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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
Bonds63 %
Other37 %
Data as of:  Sep 30, 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 38.1 %
+ 18.7 %
+ 9.2 %
+ 19.6 %
+ 4.5 %
From 14/12/2007
To 27/10/2025
Calendar Year Performance 2024
- 0.7 %
+ 0.1 %
+ 1.7 %
- 3.4 %
+ 5.0 %
+ 9.2 %
0.0 %
- 8.0 %
+ 4.7 %
+ 5.4 %
Net Asset Value
1381.18 €
Asset Under Management
2 535 M €
Modified Duration 30/09/2025
-0.1
SFDR - Fund Classification

Article

8
Data as of:  Oct 27, 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 Flexible Bond
Fixed income strategiesCarmignac Portfolio Flexible Bond
Share Class

LU0336084032

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  Sep 30, 2025.
Fund management team
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

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

Eliezer Ben Zimra

Fund Manager
Source and Copyright: Citywire. Eliezer Ben Zimra 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 positive performance in September, slightly underperforming reference index in this yield curve flattening configuration.
  • Credit was the main contributor to fund’s performance thanks to our allocation to high-yield credit and subordinated financial debt which benefited from tighter credit spreads.
  • On the other hand, our credit overlay suffered from this bullish trend on spreads despite marked tension on the geopolitics side.
  • During the month, we increased our short position on the front end of US yield curve amid strong pessimism of investors regarding growth trajectory.

Outlook strategy

  • The current environment presents numerous uncertainties stemming from the Trump administration's decisions, which could lead to greater volatility in risky assets.
  • The market appears pessimistic about the economic trajectories in the United States, thereby incorporating optimistic expectations of rate cuts. On the other hand the market is much more optimistic on the eurozone growth potential with no cuts priced on the ECB side for the twelve months to come.
  • Disinflationary momentum appears less vigorous on both sides of the Atlantic, while the market continues to price in a sustained return of inflation below central bank targets.
  • Based on these observations, we are maintaining a low level of modified duration while keeping a strong appetite for inflation-linked products.

Performance Overview

Data as of:  Oct 27, 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.
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 29/10/2025

Carmignac Portfolio Flexible Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Sep 30, 2025.
Bonds63 %
Money Market27.3 %
Cash, Cash Equivalents and Derivatives Operations9.4 %
Equities0.3 %
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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 Duration-0.1
Yield to Maturity3.6 %
Average Coupon2.9 %
Number of Issuers159
Number of Bonds204
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] Rigeade Guillaume

Guillaume Rigeade

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

Eliezer Ben Zimra

Fund Manager
Source and Copyright: Citywire. Eliezer Ben Zimra 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.
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 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

Articles that may interest you

Webconference • October 16, 2025 • English

Carmignac Portfolio Flexible Bond: How can investors benefit from a more uncertain environment for sovereign debt?

Speakers : Eliezer Ben Zimra, Guillaume Rigeade
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Strategies insights • October 14, 2025 • English

Carmignac P. Flexible Bond: Letter from the Fund Managers - Q3 2025

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Strategies insights • October 3, 2025 • English

Carmignac Portfolio Flexible Bond: Flexibility to ride through cycles

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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.