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
Data as of: May 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
- 51.8 %
-
-
- 24.0 %
+ 1.7 %
To 03/07/2025
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
48.16 €
Asset Under Management
51 M €
Net Equity Exposure30/05/2025
97.5 %
SFDR - Fund Classification
Article
8
Data as of: May 30, 2025.
Data as of: Jul 3, 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: May 30, 2025.Fund management team
Performance commentary
- The fund posted an excellent performance this month, significantly outperforming its reference indicator.
Our portfolio of Taiwanese technology stocks benefited greatly from the strategy. In this regard, we can mention TSMC, Elite Material, and Wiwynn.
In China, consumer discretionary stocks such as Tencent and Gaotu Techedu also saw their share prices rise over the period.
Outlook strategy
- We remain constructive on China, given the shift in perception. Markets recognize that geopolitical tensions are hurting China but will not bring it to its knees.
Furthermore, technological advances, particularly in AI and productivity, should provide further stimulus to the economy.
However, in the short term, we are maintaining a cautious stance due to uncertainties surrounding the tariffs imposed by the Trump administration, their impact on the Chinese economy and uncertainties surrounding government support measures. In response to US protectionist measures, the Chinese government appears determined to protect its interests and implement restrictive measures in retaliation for the tariff sanctions.
At present, although the Chinese government's announcements do not appear sufficient in themselves to revive the country's economy, this is a major turning point, as President Xi Jinping has shown that he now places Chinese consumers, innovation and technological progress at the heart of his priorities.
We are closely monitoring each of our Chinese positions and their valuation, with the aim of remaining disciplined in the calibration of our positions. Over the month, we reduced our position in Tuya and increased our exposure to Contemporary Amperex.
Performance Overview
Data as of: Jul 3, 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 06/07/2025
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: May 30, 2025.| Asia | 91.7 % |
| Europe | 8.3 % |
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: May 30, 2025.Equity Investment Weight97.5 %
Net Equity Exposure97.5 %
Number of Equity Issuers40
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
After a very turbulent April due to Donald Trump's tariffs, the US president held numerous talks with his trading partners, revised certain tariffs downwards and/or postponed them, leading to a rebound in the markets.
In China, economic indicators declined, with the Caixin manufacturing PMI coming in at 50.4 for April and the services PMI at 50.7.
On the consumption front, retail sales slowed in April, falling from +5.9% to +5.1%.