Share Class
LU2295992676
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
Equities95.7 %
Other4.3 %
Data as of: Jun 30, 2025.
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
- 49.6 %
-
-
- 19.0 %
+ 7.1 %
To 17/07/2025
Calendar Year Performance 2015Calendar 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 2024
-
-
-
-
-
-
- 35.3 %
- 4.6 %
- 22.0 %
+ 1.7 %
Net Asset Value
50.85 €
Asset Under Management
54 M €
Net Equity Exposure30/06/2025
95.7 %
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2025.
Data as of: Jul 17, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Portfolio 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: Jun 30, 2025.Fund management team
Performance commentary
- During the month, the fund posted a positive performance, significantly outperforming its reference indicator.
The main contributors to this outperformance were our Taiwanese stocks, TSMC and Elite Material, buoyed by continued strong demand for semiconductors.
VNET Group, a data centre services provider, saw its share price rise following an upward revision of its earnings guidance for the 2025 financial year.
Finally, our selection of consumer discretionary stocks, such as VIPSHOP and New Oriental Education, also contributed positively to the strategy's performance.
Outlook strategy
- We remain constructive on China, driven by a shift in investor sentiment. While geopolitical tensions continue to weigh on Beijing, they do not undermine the fundamental strength of the Chinese economy.
Moreover, technological advancements—particularly in artificial intelligence and productivity—are expected to further support economic momentum.
In the short term, however, we are adopting a cautious approach due to ongoing uncertainty surrounding the U.S. tariffs initiated under the Trump administration, their potential repercussions on China’s economy, and the government's still-limited visibility on supportive policy measures.
While the recent announcements from the Chinese government may not yet be sufficient to spark a full-fledged economic recovery, they represent a significant shift: President Xi Jinping appears to be prioritizing domestic consumption, innovation, and technological development as central pillars of the country’s long-term strategy.
We are maintaining strict discipline in assessing the valuation of each Chinese holding, ensuring careful calibration of our exposure.
This month, we initiated a position in Zhejiang Sanhua Intelligent, a company specializing in the research, design, manufacture, and distribution of thermal management components and solutions.
We also invested in AIA Group, a leading life insurance company in Asia, headquartered in Hong Kong.
Performance Overview
Data as of: Jul 17, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 18/07/2025
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: Jun 30, 2025.| Asia | 100.0 % |
To Access the weekly view
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, 2025.Equity Investment Weight95.7 %
Net Equity Exposure95.7 %
Number of Equity Issuers39
Active Share83.5 %
To Access the weekly view
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
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.
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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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
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
On the trade front, China and the US resumed talks in Geneva and London, resulting in a reduction in tariffs to 30% and an agreement on rare earth exports to the US.
Chinese GDP growth slowed slightly compared with the first quarter (5.4%) but remains robust, above 5%.
Retail sales surprised on the upside in May, rising 6.4% year-on-year, compared with 5.0% in April; however, a slowdown is expected in June.
Finally, trade negotiations appear to be supporting a moderate recovery in activity, as evidenced by the slight rise in the composite PMI index from 50.4 to 50.7 in June.