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Fixed income strategies

Carmignac Portfolio Credit

Global marketArticle 6
Share Class

LU1932489690

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
Monthly FactsheetKID
Asset Allocation
Bonds95.4 %
Other4.6 %
Data as of:  28 Nov 2025.
Risk Indicator

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2

3

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 56.3 %
-
+ 16.0 %
+ 29.0 %
+ 7.5 %
From 31/12/2018
To 08/01/2026
Calendar Year Performance 2025
-
-
-
+ 20.9 %
+ 10.8 %
+ 3.4 %
- 12.7 %
+ 10.9 %
+ 8.6 %
+ 7.0 %
Net Asset Value
156.28 €
Asset Under Management
2 634 M €
Yield to Maturity28/11/2025
5.6 %
SFDR - Fund Classification

Article

6
Data as of:  8 Jan 2026.
​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.
Fixed income strategiesCarmignac Portfolio Credit
Fixed income strategiesCarmignac Portfolio Credit
Share Class

LU1932489690

Overview

Characteristics & Risks

Performance

Portfolio

Documents

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:  31 Dec 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 31 October 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre DENEUVILLE

Fund Manager
Source and Copyright: Citywire. Alexandre DENEUVILLE is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 October 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

  • Economic activity seems well-oriented in the United States, with the US GDP rising at a robust annualized rate of 4.3% in the third quarter of 2025, surpassing the consensus which was at 3.3%. The labor market also sent positive signals with weekly unemployment claims falling to their lowest level in three years.
  • In the euro area, the trend was also positive with leading indicators remaining in expansion territory, while overall inflation slightly accelerated above expectations to +2.2% year-on-year.
  • The US Federal Reserve proceeded with a third rate cut at its December meeting with a much less accommodative tone, with members of the Federal Reserve appearing increasingly divided on the roadmap for 2026, given the persistence of inflation and the strong economic momentum.
  • The ECB, on the other hand, maintained the status quo on its monetary policy given the inflation and growth objectives for the coming years, which have been revised upwards.
  • The Bank of Japan raised its key rate to 0.75% against 0.5% previously, the highest level in thirty years, causing a significant increase in Japanese long-term rates of +26 basis points over the month.
  • Credit markets benefited from increased risk appetite in December, with credit spreads tightening to their lowest levels since early 2022. The Itraxx Xover index slightly tightened by -11 basis points to 246 basis points. On the other hand, rates were trending upwards, with the German 10-year yield up +17 basis points and its US counterpart up +15 basis points.

Performance commentary

  • The Fund posted a positive absolute performance in December while its reference indicator delivered a negative performance amid an upward trend on euro rates.
  • Our rigorous security selection, focused on defensive carry strategies, allows us to continuously outperform credit markets month after month.
  • We continue to reinvest the proceeds of inflows in the primary market, which offers compelling opportunities.
  • Finally, we maintain an exposure of approximately 6% of the fund's net assets to structured credit (CLOs), which have been performing steadily.

Outlook strategy

  • We continue to focus on our core investment themes through a selection of high-yield bonds, including in the energy sector, financial debt and structured credit.
  • Given the current level of valuations in credit markets, we are maintaining a high level of credit index coverage, which now accounts for approximately 15% of the Fund's net assets.
  • After years of weakness due to abundant liquidity and low capital costs, default rates are expected to return to levels close to historical averages, which we believe should create idiosyncratic opportunities.
  • Finally, the portfolio's high carry (around 5.7%) and apparent dispersion within the credit spectrum should mitigate short-term volatility and help generate medium to long-term performance.

Performance Overview

Data as of:  8 Jan 2026.
View Performance in detail
​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 09/01/2026

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  28 Nov 2025.
Bonds95.4 %
Cash, Cash Equivalents and Derivatives Operations2.3 %
Equities2.3 %
Credit Default Swap-15.1 %
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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:  28 Nov 2025.
Modified Duration3.8
Yield to Maturity5.6 %
Average Coupon5.5 %
Number of Issuers279
Number of Bonds431
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.
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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 31 October 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre DENEUVILLE

Fund Manager
Source and Copyright: Citywire. Alexandre DENEUVILLE is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 31 October 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 31 October 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

Articles that may interest you

Find out more
Strategies insights • 15 October 2025 • English

Carmignac P. Credit: Letter from the Fund Managers - Q3 2025

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Strategies insights • 16 July 2025 • English

Has the moment for credit passed?

3 minute(s) read
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All analysis
View characteristics and risks
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.