Share Class
LU0336084032
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
Bonds56.9 %
Other43.1 %
Data as of: Dec 31, 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
+ 38.7 %
+ 20.6 %
+ 6.3 %
+ 12.2 %
+ 3.5 %
To 06/02/2026
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
+ 0.1 %
+ 1.7 %
- 3.4 %
+ 5.0 %
+ 9.2 %
0.0 %
- 8.0 %
+ 4.7 %
+ 5.4 %
+ 4.3 %
Net Asset Value
1387.39 €
Asset Under Management
2 892 M €
Modified Duration
31/12/2025
-0.4
SFDR - Fund Classification
Article
8
Data as of: Dec 31, 2025.
Data as of: Feb 6, 2026.
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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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: Jan 30, 2026.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)
Performance commentary
- The fund generated a positive performance on an absolute and relative basis in January, benefiting from our positions in inflation-indexed instruments.
- Our rate overlay strategies also contributed significantly, particularly our short positions on the long ends of yield curves of developed sovereign issuers.
- The only negative contributor to the fund's performance was our overlay strategies on high-yield credit, although volatility peaked at the end of the period.
- During the month, we increased our short position on French sovereign yields.
Outlook strategy
- The current environment presents many uncertainties, particularly on the geopolitical front, which could lead to greater volatility in risky assets.
- The market appears pessimistic about the US economic outlook, thus incorporating strong rate cut expectations. On the other hand, the market is much more optimistic about the growth potential of the euro area, with no rate cuts anticipated from the ECB for the next twelve months.
- The inflation trajectory seems to be upward across the Atlantic following the decisions of the US administration on tariffs and also on migration policy.
- Based on these observations, we maintain a negative modified duration while maintaining a strong appetite for inflation-linked products. On the credit front, we maintain protections across the high-yield bond spectrum given the current level of valuation and the potential risk of widening credit spreads.
Performance Overview
Data as of: Feb 6, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 09/02/2026
Carmignac Portfolio Flexible Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Dec 31, 2025.| Money Market | 68.9 % |
| Bonds | 56.9 % |
| Cash, Cash Equivalents and Derivatives Operations | 9.4 % |
| Equities | 0.3 % |
| Credit Default Swap | -18.9 % |
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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: Dec 31, 2025.Modified Duration-0.4
Yield to Maturity3.3 %
Average Coupon2.4 %
Number of Issuers150
Number of Bonds195
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 Managers.
Fund Management Team
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.
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Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
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