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
Equities95.7 %
Other4.3 %
Data as of: Feb 27, 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
- 38.9 %
-
-
+ 1.2 %
+ 17.0 %
To 09/03/2026
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
61.07 €
Asset Under Management
99 M €
Net Equity Exposure30/01/2026
95.4 %
SFDR - Fund Classification
Article
8
Data as of: Feb 27, 2026.
Data as of: Mar 9, 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.
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: Feb 27, 2026.Fund management team
Performance commentary
- In this environment, our strategy delivered positive performance over the month, significantly outperforming its reference indicator.
- The broader Taiwanese semiconductor ecosystem was a key contributor to performance, driven by TSMC, the world’s leading semiconductor foundry, as well as key supply-chain players such as Asia Vital Components, Elite Material and Lotes.
- Universal Microwave Technology stood out following the release of strong results, marked by accelerating shipments of components for low Earth orbit (LEO) satellites. Revenues and profits reached record levels, and management provided constructive guidance for 2026, supported by expected margin expansion.
- In the same vein, All Ring Tech advanced thanks to its exposure to advanced packaging technologies (CoWoS) and silicon photonics. Strong order visibility (four to five months) and optimistic guidance for 2026 reinforced investor interest in a supportive environment for companies positioned in high-end chip production.
- Conversely, Alibaba weighed on performance as investors grew concerned about the company’s increasing investments in instant delivery and food retail, which are expected to pressure near-term e-commerce margins and have led to downward revisions to earnings forecasts for FY2026 and FY2027.
Outlook strategy
- Despite mixed macroeconomic prospects, we maintain a constructive view on Greater China equities.
- China’s economy continues to follow a two-speed trajectory, with growth stabilizing but unlikely to reaccelerate meaningfully given debt-driven deflationary dynamics and the authorities’ reluctance to implement large-scale stimulus measures. A supportive factor, however, lies in the gradual easing of the negative impact of the tariffs introduced in 2025, even though this has not yet translated into a meaningful recovery in trade volumes.
- After two consecutive years of significant multiple expansion — with the MSCI China 12-month forward P/E rising by around 20% in 2024 and 40% in 2025 — we believe that earnings growth, rather than multiple expansion, will be the main driver of performance in 2026.
- In this context, we favor targeted opportunities linked to new growth drivers, particularly in areas such as technological innovation, robotics, advanced manufacturing and mobility, both in China and Taiwan.
- During the month, we initiated new positions in Voltronic Power, a Taiwanese manufacturer of power solutions and solar panels, as well as Yageo, a Taiwanese company that is a global leader in electronic components.
Performance Overview
Data as of: Mar 9, 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 10/03/2026
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.
Geographical Breakdown
Data as of: Feb 27, 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: Jan 30, 2026.Equity Investment Weight95.4 %
Net Equity Exposure95.4 %
Number of Equity Issuers38
Active Share67.2 %
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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.
Articles that may interest you
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
Notice to shareholders • September 15, 2025 • English
Letter to unitholders of Carmignac 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