Share Class
LU0992630839
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
Bonds84,1 %
Other15,9 %
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
+ 62,3 %
+ 26,8 %
+ 11,1 %
+ 14,2 %
+ 5,6 %
To 04/09/2026
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
+ 26,9 %
+ 3,8 %
- 2,5 %
+ 2,8 %
+ 11,5 %
- 5,7 %
+ 1,8 %
+ 1,4 %
- 2,6 %
+ 7,8 %
Net Asset Value
162,33 £
Asset Under Management
518 M €
Modified Duration
31/08/2026
4,7
SFDR - Fund Classification
Article
8
Data as of: Aug 31, 2026.
Data as of: Sep 4, 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 Manager.
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)
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.
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: Aug 31, 2026.Fund management team
Performance commentary
- Over the month, the Fund delivered a negative performance, outperforming its reference indicator.
- In this context, the Fund’s performance was primarily affected by interest-rate and currency strategies, while credit made a modest positive contribution.
- On rates, performance was negative overall. Long positions in European and US rates detracted as sovereign yields moved higher and the US yield curve flattened. These losses were partially offset by our short positions in French and Italian government bonds, which contributed positively.
- Credit strategies made a modest positive contribution overall. Gains from our diversified exposure to hard-currency emerging-market debt and developed-market credit were largely offset by losses on CDS hedges, as credit markets remained resilient and spreads tightened, particularly in high yield.
- Currency strategies detracted from performance overall. Positive contributions from the South African rand and Australian dollar were more than offset by losses on the Japanese yen, Brazilian real and Chilean peso, while the US dollar also detracted slightly.
Outlook strategy
- Against a backdrop of persistent inflation, heavy sovereign financing needs, rising AI-related investment and tight credit spreads, the portfolio maintains a selective and cautious stance. Modified duration stood at 4.9 at the end of August. The portfolio continued to combine a short bias on long-end US rates, long inflation positions, limited US dollar exposure and selective exposure to emerging-market currencies and credit.
- Interest rates & inflation: We remain short long-end US Treasuries, as resilient activity, persistent inflation, large fiscal deficits and significant financing needs continue to put upward pressure on long-term yields. We also maintain long breakeven inflation positions. In Europe, we remain long German rates while retaining a short position in France, alongside a cautious stance on UK rates. Emerging-market local rates remain selective, with an increasing preference for currencies over broad duration exposure.
- Spread products: We maintain selective exposure to hard-currency emerging-market debt, notably in Egypt, Romania, Hungary and Argentina, alongside selected corporate credit. With valuations remaining tight, substantial iTraxx Xover protection is maintained to hedge against a potential widening in credit spreads.
- Currencies: We maintain limited exposure to the US dollar and a long bias towards the euro. We continue to favor high-carry emerging-market currencies, notably the Brazilian real, Mexican peso and South African rand, as well as selected commodity-linked currencies. We also retain a long position in the Japanese yen, supported by expectations of further Bank of Japan monetary normalization amid persistent inflationary pressures.
Performance Overview
Data as of: Sep 4, 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.
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 07/09/2026
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Aug 31, 2026.| Bonds | 84,1 % |
| Money Market | 9,0 % |
| Cash, Cash Equivalents and Derivatives Operations | 6,4 % |
| Equities | 0,6 % |
| Credit Default Swap | -20,3 % |
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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 Duration4,7
Yield to Maturity4,5 %
Average Coupon4,1 %
Number of Issuers69
Number of Bonds88
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 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.
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