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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.
Asset Allocation
Bonds92,6 %
Other7,4 %
Data as of:  Apr 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 59,0 %
-
+ 12,2 %
+ 25,4 %
+ 4,3 %
From 31/07/2017
To 04/06/2026
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
158,96 €
Asset Under Management
3 078 M €
Yield to Maturity30/04/2026
5,7%
SFDR - Fund Classification

Article

6
Data as of:  Jun 4, 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 AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the April 30, 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 April 30, 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 April 30, 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:  May 29, 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 April 30, 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 April 30, 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

  • Hopes that the ceasefire between the United States and Iran would be extended continued to support market sentiment throughout May. This improvement in risk appetite was also reflected in commodity markets, with crude oil prices falling back below the USD 100 per barrel threshold.
  • On the macroeconomic front, US inflation accelerated at its fastest pace in three years, with the April PCE price index rising to 3.8% year-on-year, while core PCE inflation reached 3.3%.
  • At the same time, US PMI data remained supportive, particularly within the manufacturing sector, where the index surprised to the upside at 55.3. The strength was largely driven by inventory rebuilding as companies sought to mitigate potential disruptions to supply chains.
  • In contrast, leading indicators pointed to a slowdown in the euro area amid mounting inflationary pressures. The composite PMI index fell to 47.7, significantly below expectations and its lowest level in almost two and a half years. Meanwhile, preliminary inflation readings for May suggested a moderate acceleration in price pressures across France, Spain and Italy.
  • Rate dynamics diverged across the Atlantic. In the United States, the Treasury curve underwent a bear flattening, with the 2-year yield rising by 14bps compared with a 6bps increase in the 10-year yield. In contrast, euro area government bond yields moved lower, with both German 2-year and 10-year yields declining by 10bps. Risk appetite remained robust, driving a 33bps tightening in high-yield credit spreads, which fell below the levels prevailing prior to the outbreak of the Third Gulf War.

Performance commentary

  • The Fund posted a positive absolute performance in May slightly underperforming its reference indicator in a bullish environment for credit.
  • The main negative contributor was our credit overlay strategies in May however we keep this position as we think valuation could widened in such environment going forward.
  • On the other hand, we benefited from the reopening 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 5.6%) 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:  Jun 4, 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 05/06/2026

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Apr 30, 2026.
Bonds92,6 %
Cash, Cash Equivalents and Derivatives Operations5,6 %
Equities1,8 %
Credit Default Swap-18,0 %
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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:  Apr 30, 2026.
Modified Duration3,8
Yield to Maturity5,7%
Average Coupon5,3%
Number of Issuers278
Number of Bonds475
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.