Fixed income strategies
Carmignac Portfolio Flexible Bond
Luxembourg SICAV sub-fundGlobal marketArticle 8Share Class
LU2490324501
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
Bonds60,8 %
Other39,2 %
Data as of: Jun 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
+ 28,7 %
-
-
+ 20,4 %
+ 2,7 %
To 09/07/2026
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
-
-
-
-
-
-
+ 7,5 %
+ 4,9 %
+ 5,9 %
+ 5,3 %
Net Asset Value
€128.68
Asset Under Management
3 385 M €
Modified Duration
30/06/2026
0,0
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Jul 9, 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: Jun 30, 2026.Fund management team
Performance commentary
- The fund delivered a negative absolute return in June, although it underperformed its reference indicator in a risk-on market environment.
- Our inflation protection strategies and credit positioning were the main detractors from performance during the month, while our duration overlay strategies provided a modest offset to these losses.
- During the month, we returned to a low modified duration by reducing our exposure to the euro yield curve, trimming our short-term euro rates swap position at the front end of the curve.
- In addition, we increased our exposure to 5-year US inflation breakevens and initiated a new position in US real rates.
Outlook strategy
- Despite the recent easing in energy prices, markets continue to underestimate persistent inflation on both sides of the Atlantic and remain overly optimistic about the pace of disinflation toward central bank targets.
- At the front end of yield curves, we see value in European rates, where market pricing still appears overly restrictive given subdued growth, while remaining broadly neutral on US short-term rates, which we believe are fairly priced.
- While short-term rates have largely repriced, we believe markets continue to underestimate the risk of structurally higher long-term interest rates. Deteriorating fiscal dynamics, rising government financing needs and insufficient term premia should continue to support higher long-end yields.
- In this environment, we remain tactically constructive on the front end of the euro yield curve while maintaining short positions at the long end of both euro and US curves. We continue to hold a meaningful allocation to inflation-linked securities as a hedge against persistent inflationary pressures, while favoring overlay strategies targeting the high-yield segment, where valuations remain vulnerable to a widening in spreads.
Performance Overview
Data as of: Jul 9, 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 10/07/2026
Carmignac Portfolio Flexible Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Bonds | 60,8 % |
| Money Market | 27,9 % |
| Cash, Cash Equivalents and Derivatives Operations | 11,2 % |
| Equities | 0,2 % |
| Credit Default Swap | -20,2 % |
To Access the weekly view
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: Jun 30, 2026.Modified Duration0,0
Yield to Maturity3,2 %
Average Coupon2,2 %
Number of Issuers137
Number of Bonds184
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.
To Access the weekly view
Articles that may interest you
Strategies insights • April 9, 2026 • English
Carmignac P. Flexible Bond: Letter from the Fund Managers - Q1 2026
3 minute(s) read
Strategies insights • January 15, 2026 • English
Carmignac P. Flexible Bond: Letter from the Fund Managers - Q4 2025
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.
Market environment