Fixed income strategies

Carmignac Portfolio Credit

Global marketArticle 6
Share Class

LU1623762843

Access the entire credit spectrum for maximum flexibility
  • Conviction-driven and opportunistic strategies on global credit markets.
  • Non-benchmarked approach with high selectivity for a rigorous portfolio allocation.
  • In search for optimal risk/return profile over the credit cycle.
Key documents
Asset Allocation
Bonds95.1 %
Other4.9 %
Data as of:  31 Jul 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 55.7 %
-
+ 19.1 %
+ 25.0 %
+ 6.6 %
From 31/07/2017
To 05/09/2025
Calendar Year Performance 2024
-
-
+ 1.8 %
+ 1.7 %
+ 20.9 %
+ 10.4 %
+ 3.0 %
- 13.0 %
+ 10.6 %
+ 8.2 %
Net Asset Value
155.75 €
Asset Under Management
2 209 M €
Yield to Maturity31/07/2025
6.0 %
SFDR - Fund Classification

Article

6
Data as of:  5 Sep 2025.
​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.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.

Carmignac Portfolio Credit 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:  29 Aug 2025.
Fund management team
[Management Team] [Author] Verle Pierre

Pierre Verlé

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre Verlé is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 June 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. 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.

Market environment

-US data sent mixed signals, with job creation figures disappointing the market in July, as well as significant downward revisions to job creation in the previous two months. At the same time, consumer and producer price data accelerated more than expected, while second-quarter GDP was revised upward to +3.3%.-Jerome Powell's dovish tone at Jackson Hole emphasized the growing risks to the labor market and reinforced expectations of a rate cut in September, tempering the Federal Reserve's meeting minutes, which highlighted the risk of rising inflation.
-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.

Performance commentary

• The Fund delivered a positive performance in August, also outperforming its benchmark.• Our rigorous stock selection proved particularly effective, with a positive contribution from our investments in special situations.
• We continue to redeploy subscription proceeds in the primary market, which offers relevant opportunities.
• Finally, we are maintaining exposure of around 9% of the Fund's net assets to the collateralized loan obligation (CLO) segment, which is performing steadily.

Outlook strategy

• We continue to focus on our core investment themes through a selection of high-yield bonds, energy, financials, and our CLO selection.• Given the current valuation level of credit markets, we maintain a high level of market hedging, which now accounts for 16.8% of the Fund's net assets.
• After years of weakness due to abundant liquidity and low cost of capital, default rates are expected to return to more normal levels, which we see as a catalyst for creating real idiosyncratic opportunities.
• Finally, the portfolio's high carry (approximately 5.9%) and attractive credit valuations should mitigate short-term volatility and help generate medium- and long-term performance.

Performance Overview

Data as of:  5 Sep 2025.
​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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/09/2025

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  31 Jul 2025.
Bonds95.1 %
Equities2.7 %
Cash, Cash Equivalents and Derivatives Operations2.2 %
Credit Default Swap-17.8 %
View details

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and bond positioning.

Exposure Data

Data as of:  31 Jul 2025.
Modified Duration3.7
Yield to Maturity6.0 %
Average Coupon5.7 %
Number of Issuers266
Number of Bonds377
Average RatingBBB-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Verle Pierre

Pierre Verlé

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre Verlé is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 June 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. 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.
The Fund has access to the entire credit universe, allowing us to explore the potential of multiple liquid credit instruments across the world, from the most to the least risky, and thus find opportunities in different market conditions.
[Management Team] [Author] Verle Pierre

Pierre Verlé

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre Verlé is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 June 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. 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.
View Fund's characteristics

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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.
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.