# PROFILE
SFDR Fund Classification: Article 8
Domicile: France
Dividend Policy: Accumulation
Fund Type: FIA
Legal Form: FCP
Fiscal Year End: 31/12
Subscription/Redemption: Daily
Order Placement Cut-Off Time: Before 18:00 (CET/CEST)
Fund Inception Date: 31/12/2019
125
100
75
50
01/20
01/21
Carmignac China New Economy I EUR Acc	Reference Indicator
01/22
46%
-8.6%
01/23
Date of 1st NAV: 31/12/2019
Base Currency: EUR
Fund AUM: 108M€ / 117M$ (1)
Share class AUM: 93M€
NAV: 145.97€
Morningstar Category™: Greater China Equity

## FUND MANAGER(S)
Haiyan Li-Labbé since 01/01/2020
CUMULATIVE AND ANNUALIZED PERFORMANCE (as of 31/01/2023 - Net of fees)
Annualised Performance
| Since | 1 | 1 | 3 | Since |  | 3 | Since |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 30/12/2022 | Month | Year | Years | 31/12/2019 |  | Years | 31/12/2019 |
| 10.7	10.7	23.9	38.5	46.0	 11.4	13.0	 |

	Cumulative Performance (%)		(%)
I EUR Acc	

## REFERENCE INDICATOR
MSCI China Index (USD, Net dividends reinvested).

## OTHER ESG CHARACTERISTICS
| Reference Indicator | 9.8 | 9.8 | -5.2 | -10.6 | -8.6 | -3.6 | -2.9 | Minimum % Taxonomy Alignment	0% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Category Average | 8.1 | 8.1 | -13.0 | 6.0 | 5.5 | 2.0 | 1.7 | Minimum % Sustainable Investments	0% |
| Ranking (Quartile) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | Principal Adverse Impact Indicators	Yes |

Source: Morningstar for the category average and quartiles.
| STATISTICS (%) |  |  |  | PERFORMANCE CONTRIBUTION |  |
| --- | --- | --- | --- | --- | --- |
|  | 1 Year | 3 Years |  | Equity Portfolio | 10.9% |
| Fund Volatility | 42.6 | 35.2 |  | Equity Derivatives | 0.5% |
| Indicator Volatility | 34.8 | 27.0 |  | Currency Derivatives | -0.5% |
| Sharpe Ratio | 0.6 | 0.3 |  | Total | 10.8% |
| Beta | 1.1 | 1.1 |  | Gross monthly performance |  |
| Alpha | 0.6 | 0.3 |  |  |  |
| Calculation : Weekly basis |  |  |  |  |  |

* For the share class Carmignac China New Economy I EUR Acc. Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. (1) Exchange Rate EUR/USD as of 31/01/2023.
| ASSET ALLOCATION BY LISTING PLACE |  |  | SECTOR BREAKDOWN |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
| Equities | 95.6% |  | Consumer Discretionary |  |  | 52.2% |
| Emerging Markets | 95.6% |  | Industrials |  | 12.7% |  |

Asia	95.6%
ADR (USA)	39.5%
Hong Kong (H-Share)	52.1%
Shanghai & Shenzhen (A-Share)	4.0%
Cash, Cash Equivalents and Derivatives Operations	4.4%
Healthcare Information Technology Communication Services
Real Estate
Financials
Materials
Utilities
Rebased weights

## CAPITALISATION BREAKDOWN
Large (>10000 MEUR)

## NET CURRENCY EXPOSURE OF THE FUND
Renminbi (Yuan)
96.1%
Mid (2000 - 10000 MEUR)
49.0%
US Dollar
Rebased weights
Small (<2000 MEUR)
Euro Hong Kong Dollar
Look through currency exposure, based on the home market of the foreign company.
| TOP TEN |  |
| --- | --- |
| Name | Listing place | Sector | % |
| MINISO GROUP | ADR (USA) | Consumer Discretionary | 7.9% |
| ALIBABA GROUP HOLDING LTD | Hong Kong (H-Share) | Consumer Discretionary | 7.9% |
| CHINDATA GROUP HOLDINGS- ADR | ADR (USA) | Information Technology | 6.8% |
| POP MART INTERNATIONAL GROUP | Hong Kong (H-Share) | Consumer Discretionary | 5.8% |
| CHINA EDUCATION GROUP HOLDIN | Hong Kong (H-Share) | Consumer Discretionary | 5.2% |
| ANTA SPORTS PRODUCTS | Hong Kong (H-Share) | Consumer Discretionary | 5.0% |
| DIDI GLOBAL INC | ADR (USA) | Industrials | 4.9% |
| MEITUAN | Hong Kong (H-Share) | Consumer Discretionary | 4.8% |
| KANZHUN LTD | ADR (USA) | Communication Services | 4.6% |
| FULL TRUCK ALLIANCE -SPN ADR | ADR (USA) | Industrials | 4.3% |
| Total |  |  | 57.2% |


## GEOGRAPHIC BREAKDOWN
Rebased weights
China	100.0%

Translation (ENFR, 2023-01-31):
# PROFIL
Classification SFDR : Article 8
Domicile : France
Affectation des résultats : Capitalisation
Type de fonds : FIA
Forme juridique : FCP
Fin de l’exercice fiscal : 31/12
Souscription/Rachat : Jour ouvrable
Heure limite de passation d’ordres : avant 18:00 heures (CET/CEST)
Date de lancement du Fonds : 31/12/2019
Date de la 1ère VL : 31/12/2019
125
100
75
50
01/20
01/21
Carmignac China New Economy I EUR Acc	Indicateur de référence
01/22
46%
-8.6%
01/23
Devise de cotation : EUR
Actifs sous gestion du Fonds : 108M€ / 117M$ (1)
Encours de la part : 93M€
VL : 145.97€
Catégorie Morningstar™ : Greater China Equity

## GÉRANT(S) DU FONDS
PERFORMANCES CUMULÉES ET ANNUALISÉES (au 31/01/2023 - Net de frais)
Performances annualisées
Haiyan Li-Labbé depuis le 01/01/2020

## INDICATEUR DE RÉFÉRENCE
|  | Depuis le | 1 | 1 | 3 | Depuis le |  | 3 | Depuis le |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 30/12/2022 | Mois | an | ans | 31/12/2019 |  | ans | 31/12/2019 |
| I EUR Acc | 10.7 | 10.7 | 23.9 | 38.5 | 46.0 |  | 11.4 | 13.0 |
| Indicateur de référence | 9.8 | 9.8 | -5.2 | -10.6 | -8.6 |  | -3.6 | -2.9 |
| Moyenne de la catégorie | 8.1 | 8.1 | -13.0 | 6.0 | 5.5 |  | 2.0 | 1.7 |
| Classement (quartile) | 1 | 1 | 1 | 1 | 1 |  | 1 | 1 |

Performances cumulées (%)
Source : Morningstar pour la moyenne de la catégorie et les quartiles.
(%)
MSCI China Index (USD, Net dividends reinvested).

## AUTRES CARACTERISTIQUES ESG
Minimum % d’alignement à la Taxonomie	0%
Minimum % d’investissements durables	0%
Principales Incidences Négatives (PAI)	Oui
| STATISTIQUES (%) |  |  |  | CONTRIBUTION À LA PERFORMANCE |  |
| --- | --- | --- | --- | --- | --- |
|  | 1 an | 3 ans |  | Portefeuille actions | 10.9% |
| Volatilité du fonds | 42.6 | 35.2 |  | Derivés actions | 0.5% |
| Volatilité du benchmark | 34.8 | 27.0 |  | Derivés devises | -0.5% |
| Ratio de Sharpe | 0.6 | 0.3 |  | Total | 10.8% |
| Bêta | 1.1 | 1.1 |  | Performances brutes mensuelles |  |
| Alpha | 0.6 | 0.3 |  |  |  |
| Calcul : pas hebdomadaire |  |  |  |  |  |

* Pour la part Carmignac China New Economy I EUR Acc. Echelle de risque du KID (Document d’Informations Clés). Le risque 1 ne signifie pas un investissement sans risque. Cet indicateur pourra évoluer dans le temps.
(1) Taux de change EUR/USD au 31/01/2023.
| ALLOCATION D'ACTIFS PAR PLACE DE COTATION |  |  | RÉPARTITION SECTORIELLE |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
| Actions | 95.6% |  | Consommation Discrétionnaire |  |  | 52.2% |
| Pays émergents | 95.6% |  | Industrie |  | 12.7% |  |

Asie	95.6%
ADR (USA)	39.5%
Hong Kong (Actions H)	52.1%
Shanghai & Shenzhen (Actions A)	4.0%
Liquidités, emplois de trésorerie et opérations sur dérivés	4.4%
Santé Technologies de l'Information Services de Communication
Immobilier
Finance
Matériaux
Services aux collectivités
Poids rebasés

## RÉPARTITION PAR CAPITALISATION
Grandes (>10000 MEUR)

## EXPOSITION NETTE PAR DEVISE
Yuan Ren-Min-Bi
96.1%
Moyennes (2000 - 10000MEUR)
49.0%
Dollar des Etats-Unis
Poids rebasés
Petites (<2000 MEUR)
EURO
Dollar de Hong Kong
Expositions devises transparisées, basées sur le marché local des sociétés étrangères.

## PRINCIPALES POSITIONS
Nom	Place de cotation	Secteur	%

## RÉPARTITION GÉOGRAPHIQUE
Chine	100.0%
Poids rebasés
MINISO GROUP	ADR (USA)	Consommation Discrétionnaire
ALIBABA GROUP HOLDING LTD Hong Kong (Actions H) Consommation
Discrétionnaire
7.9%
7.9%
CHINDATA GROUP HOLDINGS- ADR
POP MART INTERNATIONAL GROUP
CHINA EDUCATION GROUP HOLDIN
ADR (USA)	Technologies de l'Information
Hong Kong (Actions H) Consommation
Discrétionnaire
Hong Kong (Actions H) Consommation
Discrétionnaire
6.8%
5.8%
5.2%
ANTA SPORTS PRODUCTS	Hong Kong (Actions H) Consommation
Discrétionnaire
5.0%
DIDI GLOBAL INC	ADR (USA)	Industrie	4.9%
MEITUAN	Hong Kong (Actions H) Consommation Discrétionnaire
KANZHUN LTD	ADR (USA)	Services de Communication
4.8%
4.6%
FULL TRUCK ALLIANCE -SPN ADR ADR (USA)	Industrie	4.3%
Total	57.2%