Equity strategies
Carmignac Portfolio China New Economy
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8Share 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
Equities90 %
Other10 %
Data as of: 31 Dec 2024.
Risk Indicator
6/7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
- 53.1 %
0.0 %
0.0 %
- 23.8 %
+ 9.1 %
To 17/01/2025
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
46.89 €
Asset Under Management
54 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 31 Dec 2024.
Data as of: 17 Jan 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: 31 Dec 2024.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
- Against this backdrop, the fund delivered a positive performance in line with its reference indicator.
- Our strategy benefited greatly from its allocation to the technology sector, particularly Taiwanese companies such as TSMC, Wiwynn and Elite Material.
- Our portfolio of Chinese consumer discretionary stocks also made a positive contribution to performance, such as New Oriental Education, Yadea and H world.
- Finally, we also benefited from our holdings in industrial stocks Sinotrans Ltd, which is involved in logistics activities, and EHang, which offers mobility solutions.
Outlook strategy
- Although we remain constructive on the Chinese markets in the long term, we are maintaining a cautious stance in the short term, as we await further stimulus announcements from the Chinese government in the wake of Donald Trump's election as President of the United States.
- Indeed, Donald Trump's protectionist policies, with tariffs on imports, mainly from China, and the ‘Two Sessions’ in March, are keeping the wind of uncertainty blowing.
- We are closely monitoring each of our Chinese positions and their valuation, with the aim of remaining disciplined in calibrating our positions. We have taken profits on some of our Chinese positions, which have rebounded strongly in recent days, and for which the valuation argument has become less attractive.
- Over the month, we added two stocks to our portfolio: Gudeng Precision Industrial, a manufacturer of photographic moulds for the semiconductor industry, and we invested in Mao Geping Cosmetics, a Chinese player in the cosmetics industry.
Performance Overview
Data as of: 17 Jan 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 21/01/2025
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 31 Dec 2024.| Asia | 97.7 % |
| North America | 2.3 % |
| Total % Equities | 100.0 % |
Asia97.7 %
 China | 64.9 % |
 Taiwan | 32.0 % |
 Hong Kong | 0.8 % |
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 Dec 2024.Equity Investment Weight90.0 %
Net Equity Exposure93.0 %
Number of Equity Issuers36
Active Share89.6 %
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.
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