Fixed income strategies

Carmignac Portfolio Global Bond

Global marketArticle 8
Share Class

LU0336083497

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
Bonds93.8 %
Other6.2 %
Data as of:  May 30, 2025.
Risk Indicator

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2

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 50.8 %
+ 17.0 %
+ 1.2 %
+ 1.5 %
+ 2.1 %
From 14/12/2007
To 04/07/2025
Calendar Year Performance 2024
+ 3.3 %
+ 9.5 %
+ 0.1 %
- 3.7 %
+ 8.4 %
+ 4.7 %
+ 0.1 %
- 5.6 %
+ 3.0 %
+ 1.8 %
Net Asset Value
1507.67 €
Asset Under Management
660 M €
Modified Duration 30/05/2025
4.2
SFDR - Fund Classification

Article

8
Data as of:  Jul 4, 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:  Jun 30, 2025.
Fund management team

Abdelak Adjriou

Fund Manager
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.

Market environment

• In the United States, GDP growth was revised down to -0.5% in the first quarter, while leading indicators sent mixed signals. While PMI indices surprised on the upside, consumer confidence and household income declined, and core inflation came in higher than expected at +2.7%. • The Federal Reserve kept its key interest rates in the 4.25% to 4.50% range while delivering a less accommodative message than expected by raising its inflation forecasts. • In the eurozone, the European Central Bank (ECB) lowered its key interest rate as expected by 25 basis points to 2.0%. Although this was widely anticipated, Christine Lagarde nevertheless adopted a more restrictive tone than expected regarding the outlook for inflation. • Tensions in the Middle East initially pushed oil prices above $80 per barrel, but they fell by more than 10% after the ceasefire was announced, which also contributed to a tightening of credit spreads by 18 basis points on the Markit iTraxx Crossover index. • In June, rates moved in different directions, with the 10-year rate in the US easing by 17 bp on the back of weaker economic data, while its German counterpart rose by 11 bp. • On the currency front, the dollar continued to fall against the euro, reaching its lowest level since 2021, mainly due to the repatriation of assets amid uncertainty over the impact of the trade war. In this context, most currencies suffered against the strength of the euro, although the Brazilian real and Eastern European currencies (the Hungarian forint, Czech koruna and Polish zloty) fared well, thanks to attractive carry.

Performance commentary

• During the month, the fund delivered a positive performance, outperforming its benchmark.• On the interest rate side, the easing of rates in the US and the UK was beneficial to our long positions in these two countries. Additionally, our long position in Norwegian rates was bolstered by the Norwegian central bank's first rate cut in five years. • On the credit side, our bond selection in our preferred sectors, such as finance and energy, as well as our selection of hard currency emerging market debt, made a positive contribution. However, this was slightly offset by the protections we put in place to reduce our exposure to credit markets amid tightening credit spreads. • Finally, on the currency front, despite the positive contribution of our exposure to the Brazilian real and the pound sterling, the portfolio was impacted by our exposure, albeit limited, to the US dollar and the Japanese yen.

Outlook strategy

• In an environment marked by uncertainty stemming from the introduction of tariffs, geopolitical conflicts and the risk of fiscal slippage in certain countries, we expect the major central banks in developed and emerging countries to maintain an accommodative stance. We are therefore maintaining a relatively high level of modified duration, between 4 and 5.• Regarding interest rates, we have a slightly long position on US rates, where the Fed is likely to remain cautious until it has more information on the impact of tariffs, but also a long position on UK rates, where economic data is deteriorating. Conversely, we have short positions in Europe and Japan, where the growth outlook is improving. 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 source. However, given the relatively high 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 relatively low exposure to the US dollar and limited exposure to emerging market currencies. Our currency selection includes Latin American currencies (the Brazilian real and Chilean peso) and commodity-linked currencies (the Australian dollar, Canadian 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:  Jul 4, 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 08/07/2025

Carmignac Portfolio Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Bonds93.8 %
Cash, Cash Equivalents and Derivatives Operations5.8 %
Equities0.4 %
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:  May 30, 2025.
Modified Duration4.2
Yield to Maturity6.1 %
Average Coupon5.6 %
Number of Issuers104
Number of Bonds142
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
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
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
Source and Copyright: Citywire. Abdelak Adjriou is A rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

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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.