Share Class
LU2295992320
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.
Key documents
Asset Allocation
Equities97.9 %
Other2.1 %
Data as of: 28 Feb 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 %
-
-
- 6.7 %
+ 12.3 %
To 06/03/2025
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
-
-
-
-
-
-
- 35.6 %
- 5.2 %
- 22.5 %
+ 1.0 %
Net Asset Value
50.39 €
Asset Under Management
58 M €
Net Equity Exposure28/02/2025
93.6 %
SFDR - Fund Classification
Article
8
Data as of: 28 Feb 2025.
Data as of: 6 Mar 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: 28 Feb 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 delivered an excellent performance, as did its reference indicator in the month of February.
- The main contributor to the performance was Tuya, a Chinese specialist in artificial intelligence and the Internet of Things (IoT), which has seen its share price rise dramatically since the beginning of the year, due to the growing enthusiasm for Chinese technology and the resources put in place by the government.
- Our position in Alibaba also supported the portfolio's performance.
- We also benefited from our portfolio of consumer discretionary stocks such as Gaotu Techedu, which specialises in online tutoring. The company has published very encouraging results with a year-on-year increase in turnover of 82.5%, and now wants to focus on integrating AI to improve its educational services.
- Our main position, TSMC, has nevertheless suffered from the downturn in the semiconductor sector.
Outlook strategy
- While we remain constructive on the Chinese markets in the long term, in the short term we are maintaining a cautious stance due to the unpredictability of Donald Trump's measures and the uncertainties surrounding the government's support measures.
- In the face of the United States' protectionist measures, the Chinese government seems determined to put in place restrictive measures in response to these tariff sanctions and protect its interests.
- Currently, although the Chinese government's announcements do not seem sufficient, as such, to turn around the Chinese economy, this is a major turning point, as President Xi Jinping has shown that he now prioritises the economy, innovation and technological progress.
- We are closely monitoring each of our Chinese positions and their valuation, our objective being to remain disciplined in the calibration of positions.
- Over the month, we continued to strengthen our position in JD.com, initiated a position in the company VNET group, specialised in data centres and in the cloud, but also in the company Beijing Kingsoft Office Software, specialised in office automation software.
Performance Overview
Data as of: 6 Mar 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™ : © YYYY 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 09/03/2025
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Feb 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: 28 Feb 2025.Equity Investment Weight97.9 %
Net Equity Exposure93.6 %
Number of Equity Issuers40
Active Share86.4 %
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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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 Fund’s prospectus, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
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