Share Class
LU0807689665
A flexible solution aiming to capture bond opportunities globally
- A conviction-driven Fund aiming to seize global bond markets opportunities while systematically hedging the currency risk.
- An investment process based on a top-down asset allocation and a bottom-up implementation of interest rate and credit strategies.
- A flexible and non-benchmarked philosophy to navigate through diverse market environments, across the world.
Key documents
Asset Allocation
Bonds66.6 %
Other33.4 %
Data as of: May 30, 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
+ 15.8 %
+ 7.5 %
+ 5.7 %
+ 13.9 %
+ 4.0 %
To 02/07/2025
Calendar Year Performance 2015Calendar 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 2024
- 1.4 %
- 0.6 %
+ 1.2 %
- 3.9 %
+ 4.5 %
+ 8.8 %
- 0.2 %
- 8.4 %
+ 2.4 %
+ 2.9 %
Net Asset Value
1157.66 CHF
Asset Under Management
2 196 M €
Modified Duration
30/05/2025
-1.0
SFDR - Fund Classification
Article
8
Data as of: May 30, 2025.
Data as of: Jul 2, 2025.
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 Flexible 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: May 30, 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)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Performance commentary
- In an environment marked by rising interest rates and tighter credit margins, the fund delivered positive absolute and relative performance.- Our carry strategies were the main contributors to the fund's performance, particularly our allocation to subordinated financial bonds and high-yield credit.
- Our dynamic management of the portfolio's modified duration, between [-2.9; 0.3], also helped to absorb the headwinds in the fixed income markets.
- We maintained a cautious approach to credit, retaining our credit index CDS, while credit spreads returned to pre-Liberation Day valuation levels.
Outlook strategy
- The current environment presents many uncertainties stemming from the Trump administration's decisions, which could result in further volatility in risky assets.- The market appears pessimistic about the economic outlook for developed countries, thereby pricing in optimistic rate cut expectations on both sides of the Atlantic.
- Disinflationary momentum appears less robust on both sides of the Atlantic, while the market continues to price in a return of inflation below central bank targets on a lasting basis.
- Based on these observations, we are adopting a low level of modified duration while maintaining a strong appetite for inflation products.
Performance Overview
Data as of: Jul 2, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ : © 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 04/07/2025
Carmignac Portfolio Flexible Bond Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: May 30, 2025.| Bonds | 66.6 % |
| Money Market | 22.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.6 % |
| Equities | 0.3 % |
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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: May 30, 2025.Modified Duration-1.0
Yield to Maturity4.1 %
Average Coupon3.3 %
Number of Issuers158
Number of Bonds201
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
Eliezer and myself are managing this strategy with the objective to offer investors a flexible and diversified investment solution investing across fixed income markets, while hedging the currency risk.
Related articles
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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.
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment