# 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
60
40
04/21
06/21
09/21
12/21
03/22
06/22
-48.8%
09/22
(CET/CEST)
Fund Inception Date: 31/12/2019
Date of 1st NAV: 16/03/2021
Carmignac China New Economy F EUR Acc	Reference Indicator
CUMULATIVE AND ANNUALIZED PERFORMANCE (as of 30/09/2022 - Net of fees)
Annualised
Base Currency: EUR
Fund AUM: 82M€ / 80M$ (1) Share class AUM: 8.4M€ NAV: 51.23€
Morningstar Category™: Greater China Equity
|  | Since | 1 | 1 | Since |  | Since |
| --- | --- | --- | --- | --- | --- | --- |
| 31/12/2021 | Month | Year | 16/03/2021 |  | 16/03/2021 |
| F EUR Acc | -19.4 | -14.2 | -33.2 | -48.8 |  | -35.1 |
| Reference Indicator | -20.2 | -12.3 | -23.6 | -36.3 |  | -25.3 |
| Category Average | -22.9 | -10.2 | -23.0 | -26.2 |  | -17.9 |
| Ranking (Quartile) | 1 | 4 | 4 | 4 |  | 4 |

	Cumulative Performance (%)	
Source: Morningstar for the category average and quartiles.
  Performance (%)	

## FUND MANAGER(S)
Haiyan Li-Labbé since 01/01/2020

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

## MONTHLY GROSS PERFORMANCE
| STATISTICS (%) |  |  | CONTRIBUTION |  |
| --- | --- | --- | --- | --- |
|  | 1 Year |  | Equity Portfolio | -12.0% |
| Fund Volatility | 29.0 |  | Equity Derivatives | -0.8% |
| Indicator Volatility | 23.4 |  | Currency Derivatives | -1.3% |
| Sharpe Ratio | -1.1 |  | Total | -14.1% |
| Beta | 1.0 |  |  |  |
| Alpha | -0.1 |  |  |  |
| Calculation : Weekly basis |  |  |  |  |

* For the share class Carmignac China New Economy F EUR Acc. Risk Scale from the KIID (Key Investor Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. (1) Exchange Rate EUR/USD as of 30/09/2022.
| ASSET ALLOCATION BY LISTING PLACE |  |  | SECTOR BREAKDOWN |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
| Equities | 94.1% |  | Consumer Discretionary |  |  | 48.5% |
| Emerging Markets | 94.1% |  | Industrials |  | 21.1% |  |

Asia	94.1%
ADR (USA)	40.7%
Hong Kong (H-Share)	25.8%
Shanghai & Shenzhen (A-Share)	26.8%
Taiwan Stock Exch	0.8%
Cash, Cash Equivalents and Derivatives Operations	5.9%
Rebased weights
Information Technology
Healthcare Materials Real Estate Financials

## CAPITALISATION BREAKDOWN
Large (>10000 MEUR)
39.4%

## NET CURRENCY EXPOSURE OF THE FUND
US Dollar
51.4%
Mid (2000 - 10000 MEUR)
26.7%
Hong Kong Dollar
50.8%
Rebased weights
Small (<2000 MEUR)
33.9%
Renminbi (Yuan)
Euro
New Taiwan Dollar
Look through currency exposure, based on the home market of the foreign company.
| TOP TEN |  |  |  |  | GEOGRAPHIC BREAKDOWN |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| Name | Listing place | Sector | % |  |  | China |  | 99.2% |
| MINISO GROUP | ADR (USA) | Consumer Discretionary | 6.2% |  |  | Taiwan | 0.8% |  |

| NEW ORIENTAL EDUCATION & | ADR (USA) | Consumer Discretionary | 5.1% |
| --- | --- | --- | --- |
| TEC |  |  |  |
| ALIBABA GROUP HOLDING | ADR (USA) | Consumer Discretionary | 5.1% |
| CHINDATA GROUP HOLDINGS- ADR | ADR (USA) | Information Technology | 4.6% |
| MIDEA GROUP CO LTD | Shanghai & Shenzhen Share) | (A-Consumer Discretionary | 4.2% |
| HELENS INTERNATIONAL | Hong Kong (H-Share) | Consumer Discretionary | 4.2% |
| FULL TRUCK ALLIANCE -SPN ADR | ADR (USA) | Industrials | 4.1% |
| RIANLON CORP | Shanghai & Shenzhen Share) | (A-Materials | 4.1% |
| ACM RESEARCH INC | ADR (USA) | Information Technology | 4.0% |
| SANY HEAVY IND A (HK-C) | Shanghai & Shenzhen Share) | (A-Industrials | 3.4% |
| Total |  |  | 45.0% |

Rebased weights

Translation (ENIT, 2022-09-30):
# PROFILO
Classificazione SFDR: Articolo 8
Domiciliazione: Francia
Destinazione dei proventi: Capitalizzazione
Tipo di Fondo: FIA
Forma giuridica: FCP
Chiusura dell'esercizio: 31/12
Sottoscrizione/Rimborso: Giorno lavorativo
Termine ultimo accettazione ordini: entro le ore 18:00 (CET/CEST)
Data di lancio del Fondo: 31/12/2019
Data primo NAV: 16/03/2021
60
40
04/21
06/21
09/21
12/21
03/22
06/22
-48.8%
09/22
Valuta di quotazione: EUR
Patrimonio Gestito del Fondo: 82M€ / 80M$ (1)
Patrimonio Gestito del Fondo: 8.4M€
Carmignac China New Economy F EUR Acc	Indice di riferimento
PERFORMANCE CUMULATE E ANNUALIZZATE (al 30/09/2022 - al netto delle commissioni)
Performance
	Rendimenti cumulati (%)		annualizzate (%)
NAV: 51.23€
Categorie Morningstar™: Greater China Equity
GESTORE DEL FONDO
Haiyan Li-Labbé dal 01/01/2020
|  | Dal 31/12/2021 | 1 Mese | 1 anno | Dal 16/03/2021 |  | Dal 16/03/2021 | INDICE DI RIFERIMENTO |
| --- | --- | --- | --- | --- | --- | --- | --- |
| F EUR Acc | -19.4 | -14.2 | -33.2 | -48.8 |  | -35.1 | MSCI China Index (USD, Net dividends |
| Indice di riferimento | -20.2 | -12.3 | -23.6 | -36.3 |  | -25.3 | reinvested). |
| Media della categoria | -22.9 | -10.2 | -23.0 | -26.2 |  | -17.9 |  |
| Classificazione (quartile) | 1 | 4 | 4 | 4 |  | 4 |  |

Fonte: Morningstar, per la media di categoria e per i quartile.
CONTRIBUTO ALLA PERFORMANCE LORDA
| STATISTICHE (%) |  |  | MENSILE |  |
| --- | --- | --- | --- | --- |
|  | 1 anno |  | Portafoglio azionario | -12.0% |
| Volatilite del fondo | 29.0 |  | Derivati Azioni | -0.8% |
| Volatilite dell'indicatore | 23.4 |  | Derivati Valute | -1.3% |
| Ratio di Sharpe | -1.1 |  | Totale | -14.1% |
| Beta | 1.0 |  |  |  |
| Alfa | -0.1 |  |  |  |
| Calcolo: base mensile |  |  |  |  |

* Per Carmignac China New Economy F EUR Acc. Scala di Rischio del KIID (Informazioni chiave per gli investitori). Il rischio 1 non significa che l'investimento sia privo di rischio. Questo indicatore può evolvere nel tempo. (1) Tasso di cambio EUR/USD al 30/09/2022.
| ASSET ALLOCATION PER MERCATO DI QUOTAZIONE |  |  | RIPARTIZIONE PER SETTORE |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |
| Azioni | 94.1% |  | Beni voluttuari |  |  | 48.5% |
| Paesi emergenti | 94.1% |  | Industria |  | 21.1% |  |

Asia	94.1%
ADR (USA)	40.7%
Hong Kong (H-Share)	25.8%
Shanghai & Shenzhen (A-Share)	26.8%
Taiwan Stock Exch	0.8%
Liquidità, impieghi di tesoreria e operazioni su derivati	5.9%
Peso ribasato
Settore IT Healthcare Materiali
Investimento immobiliare
Finanza
RIPARTIZIONE PER CAPITALIZZAZIONE
Grandi (>10000 MEUR)
39.4%
ESPOSIZIONE NETTA DEL FONDO PER VALUTA
USD
51.4%
Medie (2000 - 10000 MEUR)
26.7%
HKD
50.8%
Peso ribasato
Piccole (<2000 MEUR)
33.9%
CNY EUR
TWD
Analisi dell'esposizione valutaria in base al mercato nazionale della società estera.
TOP TEN POSIZIONI
Nome	Luogo dell'elenco	Settore	%
| NEW ORIENTAL EDUCATION & | ADR (USA) | Beni voluttuari | 5.1% |
| --- | --- | --- | --- |
| TEC |  |  |  |
| ALIBABA GROUP HOLDING | ADR (USA) | Beni voluttuari | 5.1% |
| CHINDATA GROUP HOLDINGS- ADR | ADR (USA) | Settore IT | 4.6% |
| MIDEA GROUP CO LTD | Shanghai & Shenzhen Share) | (A-Beni voluttuari | 4.2% |
| HELENS INTERNATIONAL | Hong Kong (H-Share) | Beni voluttuari | 4.2% |
| FULL TRUCK ALLIANCE -SPN ADR | ADR (USA) | Industria | 4.1% |
| RIANLON CORP | Shanghai & Shenzhen Share) | (A-Materiali | 4.1% |
| ACM RESEARCH INC | ADR (USA) | Settore IT | 4.0% |
| SANY HEAVY IND A (HK-C) | Shanghai & Shenzhen Share) | (A-Industria | 3.4% |
| Totale |  |  | 45.0% |

MINISO GROUP	ADR (USA)	Beni voluttuari	6.2%
RIPARTIZIONE PER AREA GEOGRAFICA
Cina	99.2%
Taiwan
Peso ribasato