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Fixed income strategies

Carmignac Portfolio Credit

Luxembourg SICAV sub-fundGlobal marketArticle 6
Share Class

LU1623763064

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
Bonds98,0 %
Other2,0 %
Data as of:  Jun 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 81,2 %
-
+ 20,0 %
+ 30,6 %
+ 4,9 %
From 31/07/2017
To 09/07/2026
Calendar Year Performance 2025
-
+ 2,4 %
+ 3,4 %
+ 23,2 %
+ 11,9 %
+ 3,6 %
- 11,6 %
+ 12,3 %
+ 9,5 %
+ 8,5 %
Net Asset Value
181,18 $US
Asset Under Management
3 145 M €
Yield to Maturity30/06/2026
5,5%
SFDR - Fund Classification

Article

6
Data as of:  Jul 9, 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

LU1623763064

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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 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:  Jun 30, 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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 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

  • Market sentiment improved significantly in June after the United States and Iran reached an interim agreement to reopen the Strait of Hormuz, easing geopolitical tensions. The resulting decline in oil prices, with Brent crude falling to around USD 73 per barrel, eased stagflation concerns and supported global risk assets.
  • The Federal Reserve kept its policy rate unchanged at 3.50%-3.75% at its first meeting under Chairman Kevin Warsh. However, the updated dot plot and the Chair's less dovish-than-expected communication led markets to price further tightening by year-end.
  • US economic data continued to signal a resilient economy. Non-farm payrolls again surprised to the upside, PMI surveys remained robust and first-quarter GDP was revised up to 2.1%. Meanwhile, inflation remained persistent despite softer-than-expected May data, with PCE inflation at 4.1% year-on-year and core PCE at 3.4%.
  • In Europe, the ECB raised its deposit rate by 25bps to 2.25%, reiterating that inflationary pressures were becoming more broad-based despite easing energy prices. It also revised inflation forecasts upward and growth projections downward.
  • Rate dynamics diverged across the Atlantic. In the US, the Treasury curve bear flattened, with the 2-year yield up 19bps versus 3bps for the 10-year. In contrast, the euro area experienced a bull flattening, with the German 2-year yield unchanged and the 10-year down 8bps. Credit markets remained resilient, with positive returns in European Investment Grade and High Yield despite modest cash spread widening, while the iTraxx Xover tightened by 14bps, outperforming cash markets.

Performance commentary

  • The Fund posted a positive absolute performance in June slightly underperforming its reference indicator in a bullish environment for credit.
  • The main negative contributor was our credit overlay strategies in June however we keep this position as we think valuation could widened in such environment going forward.
  • On the other hand, we continue to benfit from the strong activity of primary market to increase our exposure to defensive subordinated financial new issues and corporate hybrid instruments.
  • Finally, we maintain an exposure of approximately 5% of the fund's net assets to structured credit (CLOs), which have been performing steadily so far this year 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 17% 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 5.5%) and apparent dispersion within the credit spectrum should mitigate short-term volatility and help generate medium to long-term mid single digit performance.

Performance Overview

Data as of:  Jul 9, 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 10/07/2026

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Jun 30, 2026.
Bonds98,0 %
Equities1,5 %
Cash, Cash Equivalents and Derivatives Operations0,4 %
Credit Default Swap-17,5 %
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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:  Jun 30, 2026.
Modified Duration4,1
Yield to Maturity5,5%
Average Coupon5,2%
Number of Issuers284
Number of Bonds491
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.
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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.
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.