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Equity strategies

Carmignac Portfolio China New Economy

Emerging marketsSRI Fund Article 8
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
Monthly Factsheet (including ESG data)
Asset Allocation
Equities94.8 %
Other5.2 %
Data as of:  27 Jan 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
- 48.4 %
0.0 %
0.0 %
- 7.6 %
+ 15.7 %
From 31/03/2021
To 27/02/2025
Calendar Year Performance 2024
-
-
-
-
-
-
- 35.6 %
- 5.2 %
- 22.5 %
+ 1.0 %
Net Asset Value
51.56 €
Asset Under Management
60 M €
Market
Emerging markets
SFDR - Fund Classification

Article

8
Data as of:  27 Feb 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.
Equity strategiesCarmignac Portfolio China New Economy
Equity strategiesCarmignac Portfolio China New Economy
Share Class

LU2295992320

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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 Jan 2025.
Fund management team
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager

Market environment

  • In January, the Chinese markets evolved in a dispersed order, with the CSI 300 posting a decline of -2.91% and the Hang Seng ending the month at +0.13%

  • Economic data fell slightly in January compared with December, both for the NBS manufacturing PMI (49.1 in January compared with 50.1 in December) and for the NBS non-manufacturing PMI (50.2 in January compared with 52.2 in December). At the end of the month, the Chinese markets were closed for the Lunar New Year celebrations.

  • Nevertheless, the data concerning retail sales for the month of December showed an improvement compared with the previous month (3.7% against 3.0%).

  • The start of Donald Trump's second term as President of the United States brought a wave of uncertainty to the markets. At the end of the period, President Trump announced an additional 10% in tariffs on Chinese products.

Performance commentary

  • In this context, the fund delivered a slightly negative performance in line with its reference indicator.

  • The main contributor to the performance was Tuya, a Chinese artificial intelligence platform. In addition to the movement generated in the markets by the announcement of DeepSeek, the company presented AI-powered IoT products at CES 2025 that can improve process efficiency by more than 35%.

  • Nevertheless, we were penalised by our portfolio of consumer discretionary stocks such as New Oriental Education. The company saw its share price deteriorate due to disappointing results for investors, particularly with regard to the earnings per share ratio.

  • Finally, we were also penalised over the month by our selection of healthcare and real estate services stocks.

Outlook strategy

  • While in the long term we remain constructive on the Chinese markets, in the short term we are maintaining a cautious stance due to uncertainties over possible measures by D. Trump against China.

  • The US president wants to introduce significant tariff measures on his main trading partners, particularly China. The measures currently focus on an additional 10% tariff on Chinese products, but it is likely to go further than that. The Chinese government is expected to respond by imposing restrictive measures on the United States.

  • Although the announcements made by the Chinese government in the last quarter of 2024 do not seem sufficient to fully revitalize the Chinese economy, they mark a significant turning point. President Xi Jinping has demonstrated that he now prioritizes the economy above all else.

  • 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 took profits in the company Tuya, closed our position in ACM Research and initiated a position in the company JD.com.

Performance Overview

Data as of:  27 Feb 2025.
View Performance in detail
​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 01/03/2025

Carmignac Portfolio China New Economy Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  27 Jan 2025.
Asia100.0 %
Total % Equities100.0 %
Asia100.0 %
cnChina
67.7 %
twTaiwan
31.5 %
hkHong Kong
0.8 %
View Portfolio allocation

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:  27 Jan 2025.
Equity Investment Weight94.8 %
Net Equity Exposure90.2 %
Number of Equity Issuers38
Active Share86.7 %

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] Hovasse Xavier

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.
[Management Team] [Author] Hovasse Xavier

Xavier Hovasse

Head of Emerging Equities, Fund Manager
View Fund's characteristics

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View characteristics and risks
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.