Share Class
LU0807690085
A global, flexible and macroeconomic approach to fixed income markets
- A global investment universe to identify and capitalise on macroeconomic trends across the globe.
- Access to a wide range of performance drivers available in developed and emerging markets.
- A dynamic and flexible approach to adapt to different market cycles.
Asset Allocation
Bonds85,2 %
Other14,8 %
Data as of: Apr 30, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 49,8 %
+ 38,4 %
+ 10,0 %
+ 12,3 %
+ 5,6 %
To 04/06/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
+ 10,3 %
+ 1,0 %
- 1,2 %
+ 11,1 %
+ 6,0 %
+ 0,8 %
- 4,2 %
+ 4,6 %
+ 3,2 %
+ 1,8 %
Net Asset Value
149,82 $US
Asset Under Management
526 M €
Modified Duration
30/04/2026
4,9
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2026.
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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
The flexibility of our investment process allows us to take advantage of all performance drivers offered by the fixed income universe, and thus to build a diversified portfolio based on solid convictions.
Carmignac Portfolio Global 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: May 29, 2026.Fund management team
Performance commentary
- In this context, the Fund delivered a positive performance, outperforming its reference indicator.
- On the rates side, the main positive contributions came from long exposure to European rates and short positions on US rates, while short positions in French government bonds weighed on performance. In emerging markets, Hungarian rates were the primary contributor following the election of the pro-European candidate Peter Magyar.
- Credit strategies delivered a positive contribution overall, partially offset by CDS hedges. Performance was primarily driven by our diversified allocation to hard-currency emerging market debt, while developed market credit contributed positively, led by the financial sector.
- Currency strategies contributed positively overall, led by the South African rand, which benefited from a more supportive macroeconomic environment as oil prices declined, and by commodity-linked currencies such as the Chilean peso. The recovery of the US dollar also supported performance, partially offset by our long exposure to the Japanese yen.
Outlook strategy
- Modified duration increased modestly during the month, rising from 4.9 to 5.2, reflecting a more constructive stance on long-dated Japanese rates. The portfolio remains primarily positioned through the German yield curve, inflation-linked strategies and emerging markets, while retaining a cautious view on US rates.
- Regarding interest rate strategies, we maintain a short position on US rates alongside long exposure to breakeven inflation, in a context of resilient growth and persistent inflationary pressures. We remain long on Europe, with long positions in Germany, as the region remains sensitive to rising energy prices, while remaining short on France amid persistent political and fiscal uncertainty. We also maintain short positions on UK rates due to fiscal concerns and have recently initiated a flattening strategy on the Japanese curve, reflecting our expectation that the Bank of Japan will remain hawkish, while elevated real yields should continue to support the long end. In emerging markets, we remain selective, favouring local rates offering attractive real yields, particularly in Brazil, South Africa and Eastern Europe.
- In spread products, we maintain significant exposure, particularly to hard-currency emerging market debt, which should benefit from strong carry, improving fundamentals with rating upgrades, capital flows and a still dovish Fed. However, given tight valuations and persistent risks, we remain cautious and keep strong protection via iTraxx Xover to hedge potential spread widening.
- On currencies, we maintain limited USD exposure, reflecting the Fed’s dovish bias and debasement narrative. Our selection includes Latin American currencies such as the Brazilian real and Chilean peso, as well as commodity currencies including the Australian dollar. We also hold a long position in the Japanese yen, which should benefit from the Bank of Japan’s ongoing monetary normalisation amid inflationary pressures.
Performance Overview
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.
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 05/06/2026
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Apr 30, 2026.| Bonds | 85,2 % |
| Cash, Cash Equivalents and Derivatives Operations | 9,0 % |
| Money Market | 5,1 % |
| Equities | 0,7 % |
| Credit Default Swap | -19,7 % |
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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 Duration4,9
Yield to Maturity4,9%
Average Coupon4,7%
Number of Issuers77
Number of Bonds96
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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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.
Market environment