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Fixed income strategies

Carmignac Portfolio Global Bond

Luxembourg SICAV sub-fundGlobal marketArticle 8
Share Class

LU0992630599

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
Monthly FactsheetKID
Asset Allocation
Bonds82,9 %
Other17,1 %
Data as of:  Sep 30, 2026.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 54,6 %
+ 18,0 %
+ 7,6 %
+ 15,5 %
+ 5,6 %
From 15/11/2013
To 22/10/2026
Calendar Year Performance 2025
+ 9,7 %
+ 0,1 %
- 3,5 %
+ 8,7 %
+ 5,1 %
+ 0,5 %
- 5,2 %
+ 3,4 %
+ 2,2 %
+ 0,7 %
Net Asset Value
154,61 €
Asset Under Management
523 M €
Modified Duration 30/09/2026
4,4
SFDR - Fund Classification

Article

8
Data as of:  Oct 22, 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 Global Bond
Fixed income strategiesCarmignac Portfolio Global Bond
Share Class

LU0992630599

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 Manager.
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, 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 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.
[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, 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 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:  Sep 30, 2026.
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, 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

  • The Fed raised rates by 25 bps to 4%, maintaining a clearly hawkish stance. Economic activity remains very resilient, with 162k jobs created in August with a stable unemployment rate at 4.1%.
  • US inflation remains elevated at 3.4%, while core inflation is accelerating on a month-on-month basis. Higher energy prices could spill over more broadly across the economy and maintain pressure on the Fed.
  • The ECB raised its deposit rate by 25 bps to 2.5%. European economic activity remains resilient, with the composite PMI rising to 53.2 in September. However, the acceleration in headline inflation to 3.3% in August suggests that further monetary tightening may be warranted in the coming months.
  • The Bank of Japan raised rates by 25 bps to 1.25%, while the rise in Tokyo headline inflation to 2.7% could also support the case for further monetary tightening ahead.
  • The rates environment was highly volatile in September, with the US 2-year yield rising by 55 bps, compared with a 26bps increase for its German counterpart. Long-term yields were not spared, with the US 10-year yield climbing by 53 bps, versus 26 bps for the German 10-year yield.
  • French government bonds also came under significant pressure, with the OAT-Bund spread widening by 40 bps over the month, reflecting market concerns over the country’s fiscal trajectory and a deteriorating political backdrop ahead of a new presidential election.
  • In FX, the US dollar strengthened against the euro, supported by resilient US activity and a more hawkish Federal Reserve backdrop. The Japanese yen also appreciated, helped by the Bank of Japan’s rate hike. Emerging-market currencies were more mixed overall, with the Brazilian real holding up better while currencies such as the Mexican peso, Hungarian forint and South African rand came under pressure.

Performance commentary

  • In this context, the Fund delivered a positive performance, supported primarily by currency and interest-rate strategies.
  • On rates, performance was positive overall. Short positions in US Treasuries and French government bonds contributed positively as sovereign yields moved higher, while our long exposure to German rates detracted.
  • Emerging-market rates detracted slightly, mainly due to the underperformance of Hungarian local rates.
  • Credit strategies made a negative contribution overall. Developed-market credit detracted, particularly financials, while hard-currency emerging-market sovereign debt was the main drag. These losses were partly offset by gains from our credit protection positions.
  • Currency strategies were the main positive contributor over the month. Long positions in the Japanese yen, US dollar and Brazilian real all contributed positively.

Outlook strategy

  • Against a backdrop of persistent inflation, resilient growth, heavy sovereign financing needs, rising AI-related investment and tight credit spreads, the portfolio remained selectively and cautiously positioned. Modified duration stood at 4.45 at the end of September, slightly lower over the month. The portfolio continued to combine a short bias on long-end US rates, long European rates, long inflation positions, limited US dollar exposure and selective exposure to emerging-market currencies and credit.
  • Interest rates & inflation: We remain short long-end US Treasuries, as resilient activity, persistent inflation, large fiscal deficits and significant financing needs continue to put upward pressure on long-term yields. We also maintain long breakeven inflation positions. In Europe, we remain long German rates while retaining a short position in France, alongside a cautious stance on UK rates. Emerging-market local rates remain selective, with an increasing preference for Central and Eastern European markets.
  • Spread products: We maintain selective exposure to hard-currency emerging-market debt, notably in Romania, Hungary, Egypt and Argentina, alongside selected corporate credit. With valuations remaining tight, substantial iTraxx Xover protection is maintained to hedge against a potential widening in credit spreads.
  • Currencies: We maintain limited exposure to the US dollar and a long bias towards the euro. We continue to favor high-carry emerging-market currencies, notably the Brazilian real, Chilean peso and South African rand, as well as selected commodity-linked currencies. We also retain a long position in the Japanese yen, supported by expectations of further Bank of Japan monetary normalization amid persistent inflationary pressures.

Performance Overview

Data as of:  Oct 22, 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.
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 23/10/2026

Carmignac Portfolio Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Sep 30, 2026.
Bonds82,9 %
Money Market9,0 %
Cash, Cash Equivalents and Derivatives Operations7,7 %
Equities0,5 %
Credit Default Swap-20,4 %
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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, 2026.
Modified Duration4,4
Yield to Maturity4,8%
Average Coupon4,1%
Number of Issuers68
Number of Bonds87
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.