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Fixed income strategies

Carmignac Portfolio Credit

Global marketArticle 6
Share Class

LU2020612730

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
Data as of:  31 Dec 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 23.1 %
-
+ 8.4 %
+ 18.3 %
+ 4.1 %
From 16/08/2019
To 09/02/2026
Calendar Year Performance 2025
-
-
-
+ 1.7 %
+ 10.4 %
+ 3.0 %
- 13.1 %
+ 9.0 %
+ 6.2 %
+ 5.0 %
Net Asset Value
123.12 CHF
Asset Under Management
2 857 M €
Yield to Maturity31/12/2025
5.7 %
SFDR - Fund Classification

Article

6
Data as of:  9 Feb 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Fixed income strategiesCarmignac Portfolio Credit
Fixed income strategiesCarmignac Portfolio Credit
Share Class

LU2020612730

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:  30 Jan 2026.
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 November 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 30 November 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

  • January was marked by increased geopolitical tensions, fueling the rebound in commodities. Notable events include the capture of Venezuelan President Nicolás Maduro by the United States, Donald Trump's pressure on Europe regarding Greenland, and the escalation of US-Iranian tensions amid the stalemate in negotiations over Tehran's nuclear program.
  • In the United States, the Federal Reserve maintained its key interest rate at 3.75%, marking a pause in its rate-cutting cycle. Producer prices accelerated more than expected due to the impact of tariffs, while economic activity remained robust with an upward revision of Q3 GDP to 4.4%. Orders for durable goods and industrial orders were strong, and employment data was reassuring.
  • In Europe, inflation surprised slightly on the downside, slowing to 2.0% year-on-year in December. However, the eurozone growth surprised positively with a GDP increase of 0.3% in Q4.
  • In Japan, the announcement of early legislative elections by Prime Minister Sanae Takaichi pushed long-term Japanese rates upwards, notably with the 30-year rate rising by +23bps.
  • In this context, US rates increased, particularly the 10-year rate, which rose by +7bps, while the German 10-year yield remained stable. Credit markets showed resilience despite the deteriorating geopolitical context with a marginal widening of the iTraxx Xover index by 3bps.

Performance commentary

  • The Fund posted a positive absolute and relative performance in January benefiting from the strong behavior of our main convictions.
  • During the month we have increased our protection on Itraxx Xover index which amount for -16.8% as end of the month while the net high yield exposure (including credit default swaps) is now well below 20% threshold.
  • On the other hand, we have redeployed the net proceed coming from inflows in the fund into some defensive subordinated instruments notably financial Tier 2 issue or corporate hybrid securities.
  • 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 17% 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 5.5%) 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:  9 Feb 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).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 10/02/2026

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  31 Dec 2025.
Bonds130.9 %
Cash, Cash Equivalents and Derivatives Operations7 %
Equities2.3 %
Credit Default Swap-15.5 %
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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:  31 Dec 2025.
Modified Duration3.5
Yield to Maturity5.7 %
Average Coupon5.4 %
Number of Issuers271
Number of Bonds422
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 30 November 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 30 November 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 November 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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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.