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
Equities97.7 %
Other2.3 %
Data as of: 30 Apr 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
- 48.3 %
-
-
- 43.6 %
+ 2.1 %
To 13/05/2024
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
-
-
-
-
-
-
-
- 35.6 %
- 5.2 %
- 22.5 %
Net Asset Value
51.7 €
Asset Under Management
69 M €
Market
Emerging markets
SFDR - Fund Classification
Article
8
Data as of: 30 Apr 2024.
Data as of: 13 May 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.
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 Apr 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
The Fund delivered a positive return in April. Our portfolio received a boost from its consumer discretionary stocks such as lifestyle brand MINISO, ebike manufacturer Yadea, Alibaba and Tal Education. DiDi’s share price rose too after the company announced that it would be speeding up its buyback programme in Q2 2024. However, we were somewhat disappointed with our technology stocks, as Daqo New Energy, Gold Circuit Electronics and MediaTek weighed on the Fund’s overall performance.Outlook strategy
Despite short-term volatility and the structural challenges facing the economy, we still have an optimistic view of Chinese equity markets. We are seeing a slight improvement in certain economic indicators. Foreign demand is heading in the right direction too, and local government stimulus is starting to pay off. The economic transition towards industrial sectors (albeit at the expense of traditional growth-driving sectors such as real estate and the internet) is starting to have a positive effect on exports. However, China’s structural problems remain with domestic consumption barely moving, especially among the middle classes now that house prices have fallen and youth unemployment is high. Selectivity is essential. Our approach is centred around stock selection, with a particular focus on companies’ valuations and fundamentals. We feel sure that our approach, focused on a fundamental analysis and enterprise values, is the best way to generate positive long-term returns on Chinese markets. We remain convinced about the potential for China’s new economy, and in particular the secular trends that we are seeing in artificial intelligence, the green transition and healthcare. Moreover, Chinese authorities have reaffirmed their support for these industries in recent comments. Our portfolio is mostly positioned on companies that are leaders in their fields, and are generating high cash flows to sustain decent margins against the current backdrop of modest growth. We are also keeping significant exposure to Taiwan, mainly through companies along the semiconductor supply chain, which should benefit from the AI cycle. We strengthened our position in Taiwan Semiconductor and opened one in Lotes, which specialises in the design and manufacturing of precision electronic interconnect components and hardware such as CPU brackets.Performance Overview
Data as of: 13 May 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™ : © 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.
Source: Carmignac at 14/05/2024
Carmignac Portfolio China New Economy Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Apr 2024.| Asia | 100.0 % |
| Total % Equities | 100.0 % |
Asia100.0 %
 China | 75.2 % |
 Taiwan | 22.3 % |
 Hong Kong | 2.4 % |
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 Apr 2024.Equity Investment Weight95.3 %
Net Equity Exposure112.2 %
Number of Equity Issuers34
Active Share88.9 %
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.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
Chinese markets bounced back strongly in April: +8.54% for the Hang Seng and +3.20% for the CSI 300 continental index. China had published some encouraging economic data including the Caixin manufacturing index, which stood in expansionary territory at 51.4.The global economy’s resilience helped China to post above-forecast Q1 GDP growth (+5.3% vs 5%) and export growth (+1.5% vs +1%) too. As far as geopolitical tensions go, US Secretary of State Anthony Blinken’s recent visit illustrates an improvement in communications between the two countries.