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Fixed income strategies

Carmignac Portfolio Flexible Bond

Global marketArticle 8
Share Class

LU0336084032

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
Monthly Factsheet (including ESG data)KID
Asset Allocation
Bonds53.5 %
Other46.5 %
Data as of:  Feb 27, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 38.7 %
+ 21.4 %
+ 6.6 %
+ 14.0 %
+ 2.2 %
From 14/12/2007
To 07/04/2026
Calendar Year Performance 2025
+ 0.1 %
+ 1.7 %
- 3.4 %
+ 5.0 %
+ 9.2 %
0.0 %
- 8.0 %
+ 4.7 %
+ 5.4 %
+ 4.3 %
Net Asset Value
1386.62 €
Asset Under Management
2 978 M €
Modified Duration 27/02/2026
0.3
SFDR - Fund Classification

Article

8
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 Flexible Bond
Fixed income strategiesCarmignac Portfolio Flexible Bond
Share Class

LU0336084032

Overview

Characteristics & Risks

Performance

Portfolio

ESG

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] Rigeade Guillaume

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume RIGEADE 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] Eliezer Ben Zimra

Eliezer BEN ZIMRA

Fund Manager
Source and Copyright: Citywire. Eliezer BEN ZIMRA 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.
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.
[Management Team] [Author] Rigeade Guillaume

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume RIGEADE 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 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:  Mar 31, 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 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] Eliezer Ben Zimra

Eliezer BEN ZIMRA

Fund Manager
Source and Copyright: Citywire. Eliezer BEN ZIMRA 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 delivered a positive absolute performance in February despite a highly adverse environment for fixed income markets, significantly outperforming its reference indicator by +300bps.
  • Our credit overlay strategies and exposure to inflation-linked instruments were the main contributors to performance, benefiting from the sharp rise in commodity prices and increased risk aversion.
  • We took profits on part of our rate overlay positions during the sell-off, notably on short positions at the front end of the US curve and on long-term UK and Italian rates. At the same time, we redeployed duration on the short end of the euro curve following the sharp rise in core yields.
  • We also adjusted our inflation strategy by rotating from euro 2-year inflation swaps into longer maturities. In addition, we increased our exposure to CDS on the Xover index, anticipating that risk aversion could continue to rise.

Outlook strategy

  • The current environment remains highly uncertain, particularly on the geopolitical front, and is likely to drive continued volatility in both rates and spreads.
  • Inflation dynamics are trending upward on both sides of the Atlantic, driven in part by US policy decisions on tariffs and immigration, as well as ongoing energy market tensions amid war in middle east.
  • Investors seems now a bit pessimist regarding the monetary policy for the months to come, with the pricing of 3 hikes from the ECB before end of the year.
  • Against this backdrop, we have raised our exposure to the front end of euro curve while preserving a strong allocation to inflation-linked assets. On the credit side, we continue to favour overlay strategies across the high-yield segment, given the risk of further spread widening.

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.
On 30/09/2019 the composition of the reference indicator changed: the ICE BofA ML Euro Broad Market Index coupons reinvested replaces the EONCAPL7. Performances are presented using the chaining method. On 10/03/2021 the Fund’s name was changed from Carmignac Portfolio Unconstrained Euro Fixed Income to Carmignac Portfolio Flexible Bond.
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 Flexible Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Feb 27, 2026.
Bonds53.5 %
Money Market32.7 %
Cash, Cash Equivalents and Derivatives Operations13.4 %
Equities0.3 %
Credit Default Swap-17.9 %
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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:  Feb 27, 2026.
Modified Duration0.3
Yield to Maturity3.2 %
Average Coupon2.4 %
Number of Issuers148
Number of Bonds196
Average RatingA-
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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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. 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.