THE CARMIGNAC FIXED INCOME RANGE
Carmignac, an experienced player in fixed income markets
A truly flexible philosophy
Flexible allocation
Global approach
Non-benchmarked management
This flexibility is also reflected in our rigorous risk management, combining both qualitative and quantitative analysis. Dedicated tools enable the investment team to monitor changes in risk dynamics and adjust portfolios when necessary to preserve long-term performance drivers.
A range built over time
This agile approach is reflected in a range of complementary funds, developed over the years to support investors’ allocation needs. It includes aggregate funds, specialised funds and target maturity funds:
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DISCOVER OUR FIXED INCOME FUNDS
AGGREGATE FUNDS
- A flexible approach with an active management of modified duration (from -3 to +4).
- Limited exposure to high yield credit, with a minimum average investment grade rating.
- Disciplined risk management including both financial and extra-financial criteria.
For investors seeking a relatively conservative solution to capture fixed income opportunities in European markets.
- A fixed income allocation solution combining top-down analysis with bottom-up selection.
- A dynamic modified duration management (ranging from -3 to +8) to benefit from both rising and falling interest rates.
- Disciplined risk management including both financial and extra-financial criteria.
For investors seeking a fixed income allocation solution designed to outperform the bond markets while hedging the currency risk.
- A global investment universe to identify and capitalise on macroeconomic trends worldwide.
- Multiple performance drivers (interest rates, credit and currencies) and a wide modified duration range (from -4 to +10).
- Disciplined risk management involving both financial and extra-financial criteria.
For investors seeking a global, flexible and macro-driven approach to benefit from the multiple performance drivers offered by fixed income markets.
SPECIALISED FUNDS
- Access to the entire credit universe for maximum flexibility.
- Seeking an optimal risk/return profile across the credit cycle.
- Rigorous security selection: investment opportunities are subject to in-depth analysis.
For investors looking to boost their portfolio with a versatile solution designed to navigate volatile credit markets.
- Access to multiple performance drivers within emerging fixed income markets.
- A conviction-driven, non-benchmarked approach to unearth attractive opportunities across emerging markets.
- An investment process combining top-down, bottom-up and ESG (Environmental, Social and Governance) analysis.
For investors seeking higher returns by capturing the potential of emerging fixed income markets, with a risk management approach tailored to this asset class.
TARGET MATURITY FUNDS
- An early redemption option if the fund reaches or exceeds a performance deemed appropriate1.
- A conviction-driven investment process to build a diversified portfolio of credit securities.
- Risks that decrease over time and are subject to rigorous management.
For investors seeking to benefit from attractive yields in credit markets through a strategy combining visibility and diversification.
(1) Please refer to the Fund’s prospectus for more information about the investment objective. Under no circumstances does it constitute an undertaking on the yield or performance of the Fund. The Fund carries a risk of capital loss.
- A target performance objective and a predefined maturity date1.
- A conviction-driven investment process to build a diversified portfolio of credit securities with an average investment grade rating.
- Risks that decrease over time and are subject to rigorous management.
For investors seeking to benefit from attractive yields in credit markets through a strategy combining visibility and diversification.
(1) Please refer to the Fund’s prospectus for more information about the investment objective. Under no circumstances does it constitute an undertaking on the yield or performance of the Fund. The Fund carries a risk of capital loss.
- A target performance objective and a predefined maturity date1.
- A conviction-driven investment process to build a diversified portfolio of credit securities with an average investment grade rating.
- Risks that decrease over time and are subject to rigorous management.
For investors seeking to benefit from attractive yields in credit markets through a strategy combining visibility and diversification.
(1) Please refer to the Fund’s prospectus for more information about the investment objective. Under no circumstances does it constitute an undertaking on the yield or performance of the Fund. The Fund carries a risk of capital loss.
Our approach to sustainable bond investing
At Carmignac, we consider it essential to integrate Environmental, Social and Governance (ESG) criteria into the monitoring of both corporate and sovereign bonds.
- For corporate bonds, ESG analysis is integrated into our fundamental research through our proprietary START tool, enabling us to assess risks and opportunities related to governance, social and environmental issues, as well as the sustainability of business models. This is complemented by an engagement approach aimed at informing our research and encouraging issuers to improve their ESG practices.
- For sovereign bonds, we have developed a proprietary ESG model based on a set of key indicators, designed both to enhance financial analysis and to assess countries’ outcomes. This approach results in an integrated ESG rating, with particular emphasis on governance, which is overweighted in our assessment2.
1Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Source: Carmignac, 31/12/2025. For Funds that have a reference indicator: Carmignac Sécurité, Carmignac Portfolio Flexible Bond, Carmignac Portfolio Global Bond, Carmignac Portfolio Credit, and Carmignac Portfolio EM Debt.
2For more information on our sustainable investment approach, please refer to our ESG Integration Policy available at the following link: https://www.carmignac.com/en/sustainable-investment/policies-and-reports.
OUR LATEST ARTICLES
Carmignac Portfolio Global Bond: Letter from the Fund Manager - Q1 2026
Carmignac Portfolio EM Debt: Letter from the Fund Manager - Q1 2026
Carmignac Sécurité: Letter from the Fund Managers - Q1 2026
Our other range pages
EQUITY STRATEGIES
DIVERSIFIED STRATEGIES
ALTERNATIVE STRATEGIES
Carmignac Sécurité AW EUR Acc
- Recommended minimum investment horizon
- 2 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. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Main risks of the fund
Carmignac Portfolio Flexible Bond A EUR Acc
- Recommended minimum investment horizon
- 3 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. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Main risks of the fund
Carmignac Portfolio Global Bond A EUR Acc
- Recommended minimum investment horizon
- 3 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. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Main risks of the fund
Carmignac Portfolio Credit A EUR Acc
- 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
Carmignac Portfolio EM Debt A EUR Acc
- Recommended minimum investment horizon
- 3 years
- Risk indicator*
- 3/7
- 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. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Main risks of the fund
Carmignac Credit 2027 A EUR Acc
- 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
*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
Carmignac Credit 2029 A EUR Acc
- 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
*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
Carmignac Credit 2031 A EUR Acc
- 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
*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
This document may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this document may be partial information and may be modified without prior notice. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in French, English, German, Dutch, Spanish, Italian at the following link (paragraph 5 “Summary of investor rights”): https://www.carmignac.com/en/regulatory-information. The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. The Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law. Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. 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). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. 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. Access to the Funds may be subject to restrictions with regard to certain persons or countries. The Funds 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 Funds present a risk of loss of capital. The risk, fees and ongoing charges are described in the KIDs (Key Information Document). The Funds' prospectuses, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIDs must be made available to the subscriber prior to subscription. • In Switzerland, the Funds’ prospectuses, KIDs and annual reports are available at www.carmignac.com/en-ch or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon / Suisse, Route de Signy 35, 1260 Nyon. The KID must be made available to the subscriber prior to subscription.