Equity strategies
Carmignac Portfolio China New Economy
Luxembourg SICAV sub-fundEmerging marketsSRI Fund Article 8Share Class
LU2295992676
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
Equities95.8 %
Other4.2 %
Data as of: 30 Sep 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
- 52.5 %
0.0 %
0.0 %
- 39.3 %
- 3.6 %
To 30/09/2024
Calendar Year Performance 2014Calendar 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 2023
-
-
-
-
-
-
-
- 35.3 %
- 4.6 %
- 22.0 %
Net Asset Value
47.46 €
Asset Under Management
58 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 30 Sep 2024.
Data as of: 30 Sep 2024.
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: 30 Aug 2024.Fund management team
![[Management Team] [Author] Li-Labbe Haiyan](https://carmignac.imgix.net/uploads/NextImage/0001/18/Haiyan-Li-Labbe.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Haiyan Li-Labbé
Fund Manager
Performance commentary
- Against this backdrop, the fund delivered a negative performance over the period, as did its reference indicator.
- Our strong conviction EHang, a company that develops mobility solutions using ‘flying taxis’, appreciated strongly over the month. The company announced a 920% year-on-year increase in revenues to over 102 million yuan ($14 million).
- Nevertheless, we were disappointed by our consumer discretionary companies, such as Tal Education, VIPSHOP and Tencent Music.
Outlook strategy
The weakness of the Chinese markets is creating new investment opportunities with attractive valuations.
We remain convinced of the potential of the new Chinese and Taiwanese economies, and in particular of the secular trends we are seeing in artificial intelligence, the ecological transition and healthcare.
We are convinced that our approach, which focuses on fundamental analysis and company valuations, is the best way to generate positive long-term returns in the Chinese markets.
Following the correction in Pinduoduo's share price, which reported results that were below investors' expectations, we initiated a new position on the stock.
Performance Overview
Data as of: 3 Oct 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.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 05/10/2024
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Sep 2024.| Asia | 97.2 % |
| North America | 2.8 % |
| Total % Equities | 100.0 % |
Asia97.2 %
 China | 69.8 % |
 Taiwan | 26.5 % |
 Hong Kong | 0.9 % |
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: 30 Sep 2024.Equity Investment Weight95.8 %
Net Equity Exposure95.8 %
Number of Equity Issuers32
Active Share85.5 %
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.Fund Management Team
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.
Haiyan Li-Labbé
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
In August, Chinese markets were mixed: H-shares (Hong Kong-listed equities) rose, while A-shares (domestic Chinese equities listed in Shanghai and Shenzhen) fell.
The Hong Kong market benefited from the easing of fears over the US elections, with Kamala Harris advancing in the polls.
China's domestic markets suffered from the publication of declining macro-economic indicators, with manufacturing PMI Manufacturing index in contraction territory and subdued new bank loans data, underlining weak demand.
Rising trade tensions between Brussels and Beijing didn't help either, with Chinese electric vehicle manufacturers seeing their export tariffs to the EU rise compared to those imposed on Tesla's Chinese-made vehicles.
Finally, the Chinese yuan rose over the month, benefiting from the unwinding of carry trades.