Share Class
LU0807690168
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.
Key documents
Data as of: Dec 31, 2025.
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
+ 27.8 %
+ 21.8 %
+ 2.1 %
+ 4.2 %
- 0.6 %
To 06/02/2026
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
+ 9.4 %
+ 0.1 %
- 3.7 %
+ 8.4 %
+ 4.7 %
+ 0.1 %
- 5.6 %
+ 3.0 %
+ 1.8 %
+ 0.5 %
Net Asset Value
98.25 €
Asset Under Management
592 M €
Modified Duration
31/12/2025
3.3
SFDR - Fund Classification
Article
8
Data as of: Dec 31, 2025.
Data as of: Feb 6, 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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: Jan 30, 2026.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)
Performance commentary
- During the month, the fund delivered a positive performance, outperforming its benchmark, supported by contributions from its three main performance drivers: interest rates, credit and currencies.
- Interest rate strategies contributed positively overall, driven by long positions in German rates and short positions in US rates, as well as short positions on UK rates. Inflation strategies also added value amid rising commodity prices. These gains were partly offset by short positions in French rates. In emerging markets, exposure to selected Eastern European countries and South African rates contributed positively.
- Exposure to spread products continued to support performance, notably through a diversified allocation to hard-currency emerging market debt and corporate credit, which benefited from our preferred sectors, particularly financials and energy.
- Finally, foreign exchange strategies made a positive contribution, driven by positions in commodity-linked currencies such as the Australian dollar, Chilean peso and South African rand, as well as the Brazilian real and Mexican peso.
Outlook strategy
- In a context of persistent uncertainty marked by macroeconomic and political risks, trade tensions and fiscal concerns amid late-cycle valuations, we maintain a moderate modified duration of around 3.2, mainly concentrated in credit and emerging markets, while remaining cautious on core rates.
- Regarding interest rates, we remain short on US rates and long on breakeven inflation, as market expectations for rate cuts appear overly optimistic while the economy remains resilient and inflation stays above target. In Europe, we are buyers at the short end, as the market no longer prices further cuts, and remain short on France due to political and budgetary risks. We keep a short position on UK rates amid concerns over budget slippage and maintain our short stance on Japanese rates, where inflation is rising alongside significant fiscal stimulus. Finally, we remain selective on local emerging market rates, which continue to offer attractive real yields, particularly in Brazil, south Africa and Eastern Europe.
- In spread product, we maintain significant exposure, particularly to hard-currency emerging market debt that should continue to benefit from strong carry, improving fundamentals with rating upgrades, moderating inflation, capital flows and Fed easing. However, given tight valuations, we stay cautious and maintain high protection via iTraxx Xover to hedge potential spread widening.
- On currencies, we maintain a limited USD exposure, reflecting the Fed’s easing bias and debasement narrative. Our selection includes Latin American currencies (Brazilian real, Mexican peso, Chilean peso) and commodity-linked currencies (Australian dollar, Norwegian krone). 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: Feb 6, 2026.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 10/02/2026
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Dec 31, 2025.| Bonds | 177.4 % |
| Cash, Cash Equivalents and Derivatives Operations | 10.7 % |
| Equities | 0.6 % |
| Credit Default Swap | -17.7 % |
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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: Dec 31, 2025.Modified Duration3.3
Yield to Maturity5.2 %
Average Coupon5.0 %
Number of Issuers86
Number of Bonds111
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 Manager.
Fund Management Team
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.
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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.
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