Share Class
LU0807690085
A global, flexible and macroeconomic approach to fixed income markets
- A global investment universe to identify and capitalise on macroeconomic trends across the globe.
- Access to a wide range of performance drivers available in developed and emerging markets.
- A dynamic and flexible approach to adapt to different market cycles.
Key documents
Asset Allocation
Bonds88.4 %
Other11.6 %
Data as of: 28 Nov 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 45.6 %
+ 37.4 %
+ 7.4 %
+ 8.9 %
+ 2.2 %
To 08/01/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
+ 10.3 %
+ 1.0 %
- 1.2 %
+ 11.1 %
+ 6.0 %
+ 0.8 %
- 4.2 %
+ 4.6 %
+ 3.2 %
+ 1.8 %
Net Asset Value
145.60 $
Asset Under Management
592 M €
Modified Duration
28/11/2025
3.5
SFDR - Fund Classification
Article
8
Data as of: 28 Nov 2025.
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.
Carmignac Portfolio Global Bond 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] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
Performance commentary
- Over the month, the fund delivered a negative performance, outperforming its reference indicator.
- Regarding interest rate strategies, in a context of broadly rising yields, the portfolio benefited from its short positions in French, Japanese and US rates, while long positions in German rates weighed on performance. In emerging markets, the portfolio also benefited from its exposure to Eastern European countries as well as South Africa.
- Our credit exposure contributed positively, driven by our selection of hard-currency emerging market debt, while corporate bonds were broadly neutral.
- Finally, our currency strategies detracted from performance during the month, mainly due to our long positions in the Japanese yen, the US dollar and the Brazilian real.
Outlook strategy
- In a context of persistent uncertainty, characterized by end-of-cycle valuations, ongoing trade tensions, fiscal stimulus in major economies and monetary policies expected to remain accommodative, we maintain a moderate modified duration of around 3.1, mainly concentrated in emerging market debt, while remaining cautious on core rates.
- Regarding interest rates, we remain short on US rates and long on breakeven inflation, as market expectations for rate cuts appear overly optimistic while the economy remains resilient and inflation stays above target. In Europe, we are buyers at the short end, as the market no longer prices further cuts, and remain short on France due to political and budgetary risks. We initiated a short position on UK rates amid concerns over budget slippage and maintain our short stance on Japanese rates, where inflation is rising alongside significant fiscal stimulus. Finally, we remain selective on local emerging market rates, which continue to offer attractive real yields, particularly in Brazil and parts of Eastern Europe.
- In spread product, we maintain significant exposure, particularly to hard-currency emerging market debt that should continue to benefit from strong carry, improving fundamentals with rating upgrades, moderating inflation, capital flows and Fed easing. However, given tight valuations, we stay cautious and maintain high protection via iTraxx Xover to hedge potential spread widening.
- On currencies, we maintain a limited USD exposure, reflecting the Fed’s easing bias. Our selection includes Latin American currencies (Brazilian real, Mexican and Chilean pesos) and commodity-linked currencies (Australian dollar, Norwegian krone). We also maintain a long position in the Japanese yen, as the Bank of Japan is expected to continue its monetary normalisation amid inflationary pressures.
Performance Overview
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).
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 Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: 28 Nov 2025.| Bonds | 88.4 % |
| Cash, Cash Equivalents and Derivatives Operations | 11 % |
| Equities | 0.6 % |
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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 Duration3.5
Yield to Maturity5.2 %
Average Coupon5.0 %
Number of Issuers86
Number of Bonds111
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 Manager.
Fund Management Team
The flexibility of our investment process allows us to take advantage of all performance drivers offered by the fixed income universe, and thus to build a diversified portfolio based on solid convictions.
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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.
Market environment