Equity strategies

Carmignac Portfolio China New Economy

SICAVEmerging marketsSRI Fund Article 8
Share Class


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.
Asset Allocation
Equities90.4 %
Other9.6 %
Data as of:  14 Jun 2024.
Risk Indicator
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
- 30.9 %
0.0 %
0.0 %
0.0 %
- 1.7 %
From 31/12/2022
To 21/06/2024
Calendar Year Performance 2023
- 13.5 %
- 19.8 %
Net Asset Value
69.1 $
Asset Under Management
67 M $
Emerging markets
SFDR - Fund Classification


Data as of:  21 Jun 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

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:  31 May 2024.
Fund management team
[Management Team] [Author] Li-Labbe Haiyan

Haiyan Li-Labbé

Fund Manager

Market environment

  • China’s weak economy remains a burden, as reflected in the publication of lower retail sales.

  • As far as manufacturing indicators go, the Caixin PMI sat in expansion territory. This contrasted with the official NBS PMI, which focuses on state-owned large caps.

  • The government unveiled new measures to shore up the property market, making it easier to get a mortgage and reducing the minimum deposit.

  • Overall, Chinese domestic markets (CSI 300) were down over the month, whereas the Hang Seng was up.

Performance commentary

  • The Fund delivered a positive monthly return and beat its reference indicator.

  • Our selection of technology stocks including Daqo New Energy, Mediatek and Taiwan Semiconductor greatly benefitted the strategy.

  • However, our consumer discretionary portfolio weighed on performance, largely due to e-bike manufacturer Yadea and to Anta Sports Products.

Outlook strategy

  • Despite short-term volatility and the structural challenges facing the economy, we still have an optimistic view of Chinese equity markets.

  • We are seeing a slight improvement in certain economic indicators. Foreign demand is heading in the right direction too, and local government stimulus is starting to pay off.

  • However, China’s structural problems remain with domestic consumption barely moving, especially among the middle classes now that house prices have fallen and youth unemployment is high.

  • We feel sure that our approach, focused on a fundamental analysis and enterprise values, is the best way to generate positive long-term returns on Chinese markets. We remain convinced about the potential for China’s and Taiwan’s new economies and, in particular, the secular trends that we are seeing in artificial intelligence, the green transition and healthcare.

  • Our portfolio is mostly positioned on companies that are leaders in their fields and are generating high cash flows, such as Miniso, New Oriental Vipshop and Tencent Music.

  • We are also keeping significant exposure to Taiwan, mainly through companies along the semiconductor supply chain, which should benefit from the AI cycle.

  • During the month we strengthened our position in VIPShop, which is very attractively valued. The company may have announced solid results with higher net margins, but it is still cheap when compared with other internet stocks.

Performance Overview

Data as of:  21 Jun 2024.
​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.
Source: Carmignac at 25/06/2024

Carmignac Portfolio China New Economy Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  21 Jun 2024.
Asia99.5 %
North America0.5 %
Total % Equities100.0 %
Asia99.5 %
72.2 %
26.2 %
hkHong Kong
1.1 %

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:  21 Jun 2024.
Equity Investment Weight95.1 %
Net Equity Exposure114.9 %
Number of Equity Issuers34
Active Share90.4 %

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Li-Labbe Haiyan

Haiyan Li-Labbé

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.
[Management Team] [Author] Li-Labbe Haiyan

Haiyan Li-Labbé

Fund Manager
View Fund's characteristics
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.