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Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment
-In Europe, signs of improvement appear to be materializing, with leading indicators pointing to economic expansion in August thanks to a rebound in manufacturing activity.
-In France, the announcement of a confidence vote and the risk of the government falling if no agreement is reached on the proposed budget austerity plan for the 2026 fiscal year have led to a bearish trend on French sovereign debt, whose yield is now close to that of Italian sovereign debt.
-As a result, yield curves steepened on both sides of the Atlantic during the month. In the United States, the movement was pronounced, with the 2-year rate falling by -34 basis points, compared with -14 basis points for the 10-year rate, while in the eurozone, the market reacted to improved growth prospects, resulting in a modest movement in German rates of -2 basis points on the 2-year rate and +3 basis points on the 10-year rate.