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A new target maturity Fund has joined Carmignac’s Credit range

Launch of Carmignac Credit 2027

Published on
May 10, 2022
Read time
2 minute(s) read

After launching our first target maturity fund invested in credit markets in 2020 and confident that the current environment favours this type of carry strategy, today we are launching its second edition: Carmignac Credit 2027.

Carmignac Credit 2027 in a nutshell

A proven approach to credit markets

A favourable environment

Interest rates have risen over the past several months, accelerating to levels that became attractive in credit markets.

Amidst an uncertain market context, carry could be a well-suited strategy, as it combines diversification through carefully selected bonds, with visibility, through an indication of return ahead of time and a clear maturity date1.

Carmignac Credit 2027 in a nutshell

Managed by Carmignac’s credit market experts, Carmignac Credit 2027 is based on a carry strategy of private and public sector issuers. The Fund targets appreciation of invested capital over a five-year horizon, while giving investors an opportunity for early redemption if the Fund’s internal rate of return hits one of the thresholds mentioned in its prospectus prior to maturity1.

A carry strategy with an early-redemption option

During the third or fourth year, investors may recover their capital prior to maturity if the Fund reaches or exceeds a performance deemed appropriate, as defined in the prospectus1.

A vast investment universe

Carmignac Credit 2027 seeks to capture attractive credit premiums worldwide while hedging against currency risk, with the goal of building up a diversified and selective portfolio based on strong convictions.

Risks that recede over time

In addition to systematic hedging of currency risk, the Fund’s very nature provides for a receding of interest-rate risk as the maturity date approaches.

The Fund presents a risk of loss of capital, the performance is not guaranteed.

Portfolio construction is based on an in-depth analysis of each opportunity researched, including a conservative estimate of the fundamental cost of risk2. This analysis is also used to determine the terms and conditions under which the early-redemption option may be exercised, particularly for calculating the internal rate of return that the Fund must achieve.

The fund has an initial subscription period from 2 May 2022 to 30 June 2022.

A proven approach to credit markets

The Fund benefits from the solid and proven expertise of its management team, which already manages our first target-date fund, Carmignac Credit 2025, which we launched in October 2020, as well as our global credit strategy Carmignac Portfolio Credit, which we launched in July 2017.

These strategies have already proven their potential since their respective launches:

+2.5%
Carmignac Credit 2025 Launched on 30/10/2020 Annualised return by the Fund
+6.2%
Carmignac Portfolio Credit Launched on 31/07/2017 Annualised return by the Fund, vs. 0.87% by its benchmark3
[Management Team] [Author] Verle Pierre

Pierre Verlé

Head of Credit, Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Deneuville Alexandre

Alexandre Deneuville

Fund Manager
[Management Team] [Author] Viros Florian

Florian Viros

Fund Manager

Past performances are not a reliable indicator of future performances.
Source: Carmignac, 01/04/2022. Performances of A EUR Acc. units. They are net of fees (excluding front-end fees, if any, charged by the distributor). Returns may vary either upward or downward, owing to currency fluctuations, on units that are not hedged for currency risk. Any reference to a ranking or price is not a reliable indicator of future rankings or prices of these funds or of the management company. Morningstar category: EUR Flexible Bond. Morningstar Rating™: © 2021 Morningstar, Inc. All rights reserved. Information contained in this document is the property of Morningstar and/or its content providers; it may be neither reproduced nor disseminated. No guarantee is offered as to its reliability, exhaustiveness or relevance. Neither Morningstar nor its content providers assume any liability for damage or losses incurred from the use of said information.

Management team as of 02/05/2022. The management team is subject to change over the life of a fund.
1Please refer to the Fund prospectus for more information on the management objective. Under no circumstances does this objective constitute a guarantee of Fund yield or performance. The Fund’s performance is not guaranteed. The Fund incurs a risk of loss of capital.
2Fundamental risk cost = Estimate of annualised probability of default x Loss in case of default.
3Benchmark: 75% ICE BofA Euro Corporate Index, 25% ICE BofA Euro High Yield Index. Coupons reinvested. Rebalanced quarterly.

Carmignac Credit 2027 A EUR Acc

ISIN: FR00140081Y1
Recommended minimum investment horizon
5 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital.

Fees

ISIN: FR00140081Y1
Entry costs
1.00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1.04% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
There is no performance fee for this product. 
Transaction Cost
0.12% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: FR00140081Y1
Carmignac Credit 20271.712.87.22.9
Carmignac Credit 2027+ 4.0 %+ 8.7 %+ 7.1 %

Source: Carmignac at Sep 30, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

Reference Indicator: -

Carmignac Portfolio Credit A EUR Acc

ISIN: LU1623762843
Recommended minimum investment horizon
3 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 6

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.
Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.
Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital.

Fees

ISIN: LU1623762843
Entry costs
2.00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Management fees and other administrative or operating costs
1.20% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
20.00% when the share class overperforms the Reference indicator during the performance period. It will be payable also in case the share class has overperformed the reference indicator but had a negative performance. Underperformance is clawed back for 5 years. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
Transaction Cost
0.25% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: LU1623762843
Carmignac Portfolio Credit1.81.720.910.43.0-13.010.68.26.1
Reference Indicator1.1-1.77.52.80.1-13.39.05.73.2
Carmignac Portfolio Credit+ 9.3 %+ 3.8 %+ 5.7 %
Reference Indicator+ 6.7 %+ 1.2 %+ 1.5 %

Source: Carmignac at Sep 30, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

Reference Indicator: 75% ICE BofA Euro Corporate index +  25% ICE BofA Euro High Yield index. Quarterly rebalanced.

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All analysis
Source: Carmignac, 02/05/2022. This is a marketing communication. This document may not be reproduced, in whole or in part, without prior authorisation from the management company. This document does not constitute a subscription offer, nor does it constitute investment advice. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Carmignac Credit 2027 is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund is not registered in North America, in South America, in Asia nor is it registered in Japan. The Funds are registered in Singapore as restricted foreign scheme (for professional clients only). The Fund has not been registered under the US Securities Act of 1933. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a “U.S. person”, according to the definition of the US Regulation S and/or FATCA. The Fund presents a risk of loss of capital. The risks and fees are described in the KIID (Key Investor Information Document). The Fund’s prospectus, KIIDs and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIID must be made available to the subscriber prior to subscription. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in English at the following link (paragraph 6): https://www.carmignac.fr/en_GB/article-page/regulatory-information-3863.