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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.
Key documents
Monthly FactsheetKID
Asset Allocation
Bonds94.3 %
Other5.7 %
Data as of:  Sep 30, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 57.8 %
-
+ 20.6 %
+ 33.1 %
+ 7.4 %
From 31/07/2017
To 29/10/2025
Calendar Year Performance 2024
-
-
+ 1.8 %
+ 1.7 %
+ 20.9 %
+ 10.4 %
+ 3.0 %
- 13.0 %
+ 10.6 %
+ 8.2 %
Net Asset Value
157.85 €
Asset Under Management
2 403 M €
Yield to Maturity30/09/2025
5.7 %
SFDR - Fund Classification

Article

6
Data as of:  Oct 29, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Fixed income strategiesCarmignac Portfolio Credit
Fixed income strategiesCarmignac Portfolio Credit
Share Class

LU1623762843

Overview

Characteristics & Risks

Performance

Portfolio

Documents

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:  Sep 30, 2025.
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 September 30, 2025. 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 September 30, 2025. 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

  • Economic data in the United States gradually strengthened during September, with initially mixed signals on employment, particularly due to the severe storms in Texas, followed by jobless claims returning to their July levels at the end of the month.
  • Despite stronger than expected inflation and resilient growth in retail sales, FED decided to deliver a first rate cut of -25bps this year. That said, the Committee clearly remains divided on the path ahead with a wide dispersion of the individual dots.
  • In the eurozone, statistics were also positive with leading indicator emerging above expectation at end of the month notably on the services component which was lagging so far. Inflation accelerated to +2.1% YoY as of end of August while core inflation exceeded expectation at +2.3% and second quarter GDP was revised upward to +1.5%.
  • ECB's September meeting has resulted in a status quo on monetary policy, Christine Lagarde's speech was perceived as moderately hawkish due to the absence of any commitment to future rate cuts.
  • Sovereign yields ended the month with contrasting dynamics across the Atlantic. In the US, the curve flattened as the 2Y yield being steady while the 10Y declined by -8bps. In Germany, the curve bear-flattened with the 2Y rising by +8bps while the 10Y remained unchanged. On credit side, risk appetite remained strong, leading to a tightening of spreads of -6bp of the iTraxx Xover index in September.

Performance commentary

  • The Fund delivered a stronge absolute and relative performance in September.
  • Our rigorous security selection proved particularly effective, with a positive contribution from our investments in special situations.
  • We continue to redeploy subscription proceeds in the primary market, which offers relevant opportunities.
  • Finally, we are maintaining exposure of around 8% of the Fund's net assets to the collateralized loan obligation (CLO) segment, which is performing steadily.

Outlook strategy

  • We continue to focus on our core investment themes through a selection of high-yield bonds, energy, financials, and our CLO selection.
  • Given the current valuation level of credit markets, we maintain a high level of market hedging, which now accounts for 16.1% of the Fund's net assets.
  • After years of weakness due to abundant liquidity and low cost of capital, default rates are expected to return to more normal levels, which we see as a catalyst for creating real idiosyncratic opportunities.
  • Finally, the portfolio's high carry (approximately 5.7%) and attractive credit valuations should mitigate short-term volatility and help generate medium- and long-term performance.

Performance Overview

Data as of:  Oct 29, 2025.
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).
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 30/10/2025

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Sep 30, 2025.
Bonds94.3 %
Cash, Cash Equivalents and Derivatives Operations3.1 %
Equities2.6 %
Credit Default Swap-16.5 %
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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:  Sep 30, 2025.
Modified Duration3.7
Yield to Maturity5.7 %
Average Coupon5.6 %
Number of Issuers274
Number of Bonds408
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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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 September 30, 2025. 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 September 30, 2025. 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 September 30, 2025. 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

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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.