Share Class
LU1299302254
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
Bonds89.5 %
Other10.5 %
Data as of: Jan 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
+ 15.2 %
+ 14.9 %
+ 1.3 %
+ 4.9 %
+ 0.6 %
To 05/03/2026
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
+ 8.8 %
- 0.4 %
- 4.1 %
+ 8.0 %
+ 4.3 %
- 0.3 %
- 5.9 %
+ 2.7 %
+ 1.4 %
+ 0.2 %
Net Asset Value
115.18 €
Asset Under Management
587 M €
Modified Duration
30/01/2026
3.4
SFDR - Fund Classification
Article
8
Data as of: Jan 30, 2026.
Data as of: Mar 5, 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.
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: Feb 27, 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)
Performance commentary
- During the month, the fund delivered a positive performance, underperforming its reference indicator.
- Against a backdrop of heightened risk aversion and broadly declining interest rates, the fund was negatively affected by its short positions, primarily on US rates and, to a lesser extent, on UK and French rates. This impact was partly mitigated by long exposure to German rates and selective positioning in emerging markets, notably in Eastern Europe and South Africa.
- Exposure to spread products continued to contribute positively to performance, driven mainly by a diversified allocation to hard-currency emerging market debt and, to a lesser extent, corporate credit. This was further supported by our credit hedging strategies, which proved effective amid widening spreads in a more risk-averse environment.
- Finally, foreign exchange strategies were the main contributor to performance, adding +66 bps overall. Gains were driven by our limited exposure to the US dollar and positions in commodity-linked currencies including the Brazilian real, Australian dollar, Norwegian krone and South African rand as well as the Mexican peso. While, the exposure to the Japanese yen had only a marginal negative impact.
Outlook strategy
- In a context of persistent uncertainty marked by geopolitical risks, AI concerns, sticky inflation and fiscal issues amid late-cycle valuations, we maintain a moderate modified duration of around 2.6, mainly concentrated in credit and emerging markets, while remaining cautious on core rates.
- Regarding interest rates, we remain short US rates and long breakeven inflation, as expectations for rate cuts appear overly optimistic given resilient growth and inflation above target. We keep a long position in Germany, where the ECB remains on hold and growth risks tilt to the downside, while staying short France amid persistent political and fiscal uncertainty. We remain short UK rates due to budget concerns and maintain our short stance on Japan, where inflation is rising alongside significant fiscal stimulus. We also remain selective on local emerging market rates offering attractive real yields, notably in Brazil, South Africa and Eastern Europe.
- In spread products, we maintain significant exposure, particularly to hard-currency emerging market debt, which should benefit from strong carry, improving fundamentals with rating upgrades, moderating inflation, capital flows and a dovish Fed. However, given tight valuations and persistent risks, we remain cautious and keep strong protection via iTraxx Xover to hedge potential spread widening.
- On currencies, we maintain limited USD exposure, reflecting the Fed’s easing bias and debasement narrative. Our selection includes Latin American currencies such as the Brazilian real, Mexican peso and Chilean peso, as well as commodity currencies including the Australian dollar and Norwegian krone. We also hold a long position in the Japanese yen, which should benefit from the Bank of Japan’s ongoing monetary normalisation amid inflationary pressures.
Performance Overview
Data as of: Mar 5, 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 06/03/2026
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jan 30, 2026.| Bonds | 89.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 9.8 % |
| Equities | 0.7 % |
| Credit Default Swap | -17.6 % |
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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: Jan 30, 2026.Modified Duration3.4
Yield to Maturity4.6 %
Average Coupon4.7 %
Number of Issuers83
Number of Bonds106
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.
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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.
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