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.
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.
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.
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.
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:
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.
*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.
Carmignac Credit 2027 | 1.7 | 12.8 | 7.2 | 2.9 |
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: -
*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.
Carmignac Portfolio Credit | 1.8 | 1.7 | 20.9 | 10.4 | 3.0 | -13.0 | 10.6 | 8.2 | 6.1 |
Reference Indicator | 1.1 | -1.7 | 7.5 | 2.8 | 0.1 | -13.3 | 9.0 | 5.7 | 3.2 |
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.