Share Class
LU0992631217
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
Bonds65,9 %
Other34,1 %
Data as of: Aug 31, 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
+ 29,9 %
+ 26,6 %
+ 8,6 %
+ 18,3 %
+ 2,8 %
To 07/09/2026
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
+ 0,5 %
+ 2,0 %
- 3,0 %
+ 5,4 %
+ 9,7 %
+ 0,1 %
- 7,7 %
+ 5,1 %
+ 5,7 %
+ 4,7 %
Net Asset Value
€1,299.18
Asset Under Management
3 464 M €
Modified Duration
31/08/2026
0,6
SFDR - Fund Classification
Article
8
Data as of: Aug 31, 2026.
Data as of: Sep 7, 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: Aug 31, 2026.Fund management team
Performance commentary
- The fund delivered a negative absolute return in August but significantly outperformed its reference indicator, against a backdrop of rising interest rates, particularly in Europe.
- Our credit hedges through the CDS on iTraxx Xover index, as well as our duration overlay strategies, particularly our long positions at the front end of the European yield curve, were the main detractors from performance.
- Conversely, our inflation-linked instruments, particularly our positions in Italian inflation-linked bonds, together with our short position in French government bonds, contributed positively and helped mitigate the fund’s losses.
- During the month, we increased our inflation exposure on both sides of the Atlantic, by strengthening our positions in Italian inflation-linked bonds and 5-year US inflation breakevens.
Outlook strategy
- The current environment remains particularly supportive of a flexible bond strategy, as demanding valuations and persistently high volatility create opportunities across rates and credit markets.
- Inflation risks remain skewed to the upside on both sides of the Atlantic amid ongoing energy-market disruptions driven by persistent geopolitical tensions, reinforcing our strong conviction in inflation strategies.
- While yield curves have flattened since the beginning of the year, we expect them to steepen going forward, driven by a rise in long-term yields. Resilient growth, widening fiscal deficits, rising financing needs and heavier long-dated debt issuance across developed economies should increasingly translate into higher term premia and, ultimately, higher long-term interest rates.
- Against this backdrop, we maintain moderate duration, combining tactical long exposure to short-dated euro rates with short positions at the long end of euro and US sovereign curves. We also remain cautious on credit, maintaining credit hedges given tight valuations.
Performance Overview
Data as of: Sep 7, 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 08/09/2026
Carmignac Portfolio Flexible Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Aug 31, 2026.| Bonds | 65,9 % |
| Money Market | 24,5 % |
| Cash, Cash Equivalents and Derivatives Operations | 9,4 % |
| Equities | 0,2 % |
| Credit Default Swap | -20,1 % |
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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: Aug 31, 2026.Modified Duration0,6
Yield to Maturity3,0 %
Average Coupon2,1 %
Number of Issuers131
Number of Bonds178
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 • July 16, 2026 • English
Carmignac P. Flexible Bond: Letter from the Fund Managers - Q2 2026
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Strategies insights • April 9, 2026 • English
Carmignac P. Flexible Bond: Letter from the Fund Managers - Q1 2026
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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.
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