Fixed income strategies

Carmignac Portfolio Global Bond

Global marketSRI Fund Article 8
Share Class

LU0992630326

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.
Asset Allocation
Bonds91.5 %
Other8.5 %
Data as of:  Apr 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
+ 51.2 %
+ 25.3 %
+ 9.7 %
+ 3.3 %
+ 2.8 %
From 15/11/2013
To 07/05/2025
Calendar Year Performance 2024
+ 2.3 %
+ 10.1 %
+ 0.5 %
- 1.8 %
+ 10.7 %
+ 5.6 %
+ 0.3 %
- 4.6 %
+ 4.2 %
+ 2.9 %
Net Asset Value
106.78 $
Asset Under Management
655 M €
Modified Duration 30/04/2025
4.6
SFDR - Fund Classification

Article

8
Data as of:  May 7, 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:  Apr 30, 2025.
Fund management team

Abdelak Adjriou

Fund Manager

Market environment

  • April was marked by high volatility and renewed risk aversion on the bond and equity markets. The Trump administration's announcement of new tariffs reignited fears of a recession in the US and disruptions to global production chains.- Despite Donald Trump's backtracking on the main tariff measures (temporarily reduced to 10%, except for China), a crisis of confidence took hold among investors, who deserted US assets (the dollar and Treasury bonds).
  • In the US, the yield curve steepened, with the 2-year rate falling by -28 basis points compared with -5 basis points for the 10-year rate, as the market now anticipates four rate cuts by the Federal Reserve between now and the end of the year.
  • The picture was the same in the eurozone, where the German 2-year rate fell by -36 basis points compared with -29 basis points for the 10-year rate, completely erasing the previous month's correction linked to the announcement of investment plans in Germany.
  • Risk aversion was high in April following the introduction of tariffs, which led to a +100 bp widening on the Itraxx Xover index at the beginning of the month, before tightening just as sharply after the Trump administration's reversal. As a result, the Itraxx Xover index recorded only a moderate widening of +22bp over the month.
  • On the currency front, the euro continued to appreciate against the dollar, with the market anticipating a negative impact on US growth and currency repatriation following the announcement of higher-than-expected tariffs on “Liberation Day” at the beginning of the month.

Performance commentary

-During the month, the fund posted a negative performance, but outperformed its benchmark.-Against a backdrop of widespread easing in interest rates, the portfolio benefited from its long positions in UK, German and Eastern European (Hungary, Poland) rates, as well as in Latin America (Brazil, Mexico). However, the fund was penalized by its short positions in Japanese and French rates.
-Our exposure to corporate credit had a negative impact, mainly due to the widening of credit spreads, which was partially offset by the protections we put in place to reduce our exposure to this market. Conversely, our selection of emerging market debt denominated in hard currencies had a positive impact due to specific situations (Argentina, Ecuador).
-Finally, on the currency front, the sharp rise in the euro had a negative impact on our exposure to the US dollar in absolute terms, but our cautious exposure throughout the month enabled us to significantly outperform the benchmark.

Outlook strategy

· Against a backdrop of negative growth impacts from tariffs, budgets allocated to European rearmament and geopolitical challenges, we expect the major central banks in developed and emerging countries to gradually continue their monetary easing. We are therefore maintaining a relatively high level of sensitivity to interest rates.· On rates, we favor real rates in the US, as economic data in a tariff environment points to a slowdown in the economy. In addition, we are also focusing on central banks that are behind in the cycle, such as the United Kingdom, but also on certain emerging countries, such as Brazil, which also benefits from high real rates and an allocation to certain Eastern European countries. We also have short positions on Japanese rates, where inflation is starting to take hold, but also in Europe, against a backdrop of high defense spending. · In credit, although this asset class offers an attractive carry, we are cautious due to relatively high valuations and are maintaining a significant level of hedging on the iTraxx Xover to protect the portfolio from the risk of widening spreads. · Finally, in currencies, we are maintaining relatively low exposure to the US dollar and limited exposure to emerging market currencies. Our currency selection includes Latin American currencies (BRL, CLP) and Eastern European currencies (HUF). Finally, we are maintaining a long position in the Japanese yen, which is likely to be the only central bank to raise rates this year.

Performance Overview

Data as of:  May 7, 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 09/05/2025

Carmignac Portfolio Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Apr 30, 2025.
Bonds91.5 %
Cash, Cash Equivalents and Derivatives Operations8.1 %
Equities0.5 %
Money Market0 %
View details

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:  Apr 30, 2025.
Modified Duration4.6
Yield to Maturity5.7 %
Average Coupon5.0 %
Number of Issuers97
Number of Bonds135
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.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team

Abdelak Adjriou

Fund Manager
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.

Abdelak Adjriou

Fund Manager
View Fund's characteristics

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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.