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Fixed income strategies

FP Carmignac Global Bond

OEICGlobal marketArticle 0
Share Class

GB00BPDZZH84

A global and flexible approach to Fixed Income markets
  • Access to a wide range of performance drivers: global rates, credit and currency strategies
  • Portfolio construction is a result of Fund manager views and market analysis with no bias to any benchmark
  • An unconstrained approach to implement convictions and seize tactical opportunities
Key documents
Monthly FactsheetKIID
Asset Allocation
Bonds87.1 %
Other12.9 %
Data as of:  30 Sep 2026.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 4.6 %
-
-
-
- 1.8 %
From 19/08/2024
To 05/11/2026
Calendar Year Performance 2025
-
-
-
-
-
-
-
-
- 2.7 %
+ 7.5 %
Net Asset Value
£1.05
Asset Under Management
24 M £
Modified Duration 30/09/2026
4.3
Data as of:  5 Nov 2026.
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.

FP Carmignac Global 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:  30 Oct 2026.
Fund management team
[Management Team] [Author] Rigeade Guillaume

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume RIGEADE is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 September 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. 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.

Market environment

  • The Fed kept its target range unchanged at 3.75–4.00%, maintaining a data-dependent stance amid resilient activity and persistent inflationary pressures. US GDP grew by 3.4% annualized in Q3, supported by consumer spending, investment and government expenditure, while price pressures remained elevated with core PCE inflation remained elevated at 3.1% YoY.
  • The ECB also kept its deposit rate unchanged at 2.50%. Euro-area growth surprised positively, with GDP expanding by 1.3% YoY in Q3 despite weaker activity in France. Inflationary pressures remained uneven, rising in France and Italy while easing in Germany.
  • Risk sentiment deteriorated amid renewed concerns around the technology and AI sectors and higher energy prices. Brent rose 14% over the month, while European natural gas reached its highest level since 2022, reinforcing near-term inflation concerns.
  • Against this backdrop, core sovereign bonds rallied, with US 2-year and 10-year yields declining by 31bps and 36bps respectively, while their German counterparts fell by 14bps and 26bps. Credit markets weakened, particularly in high yield, with the iTraxx Xover widening over the month.
  • Political and fiscal concerns also weighed on local markets. French government bonds underperformed, with the 10-year OAT-Bund spread widening by 38bps, while in Brazil, Lula’s unexpected fourth-term victory triggered a sharp sell-off in Brazilian assets amid renewed fiscal concerns.
  • In FX, the US dollar strengthened against the euro, as renewed French sovereign stress and higher energy prices weighed on the single currency. Emerging-market currencies were also under pressure overall, with the Brazilian real notably underperforming following Lula’s surprise election victory.

Performance commentary

  • Over the month, the Fund delivered a positive performance, although it underperformed its reference indicator.
  • Interest-rate strategies contributed positively overall. Long positions at the short end of the German curve benefited from the decline in yields, while short positions in French government bonds also added value as French yields moved higher. These gains were partly offset by short positions in US Treasuries, which detracted as US yields declined over the month.
  • Credit strategies were mixed. Hard-currency emerging-market debt and credit protection positions contributed positively, while developed-market credit detracted slightly amid wider credit spreads.
  • Currency strategies also contributed positively. Long positions in the US dollar, Japanese yen and Australian dollar supported performance, while the Brazilian real detracted following the surprise outcome of the Brazilian presidential election.

Outlook strategy

  • Against a backdrop of persistent inflation, resilient growth, heavy sovereign financing needs, rising AI-related investment and tight credit spreads, the portfolio remained selectively and cautiously positioned. Modified duration stood at c. 4.4 at the end of October, unchanged during the month. The portfolio continued to combine a short bias on long-end US rates, long European rates, long inflation positions, limited US dollar exposure and selective exposure to emerging-market currencies and credit.
  • Interest rates & inflation: We remain short long-end US Treasuries, as resilient activity, persistent inflation, large fiscal deficits and significant financing needs continue to put upward pressure on long-term yields. We also maintain long breakeven inflation positions. In Europe, we remain long German rates while retaining a short position in France, alongside a cautious stance on UK rates. Emerging-market local rates remain selective, with an increasing preference for Central and Eastern European markets.
  • Spread products: We maintain selective exposure to hard-currency emerging-market debt, with a focus on Eastern Europe, Africa and Latin America, alongside selected corporate credit. With valuations remaining tight, substantial iTraxx Xover protection is maintained to hedge against a potential widening in credit spreads.
  • Currencies: We maintain limited exposure to the US dollar and a long bias towards the euro. We continue to favor high-carry emerging-market currencies, notably the Brazilian real, Chilean peso and South African rand, as well as selected commodity-linked currencies. We also retain a long position in the Japanese yen, supported by expectations of further Bank of Japan monetary normalization amid persistent inflationary pressures.

Performance Overview

Data as of:  5 Nov 2026.
View Performance in detail
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.
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.
Source: Carmignac at 08/11/2026

FP Carmignac Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  30 Sep 2026.
Bonds87.1 %
Cash, Cash Equivalents and Derivatives Operations9.4 %
Money Market3.5 %
Credit Default Swap-15.4 %
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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:  30 Sep 2026.
Modified Duration4.3
Yield to Maturity3.9%
Average Coupon3.6%
Number of Issuers55
Number of Bonds70
Average RatingBBB+
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The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
[Management Team] [Author] Rigeade Guillaume

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume RIGEADE is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the 30 September 2026. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. 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.
The flexibility of our investment process allows us to take advantage of all performance drivers offered by the fixed income universe, and thus to build a diversified portfolio based on solid convictions.
View Fund's characteristics

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All analysis
View characteristics and risks
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. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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 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.