THE CARMIGNAC CREDIT EXPERTISE
The credit universe offers a broad range of opportunities across its different segments. Capturing their full potential requires both specialist knowledge and a flexible investment approach. Strengthen your credit allocation with Carmignac’s proven track record and long-standing expertise.
Credit markets, made up primarily of bonds issued by companies to raise capital and support their growth, are far broader than they may appear. As one of the few asset classes capable of delivering attractive long-term returns with a degree of visibility, credit can play a valuable role in investors’ portfolios, provided the right approach is taken. Discover Carmignac's recognised expertise in navigating credit markets.
A proven, Gold-rated expertise
Drawing on more than 37 years of fixed income expertise, Carmignac has steadily expanded and refined its credit capabilities over time. Drawing on deep experience, our credit Fund Managers have demonstrated their ability to create value across diverse market conditions.
Gold
Carmignac is ranked Gold in Citywire’s “Bonds – Euro Corporates” category for its risk-adjusted rolling performance across the whole category over the period from 30 June 2019 to 30 June 2026*.
*The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Source & Copyright: Citywire. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2026. All rights reserved. For more information on the methodology, please visit.
€17bn
of assets under management invested in credit across Carmignac portfolios**.
**Including non-sovereign debt securities, across all Carmignac portfolios, as at 30/06/2026.
20 years
of average investment experience across the various segments of the asset class (including corporate credit, structured credit and special situations) within our dedicated investment team.
Access the entire credit spectrum for maximum flexibility
Credit markets offer a wealth of opportunities, provided you have a rigorous approach to identifying the most promising ones and the flexibility to seize them. At Carmignac, our experts draw on fundamental analysis and in-depth knowledge of each segment to build a diversified portfolio with an attractive risk-return profile. Their approach is built on three key pillars:
Global approach
A broad investment universe to build diversified portfolios across developed and emerging markets, investment grade and high yield securities, structured credit and beyond.
Flexible management
A high-conviction investment philosophy that allows Fund Managers to adjust their credit market exposure and select or avoid specific sectors and issuers based on their attractiveness.
Highly selective investment process
A rigorous security selection process combining in-depth issuer analysis with a thorough assessment of default risk: only a small fraction of the companies we analyse ultimately qualify for inclusion in the portfolio.
Carmignac Portfolio Credit
A flexible strategy designed to capture the many performance drivers available in credit markets, regardless of market conditions.
Carmignac Portfolio Credit has demonstrated the relevance of its investment process across market cycles, in both rising and falling interest-rate and credit-spread environments. This consistency has enabled the Fund to outperform its reference indicator¹ every year since launch.
+46.1%
Cumulative net performance since the share class launch in 20192, compared with +8.0% for its reference indicator1.
+5.7%
Annualised performance since the share class launch in 20192, compared with +1.1% for its reference indicator1.
AAA
Pierre Verlé and Alexandre Deneuville, co-managers of the Fund, hold a Citywire AAA rating based on their rolling three-year risk-adjusted performance across all the funds they manage3.
Source : Carmignac, 30/06/2026. F USD Acc Hedged share class. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Information on the Fund’s main risks and historical performance can be found at the bottom of the page.
1Reference Indicator: 75% ICE BofA Euro Corporate index + 25% ICE BofA Euro High Yield index. Quarterly rebalanced.
2Share class inception date: 16/08/2019.
3Source and Copyright: Citywire. Pierre Verlé and Alexandre Deneuville are AAA rated by Citywire for their rolling three-year risk-adjusted performance across all funds they are managing to the 31st of July 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2026. All rights reserved.
OUR LATEST ARTICLES
Strategies insights • July 15, 2026 • English
Carmignac P. Credit: Letter from the Fund Managers - Q2 2026
3 minute(s) read
Awards • December 11, 2025 • English
Carmignac named Fixed Income Fund Manager of the Year at the Funds Europe Awards 2025
2 minute(s) read
Strategies insights • October 15, 2025 • English
Carmignac P. Credit: Letter from the Fund Managers - Q3 2025
3 minute(s) read
Carmignac Portfolio Credit A USD Acc Hdg
ISIN: LU1623763064
- Recommended minimum investment horizon
- 3 years
- Risk indicator*
- 2/7
- SFDR - Fund Classification**
- Article 6
* **
Main risks of the fund
Credit: Credit risk is the risk that the issuer may default.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.
FOR PROFESSIONAL CLIENTS ONLY
This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638.
This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (“DFSA”). It must not be relied upon by, or distributed to, Retail Clients or any other person.
The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278. Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s).
This document is provided for information purposes only. It does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any financial instrument or fund interest. Any investment decision should be made solely on the basis of the applicable legal offering documents, including the prospectus and, where applicable, the key information document, and after obtaining independent professional advice as appropriate. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.
Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. Prospective investors should read the fund's prospectus/KID and consult their own advisers before making any investment decision. Investors may lose some or all their capital, as the capital in the funds is not guaranteed.
Investment in the fund(s) involves risk, including possible loss of capital. The value of investments and income may go down as well as up, and investors may not recover the amount originally invested. Past performance is not a reliable indicator of future results. 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. Any target, forecast, projection or forward-looking statement is based on assumptions and is not a guarantee of future performance or return.
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 UCITS or the manager.
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.
Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (“SFDR”) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance.
The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights at section 5 entitled "summary of investor rights" at the following link: https://www.carmignac.com/en-ae/regulatory-information
This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638.
This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (“DFSA”). It must not be relied upon by, or distributed to, Retail Clients or any other person.
The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278. Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s).
This document is provided for information purposes only. It does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any financial instrument or fund interest. Any investment decision should be made solely on the basis of the applicable legal offering documents, including the prospectus and, where applicable, the key information document, and after obtaining independent professional advice as appropriate. The information contained in this material may be partial information and may be modified without prior notice. They are expressed as of the date of writing and are derived from proprietary and non-proprietary sources deemed by Carmignac to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Carmignac, its officers, employees or agents.
Access to the Funds may be subject to restrictions regarding certain persons or countries. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the material or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not access this material. Taxation depends on the situation of the individual. The Funds are not registered for retail distribution in Asia, in Japan, in North America, nor are they registered in South America. Carmignac Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Funds have not been registered under the US Securities Act of 1933. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a «U.S. person», according to the definition of the US Regulation S and FATCA. The risks, fees and ongoing charges are described in the KID (Key Information Document). The KID must be made available to the subscriber prior to subscription. Prospective investors should read the fund's prospectus/KID and consult their own advisers before making any investment decision. Investors may lose some or all their capital, as the capital in the funds is not guaranteed.
Investment in the fund(s) involves risk, including possible loss of capital. The value of investments and income may go down as well as up, and investors may not recover the amount originally invested. Past performance is not a reliable indicator of future results. 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. Any target, forecast, projection or forward-looking statement is based on assumptions and is not a guarantee of future performance or return.
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 UCITS or the manager.
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.
Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (“SFDR”) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance.
The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights at section 5 entitled "summary of investor rights" at the following link: https://www.carmignac.com/en-ae/regulatory-information