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
Equities98.1 %
Other1.9 %
Data as of: 31 Mar 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
- 58.1 %
-
-
- 16.9 %
- 12.3 %
To 17/04/2025
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
-
-
-
-
-
-
- 36.5 %
- 3.8 %
- 22.2 %
+ 1.1 %
Net Asset Value
41.91 €
Asset Under Management
20 M €
Net Equity Exposure31/03/2025
98.1 %
SFDR - Fund Classification
Article
8
Data as of: 31 Mar 2025.
Data as of: 17 Apr 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 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 Mar 2025.Fund management team
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier Hovasse
Head of Emerging Equities, Fund Manager
Performance commentary
- In this context, the Fund posted a negative performance, underperforming its benchmark.
- Our portfolio of technology stocks significantly underperformed the global technology giants over the period. In this respect, our holdings in the semiconductor value chain declined, in particular TSMC, Mediatek, Elite Material and Lotes.
- Tuya, the Chinese AI specialist, lost ground after making a significant contribution to performance in February.
- After an excellent start to the year, Beike, a provider of transaction services in the real estate sector, fell following the publication of its quarterly results, which were disappointing, particularly in terms of profitability.
- Finally, our positions in Wuxi Biologics and Tencent Music, although profitable, ended the year in negative territory.
Outlook strategy
- In the short term, however, we remain cautious due to the risk associated with the introduction of tariffs by Donald Trump's administration and the uncertainty surrounding government support measures. In the face of US protectionist measures, the Chinese government seems determined to protect its interests and implement restrictive measures in response to these tariffs.
- While the Chinese government's announcements alone do not seem sufficient to turn around the country's economy, this is an important turning point as President Xi Jinping has shown that he is now prioritizing the Chinese consumer, innovation and technological progress.
- We are closely monitoring each of our Chinese positions and their valuation, with the aim of remaining disciplined in the calibration of positions.
- During the month, we initiated a position in the Chinese company Montage Technology, which specializes in the design of semiconductors, and in Universal Microwave, which produces electronic components.
Performance Overview
Data as of: 17 Apr 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.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 18/04/2025
Carmignac China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Mar 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: 31 Mar 2025.Equity Investment Weight98.1 %
Net Equity Exposure98.1 %
Number of Equity Issuers41
Active Share83.0 %
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
Xavier Hovasse
Head of Emerging Equities, 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.
Xavier Hovasse
Head of Emerging Equities, Fund Manager
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Speakers : Haiyan Li-Labbé
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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