Skip to mainSkip to footer
Fixed income strategies

Carmignac Portfolio Credit

Global marketArticle 6
Share Class

LU1623762843

Access the entire credit spectrum for maximum flexibility
  • Conviction-driven and opportunistic strategies on global credit markets.
  • Non-benchmarked approach with high selectivity for a rigorous portfolio allocation.
  • In search for optimal risk/return profile over the credit cycle.
Key documents
Monthly FactsheetKID
Asset Allocation
Bonds91.1 %
Other8.9 %
Data as of:  Feb 27, 2026.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 56.7 %
-
+ 11.7 %
+ 24.5 %
+ 5.6 %
From 31/07/2017
To 07/04/2026
Calendar Year Performance 2025
-
+ 1.8 %
+ 1.7 %
+ 20.9 %
+ 10.4 %
+ 3.0 %
- 13.0 %
+ 10.6 %
+ 8.2 %
+ 6.7 %
Net Asset Value
156.72 €
Asset Under Management
2 947 M €
Yield to Maturity27/02/2026
5.3 %
SFDR - Fund Classification

Article

6
Data as of:  Apr 7, 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
Fixed income strategiesCarmignac Portfolio Credit
Fixed income strategiesCarmignac Portfolio Credit
Share Class

LU1623762843

Overview

Characteristics & Risks

Performance

Portfolio

Documents

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Verle Pierre

Pierre VERLÉ

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre VERLÉ is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the January 31, 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre DENEUVILLE

Fund Manager
Source and Copyright: Citywire. Alexandre DENEUVILLE is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the January 31, 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 Fund has access to the entire credit universe, allowing us to explore the potential of multiple liquid credit instruments across the world, from the most to the least risky, and thus find opportunities in different market conditions.
[Management Team] [Author] Verle Pierre

Pierre VERLÉ

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre VERLÉ is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the January 31, 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.
View Fund's characteristics

Carmignac Portfolio Credit 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:  Mar 31, 2026.
Fund management team
[Management Team] [Author] Verle Pierre

Pierre VERLÉ

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre VERLÉ is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the January 31, 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre DENEUVILLE

Fund Manager
Source and Copyright: Citywire. Alexandre DENEUVILLE is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the January 31, 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

  • March was marked by the joint US–Israel strike on Iran, triggering a sharp escalation in regional tensions. Repeated attacks on energy infrastructure and disruptions to traffic through the Strait of Hormuz led to a significant energy shock, with oil prices rising above $110 per barrel, fuelling inflationary pressures globally.
  • The Federal Reserve kept its policy rate unchanged while revising its inflation projections higher, with PCE inflation now expected at 2.7% by year-end. Economic data remained mixed: Q4 GDP growth was revised down to +0.7%, and early signs of labour market softening emerged. However, inflation indicators remained firm, with upside surprises in producer prices and rising import and export prices.
  • In Europe, the ECB also left rates unchanged but adopted a more hawkish stance, lowering its growth outlook while revising inflation expectations upward. Activity indicators softened, with flash composite PMIs declining to 50.5, while inflation accelerated, with headline CPI rising to 2.5% year-on-year from 1.9%, driven by higher energy prices.
  • The month was characterised by a sharp repricing of monetary policy expectations. In the US, markets shifted from anticipating multiple rate cuts to pricing almost none by year-end. In the euro area, expectations moved from rate cuts to nearly three hikes following the escalation in the Middle East.
  • This repricing led to a significant rise in sovereign yields, particularly at the front end, resulting in a pronounced flattening of yield curves. Two-year yields increased by approximately +42bps in the US and +62bps in Germany, while 10-year yields rose by around +38bps and +36bps, respectively. Credit spreads widened markedly, with the iTraxx Xover index increasing by 93bps to above 360bps.

Performance commentary

  • The Fund posted a negative absolute performance in March in a harsh environment for credit considering the widening of credit spreads and bear flatening of yield curves.
  • During the month we increased our protection on Itraxx Xover index which amount for -18% as end of the month while the net high yield exposure (including credit default swaps) is now well below 15% threshold.
  • On the other hand, we kept a cash buffer while primary market activity has been very modest in such environment.
  • Finally, we maintain an exposure of approximately 5% of the fund's net assets to structured credit (CLOs), which have been performing steadily thanks to their floating rate features.

Outlook strategy

  • We continue to focus on our core investment themes through a selection of high-yield bonds, including in the energy sector, financial debt and structured credit.
  • Given the current volatility on the credit markets, we are maintaining a high level of credit index coverage, which now accounts for approximately 18% of the Fund's net assets.
  • After years of weakness due to abundant liquidity and low capital costs, default rates are expected to return to levels close to historical averages, which we believe should create idiosyncratic opportunities.
  • Finally, the portfolio's high carry (around 5.9%) and apparent dispersion within the credit spectrum should mitigate short-term volatility and help generate medium to long-term performance.

Performance Overview

Data as of:  Apr 7, 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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/04/2026

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Feb 27, 2026.
Bonds91.1 %
Cash, Cash Equivalents and Derivatives Operations6.9 %
Equities2 %
Credit Default Swap-16.4 %
View details
To Access the weekly view
Register to prospace
View Portfolio allocation

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:  Feb 27, 2026.
Modified Duration3.8
Yield to Maturity5.3 %
Average Coupon5.3 %
Number of Issuers272
Number of Bonds460
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.
To Access the weekly view
Register to prospace

Articles that may interest you

Our views • January 30, 2026 • English

Annual Meeting 2026: Key Messages

3 minute(s) read
Find out more
Strategies insights • January 14, 2026 • English

Carmignac P. Credit: Letter from the Fund Managers - Q4 2025

3 minute(s) read
Find out more
Find out more
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
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.