite heightened geopolitical uncertainty, the structural investment case for emerging markets remains intact. While some short-term drivers — notably global growth momentum and US dollar weakness — have faced headwinds, emerging markets continue to benefit from robust earnings growth, attractive valuations, and sustained technological momentum, particularly in China and Taiwan.
- With the resurgence of tensions in the Middle East, the market environment is becoming increasingly selective, with performance more driven by earnings visibility and structural positioning than by broad market beta. This rising dispersion creates a favourable backdrop for active management and reinforces the importance of a disciplined, bottom-up stock selection approach.
- Recent economic data further support the view that China remains well positioned to benefit from global investment cycles in artificial intelligence, electrification, and energy infrastructure through 2026, although a prolonged geopolitical shock could weigh on global demand.
- In this context, we favour targeted exposure to structural growth areas such as technological innovation, robotics, advanced manufacturing, and mobility, across both China and Taiwan.
- Over the month, we have adjusted our exposure to the AI hardware and materials value chain, notably exiting Gold Circuit Electronics in Taiwan, taking profits on Elite Material, and maintaining core positions in AVC, Delta Electronics and All Ring, while selectively trimming on strength.
- In mainland China, we initiated two new positions in Sinoma Science & Technology, a local challenger in advanced glass materials, and Shenzhen Han’s CNC Technology, a leading supplier of PCB drilling equipment.
Performance Overview
Data as of: May 14, 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 15/05/2026
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: Mar 31, 2026.Equity Investment Weight95.4 %
Net Equity Exposure95.4 %
Number of Equity Issuers40
Active Share65.0 %
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