THE CARMIGNAC CREDIT EXPERTISE

Complementary strategies for investing in credit markets

The credit universe offers a broad range of opportunities across its different segments. Capturing their full potential requires both specialist knowledge and a flexible investment approach. Strengthen your credit allocation with Carmignac’s proven track record and long-standing expertise.

Credit markets, made up primarily of bonds issued by companies to raise capital and support their growth, are far broader than they may appear. As one of the few asset classes capable of delivering attractive long-term returns with a degree of visibility, credit can play a valuable role in investors’ portfolios, provided the right approach is taken. Discover Carmignac's recognised expertise in navigating credit markets.

A proven, Gold-rated expertise

Drawing on more than 37 years of fixed income expertise, Carmignac has steadily expanded and refined its credit capabilities over time. Drawing on deep experience, our credit Fund Managers have demonstrated their ability to create value across diverse market conditions.

*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. Performances are net of fees (excluding possible entrance fees charged by the distributor). Source & Copyright: Citywire. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2026. All rights reserved. For more information on the methodology, please visit.

**Including non-sovereign debt securities, across all Carmignac portfolios, as at 30/06/2026.

Gold

Carmignac is ranked Gold in Citywire’s “Bonds – Euro Corporates” category for its risk-adjusted rolling performance across the whole category over the period from 30 June 2019 to 30 June 2026*.

€17bn

of assets under management invested in credit across Carmignac portfolios**.

**Including non-sovereign debt securities, across all Carmignac portfolios, as at 30/06/2026.

20 years

of average investment experience across the various segments of the asset class (including corporate credit, structured credit and special situations) within our dedicated investment team.

Access the entire credit spectrum for maximum flexibility

Credit markets offer a wealth of opportunities, provided you have a rigorous approach to identifying the most promising ones and the flexibility to seize them. At Carmignac, our experts draw on fundamental analysis and in-depth knowledge of each segment to build a diversified portfolio with an attractive risk-return profile. Their approach is built on three key pillars:

Global approach

A broad investment universe to build diversified portfolios across developed and emerging markets, investment grade and high-yield securities, structured credit and beyond.

Flexible management

A high-conviction investment philosophy that allows Fund Managers to adjust their credit market exposure and select or avoid specific sectors and issuers according to their attractiveness.

Highly selective investment process

A rigorous security selection process combining in-depth issuer analysis with a thorough assessment of default risk: only a small fraction of the companies we analyse ultimately qualify for inclusion in the portfolio.

This flexible and selective approach to credit markets is available through two complementary dedicated strategies:

Carmignac Portfolio Credit

A flexible strategy designed to capture the many performance drivers available in credit markets, regardless of market conditions.

Discover more

Target maturity fixed income Funds

A carry strategy designed to provide visibility through a performance objective over a predefined horizon, while anticipating a gradual reduction in risk as maturity approaches.

Discover more

Carmignac Portfolio Credit

A flexible strategy designed to capture the many performance drivers available in credit markets, regardless of market conditions.

Discover the Fund’s key features and benefits from the perspective of its Fund Managers:

Carmignac Portfolio Credit has demonstrated the relevance of its investment process across market cycles, in both rising and falling interest-rate and credit-spread environments. This consistency has enabled the Fund to outperform its reference indicator¹ every year since launch.

+59,8

Cumulative net performance of the Fund since its launch in 2017², compared with +15.3% for its reference indicator¹.

+5.4%

Annualised performance of the Fund since its launch in 2017², compared with +1.6% for its reference indicator¹.

1st percentile

The Fund ranks in the 1st percentile of its Morningstar category³, as well as the EUR Corporate Bond and EUR High Yield Bond categories, for performance since its launch².

Source: Carmignac, 30/06/2026. A EUR Acc share class. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Information on the Fund’s main risks and historical performance can be found at the bottom of the page.

Visit the Fund page

Target maturity fixed income funds

A carry strategy designed to provide visibility through a performance objective over a predefined horizon, while anticipating a gradual reduction in risk as maturity approaches.

Discover the key features of Carmignac’s established franchise:

Our target maturity fixed income Funds implement a carry strategy – i.e. holding securities in the portfolio until a date close to their maturity – across global credit markets.

Thanks to a performance objective or target performance indication, a predefined maturity date, and a rigorous and diversified selection of issuers, our target maturity fixed income Funds provide investors with greater visibility over their investment.

The very nature of these Funds also makes it possible to anticipate a gradual reduction in interest rate and credit risks as the maturity date approaches.

Carmignac Credit 2031

ISIN code: FR001400U4S3
Maturity date: 31/10/2031
Risk scale⁴: 2
SFDR classification⁵: Article 8
Minimum average rating: BBB-
Investment grade allocation: max. 100%
High-yield allocation: max. 50%
Emerging markets allocation: max. 30%
Structured credit: max. 40%
Yield to Maturity (EUR)⁶: 5.0%

Visit the Fund page

Carmignac Credit 2029

ISIN code: FR001400KAV4
Maturity date: 28/02/2029
Risk scale⁴: 2
SFDR classification⁵: Article 8
Minimum average rating: BBB-
Investment grade allocation: max. 100%
High-yield allocation: max. 50%
Emerging markets allocation: max. 30%
Structured credit: max. 40%
Yield to Maturity (EUR)⁶: 4.6%

Visit the Fund page

Carmignac Credit 2027

ISIN code: FR00140081Y1
Maturity date: 30/06/2027*
Risk scale⁴: 2
SFDR classification⁵: Article 8
Average rating: N/A
Investment grade allocation: max. 100%
High-yield allocation: max. 100%
Emerging markets allocation: max. 40%
Structured credit: max. 40%
Yield to Maturity (EUR)⁶: 4.1%

Visit the Fund page

Source: Carmignac, 30/06/2026. Data for A EUR Acc shares.
Please refer to the Funds’ prospectuses for further information on their investment objectives. These objectives do not in any way constitute a promise of return or performance by the Funds, and performance is not guaranteed. The Funds are subject to a risk of capital loss.

¹Reference Indicator: 75% ICE BofA Euro Corporate index + 25% ICE BofA Euro High Yield index. Quarterly rebalanced.
²Fund launch date: 31/07/2017.
³Morningstar category: EUR Flexible Bond.
⁴SRI from the KID (Key Information Document): scale from 1 (lowest risk) to 7 (highest risk); category-1 risk does not mean a risk-free investment. This indicator may change over time.
⁵SFDR (Sustainable Finance Disclosure Regulation) 2019/2088. The SFDR classification of the Funds may change over time.
⁶Yield to Maturity (EUR): The Yield to Maturity (EUR) is the estimated annual rate of return in EUR expected on a bond if held until maturity and assuming that the bond issuer does not default and all payments are made as scheduled. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not consider fees and expenses of the Fund. The portfolio’s YTM (EUR) is the weighted average individual bonds holdings' YTMs (EUR) within the portfolio. It is not a reliable indicator of future performances.

*During the third or fourth year, investors may be able to redeem their capital before maturity if the Fund achieves or exceeds a performance level deemed appropriate, as defined in the prospectus.

OUR LATEST ARTICLES

Strategies insights • January 10, 2024 • English

Carmignac P. Credit: Letter from the Fund Managers

5 minute(s) read

Strategies insights • November 14, 2023 • English

Carmignac launches its third target maturity Fund

Strategies insights • November 14, 2023 • English

Target maturity bond funds in the spotlight

4 minute(s) read

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. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

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. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

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: 0,23 % 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 Credit	+0,7	+6,7	+8,2	+10,6	−13,0	+3,0	+10,4	+20,9	+1,7	+1,8
Reference Indicator	+0,7	+3,6	+5,7	+9,0	−13,3	+0,1	+2,8	+7,5	−1,7	+1,1


Carmignac Portfolio Credit	+7,1 %	+2,1 %	+5,2 %
Reference Indicator	+4,9 %	+0,6 %	+1,5 %

Source: Carmignac at Aug 31, 2026.
Date of 1st NAV : 31/07/2017.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

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

Carmignac Credit 2031 A EUR Acc

ISIN: FR001400U4S3

Recommended minimum investment horizon: From the launch date to the maturity date, i.e. 31 october 2031.

Risk indicator*: 2/7

SFDR - Fund Classification**: Article 8

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. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR001400U4S3

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: 1,14 % of the value of your investment per year. This estimate is based on actual costs over the past year.

Performance fees: 20,00 % max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. 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: 0,06 % 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.

Carmignac Credit 2029 A EUR Acc

ISIN: FR001400KAV4

Recommended minimum investment horizon: From the launch date to the maturity date, i.e. 28 February 2029.

Risk indicator*: 2/7

SFDR - Fund Classification**: Article 8

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. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: FR001400KAV4

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: 1,14 % of the value of your investment per year. This estimate is based on actual costs over the past year.

Performance fees: 20,00 % max. of the outperformance when the unit outperforms its annualised performance objective by 4.22% during the performance period. Any underperformance is recovered over 5 years. The actual amount will vary depending on how well your investment performs. The estimate of aggregated costs above includes the average for the last five years, or since the creation of the product if it is less than five years old. If the outperformance is constituted, the commission will be collected no earlier than December 2024.

Transaction Cost: 0,06 % 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: FR001400KAV4


Carmignac Credit 2029	+0,8	+5,0	+8,0	+5,3


Carmignac Credit 2029	+2,3 %	+0,0 %	+6,7 %

Source: Carmignac at Aug 31, 2026.
Date of 1st NAV : 20/10/2023.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference Indicator: -

Carmignac Credit 2027 A EUR Acc

ISIN: FR00140081Y1

Recommended minimum investment horizon: From the launch date to the maturity date, i.e. 30 June 2027.

Risk indicator*: 2/7

SFDR - Fund Classification**: Article 8

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. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

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: 0,06 % 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 2027	+0,6	+3,5	+7,2	+12,8	+1,7


Carmignac Credit 2027	+1,6 %	+5,3 %	+5,9 %

Source: Carmignac at Aug 31, 2026.
Date of 1st NAV : 02/05/2022.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference Indicator: -