Fixed income strategies
Carmignac Portfolio Flexible Bond
Luxembourg SICAV sub-fundGlobal marketArticle 8Share Class
LU0807689749
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
Asset Allocation
Bonds72,1 %
Other27,9 %
Data as of: Sep 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
+ 56,1 %
+ 45,6 %
+ 16,9 %
+ 25,2 %
+ 4,5 %
To 21/10/2026
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
+ 1,3 %
+ 3,4 %
- 0,9 %
+ 7,7 %
+ 10,6 %
+ 0,5 %
- 6,5 %
+ 6,7 %
+ 6,4 %
+ 6,1 %
Net Asset Value
1 561,49 US$
Asset Under Management
3 848 M €
Modified Duration
31/08/2026
0,6
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2026.
Data as of: Oct 21, 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 Managers.
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)
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
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.
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, 2026.Fund management team
Performance commentary
- The fund delivered a slightly negative return in September while significantly outperforming its reference indicator.
- In this challenging environment, our overlay strategies contributed positively, particularly our short positions on French government bonds and US rates, which generated solid performance over the month.
- Conversely, our exposure to emerging market bonds and corporate credit were negative contributors in September but were partially offset by our credit overlay strategies, which provided effective protection in a risk-off environment.
- We took advantage of the sharp sell-off in rates to strengthen long positions at the front end of the euro yield curve while reducing our hedges on the US curve. As a result, the fund’s modified duration increased from 0.6 to 3.3 over the course of the month.
Outlook strategy
- The current environment remains particularly supportive of a flexible fixed income strategy. While valuations continue to appear rich across several asset classes, we expect market volatility to remain elevated in the coming months, creating attractive investment opportunities.
- Inflation risks remain skewed to the upside on both sides of the Atlantic, driven by US tariff and immigration policies, as well as ongoing disruptions in energy markets stemming from geopolitical tensions in the Middle East.
- Although markets have significantly repriced the front end of both European and US yield curves, we believe the long end remains vulnerable to further adjustment. The continued deterioration in fiscal dynamics across developed economies should increasingly translate into higher term premia and, ultimately, higher long-term interest rates.
- Against this backdrop, we have adopted a more constructive stance on the front end of the euro yield curve, which should benefit from lower short-term yields should the ECB prove more dovish than currently priced by the market. At the same time, we maintain short positions at the long end of both the euro and US sovereign yield curves, reflecting our cautious view on long-term rates.
- We also maintain a meaningful allocation to inflation-linked securities as a hedge against more persistent inflationary pressures. Within credit, we continue to favour overlay strategies focused on the high-yield segment, where current valuations leave limited room for disappointment and appear increasingly vulnerable to a renewed widening in credit spreads.
Performance Overview
Data as of: Oct 21, 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.
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 23/10/2026
Carmignac Portfolio Flexible Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2026.| Bonds | 72,1 % |
| Money Market | 18,7 % |
| Cash, Cash Equivalents and Derivatives Operations | 9,0 % |
| Equities | 0,2 % |
| Credit Default Swap | -18,5 % |
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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, 2026.Modified Duration0,6
Yield to Maturity3,0 %
Average Coupon2,2 %
Number of Issuers131
Number of Bonds181
Average RatingA-
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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Articles that may interest you
Strategies insights • October 9, 2026 • English
Carmignac P. Flexible Bond: Letter from the Fund Managers - Q3 2026
4 minute(s) read
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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.
UAE DIFC and ADGM: for professional clients only. This document is issued by, or communicated on behalf of, Carmignac Middle East Ltd, a company incorporated under the laws of the Dubai International Financial Centre with company number CL 13413 registered at GD-PB-04-01-OF-01-0, Level 1, DIFC Fund Centre, Level POD, Gate District Precinct Building 04, Dubai International Financial Centre, Dubai, United Arab Emirates and regulated by the Dubai Financial Services Authority under reference number F013638. This document is intended solely for Professional Clients and Market Counterparties, as defined under the applicable rules of the Dubai Financial Services Authority (DFSA). It must not be relied upon by, or distributed to, Retail Clients or any other person. The fund(s) referred to in this document are foreign fund(s) domiciled and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Unless expressly stated otherwise, they are not domiciled in, authorised by, or subject to regulation or approval by the DFSA. The DFSA has not approved, reviewed or verified this document, the prospectus or any other fund documentation, and the authority does not accept responsibility for the information contained in them or for the merits of an investment in the fund(s). Funds classified as Article [8/9] products under the EU Sustainable Finance Disclosure Regulation (SFDR) are subject to an EU classification only, and does not represent a label, approval or endorsement by the Dubai Financial Services Authority or any UAE authority. Funds that pursue ESG related objectives alongside financial objectives do so without any guarantee that such ESG objectives will be achieved. ESG data and indicators may be based on third party sources, estimates and evolving methodologies and should not be viewed as a precise or comprehensive measure of sustainability performance. The fund(s) may be subject to investment, market, liquidity, currency, credit, counterparty, concentration and other risks as described in the applicable offering documents. Prospective investors should conduct their own due diligence and carefully consider the risks, investment objectives, costs and suitability of an investment before making any decision.
Market environment