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
Asset Allocation
Bonds86.8 %
Other13.2 %
Data as of: Sep 30, 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
+ 26.2 %
+ 20.6 %
+ 1.6 %
+ 3.4 %
+ 0.7 %
To 09/10/2025
Calendar Year Performance 2015Calendar 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 2024
+ 3.3 %
+ 9.4 %
+ 0.1 %
- 3.7 %
+ 8.4 %
+ 4.7 %
+ 0.1 %
- 5.6 %
+ 3.0 %
+ 1.8 %
Net Asset Value
97.02 €
Asset Under Management
626 M €
Modified Duration
30/09/2025
5.3
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2025.
Data as of: Oct 9, 2025.
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.
The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
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, 2025.Fund management team
Performance commentary
- During the month, the fund posted a positive performance, outperforming its reference indicator.
- On the interest rate side, our bias towards a steepening of the US and UK yield curves was penalised by the flattening of the curve during the month. Conversely, we benefited from long positions in Canadian debt against a backdrop of deteriorating economic data. Finally, in emerging market debt, we mainly benefited from our long positions in South African debt.
- Our exposure to spread products was the main contributor to performance during the month, along with our selection of emerging market debt denominated in hard currencies and, to a lesser extent, our credit exposure.
- Finally, on the currency front, the performance was broadly neutral, with the negative contribution from the US dollar offset by the good performance of our emerging market currencies, such as the Hungarian forint and the Brazilian real.
Outlook strategy
- Against a backdrop of slowing growth, but without entering into recession, marked by a labour market showing signs of weakness, tariffs and fiscal largesse we anticipate that the major central banks in developed and emerging countries will maintain an accommodative stance. In this context, we are therefore maintaining a relatively high level of modified duration, around 5.
- With regard to interest rates, we have a generally cautious stance on US rates, with the market optimistically anticipating four rate cuts in an economy that is showing some resilience while the independence of the Fed is being called into question. In Europe, we are long Germany, with the market no longer anticipating further rate cuts, and short on France due to political and fiscal risks. We are also positioned for lower UK rates, given the deterioration in economic data and short Japanese rates, where the inflation outlook has been revised upwards. Finally, we remain selective on emerging market local rates, which are benefiting from high real rates, as in Brazil, but also in some Eastern European countries.
- On credit, we are maintaining significant exposure, benefiting from an attractive carry. However, given the relatively tight valuations, we remain cautious and are maintaining a high level of hedging on the iTraxx Xover to protect the portfolio from the risk of widening spreads
- Finally, in terms of currencies, we are maintaining a limited exposure to the US dollar. Our currency selection includes Latin American currencies (the Brazilian real and Chilean peso) and commodity-linked currencies (the Australian dollar and Norwegian krone). Finally, we are maintaining a long position on the Japanese yen, as the Bank of Japan is likely to be the only central bank to raise rates this year.
Performance Overview
Data as of: Oct 9, 2025.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 11/10/2025
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2025.| Bonds | 86.8 % |
| Cash, Cash Equivalents and Derivatives Operations | 12.7 % |
| Equities | 0.6 % |
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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, 2025.Modified Duration5.3
Yield to Maturity5.0 %
Average Coupon5.4 %
Number of Issuers96
Number of Bonds127
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.
Articles that may interest you
Fixed Income Strategy • July 11, 2025 • English
Carmignac Portfolio Global Bond: Letter from the Fund Manager - Q2 2025
3 minute(s) read
Fixed Income Strategy • April 28, 2025 • English
Carmignac Portfolio Global Bond: Letter from the Fund Manager
2 minute(s) read
Fixed Income Strategy • January 30, 2025 • English
Carmignac Portfolio Global Bond: Letter from the Fund Manager
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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.
Market environment