Fixed income strategies

Carmignac Credit 2027

Share Class

FR00140081Z8

Carmignac Credit 2027 : Characteristics & Risks

You may find in this section information on characteristics, costs, and risks of the Fund. ​If you have any questions, please do not hesitate to contact Carmignac for further details and assistance.​

Investment Universe and Objective

Carmignac Credit 2027 is a target maturity fund implementing a carry strategy that includes both private and public issuers. The Fund benefits from both the strong expertise of its management team and a disciplined investment process, that enables a rigorous selection of securities.

Carmignac Credit 2027’s objective is to generate performance, net of management fees, from a portfolio comprising debt securities of public or private issuers, with no restrictions on the average rating, duration or maturity; such securities will be held until a liquidation phase of six months (maximum) preceding the fund’s maturity date, on 30 June 2027, or, if applicable, until the fund’s early maturity date, i.e.

No later than 4 August 2025, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to an internal rate of return (“IRR”) observed between 30 June 2022 and 30 June 2025 (the “Target IRR”) of:

  • 2.44% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 107.50 observed on 30 June 2025 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

  • 2.13% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.54 observed on 30 June 2025 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

  • 2.85% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 108.80 observed on 30 June 2025 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit; or, failing that,

No later than 4 December 2025, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to the IRR observed between 30 June 2022 and 31 October 2025 (the “Target IRR”) of:

  • 2.24% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 107.67 observed on 31 October 2025 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

  • 1.93% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.60 observed on 31 October 2025 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

  • 2.65% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 109.11 observed on 31 October 2025 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit; or, failing that,

No later than 3 April 2026, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to the IRR observed between 30 June 2022 and 27 February 2026 (the “Target IRR”) of:

  • 2.08% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 107.83 observed on 27 February 2026 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

  • 1.77% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.65 observed on 27 February 2026 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

  • 2.49% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 109.42 observed on 27 February 2026 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit; or, failing that,

No later than 4 August 2026, if the fund has achieved or exceeded a performance deemed appropriate and corresponding to the IRR observed between 30 June 2022 and 30 June 2026 (the “Target IRR”) of:

  • 1.94% for the A EUR Acc and Ydis units, i.e. a net asset value of EUR 108 observed on 30 June 2026 for the A EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the A EUR Ydis unit;

  • 1.64% for the E EUR Acc and Ydis units, i.e. a net asset value of EUR 106.71 observed on 30 June 2026 for the E EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the E EUR Ydis unit;

  • 2.35% for the F EUR Acc and Ydis units, i.e. a net asset value of EUR 109.74 observed on 30 June 2026 for the F EUR Acc unit, or an equivalent performance over the period, dividends reinvested, for the F EUR Ydis unit.

The above IRRs are calculated on the assumption that management fees remain unchanged between the unit’s launch date and the observation date.

In particular, the portfolio will comprise bonds (including contingent convertible bonds (“CoCos”), up to 15% of the net assets) as well as securitisation instruments (up to 40% of the net assets) and credit default swaps (up to 20% of the net assets). The fund is not subject to any restrictions in terms of the breakdown between private and public issuers.

As such, the fund will be exposed to interest rate and credit markets, including in non-OECD countries (including emerging markets) (up to 40% of the net assets), until the liquidation phase described above (or, if applicable, the Early Maturity Date).

In the absence of restrictions on average rating, the fund will seek potentially substantial exposure to “speculative” debt securities (the characteristics of which are set out below in the investment strategy); such securities offer higher prospective returns than “investment grade” debt securities, but in return expose the fund to greater risks (in particular that of issuer default).

The management company reserves the right not to liquidate the fund on the Early Maturity Date, even if the IRR has reached one of the thresholds described above, in particular if the Target IRR has not been reached for all units or if the liquidity of the Carry Portfolio (as defined in the “Investment Strategy” paragraph below) or a market sell-off following the observation date concerned does not allow the fund to be liquidated on the Early Maturity Date at a net asset value corresponding, as a minimum, to the Target IRR for all units of the fund.

Under no circumstances may this investment objective be construed as an undertaking in relation to the yield or performance of the fund; the performance is not guaranteed.

The fund is an actively managed UCITS. The investment manager has discretion over the composition of the portfolio, subject to compliance with the stated investment objectives and policy.

Characteristics

General Characteristics
Management Company
Carmignac Gestion S.A
Legal Form
French mutual fund (FCP)
ISIN
FR00140081Z8
Bloomberg
CACC2AY FP
Detailed Characteristics
SFDR - Fund Classification
Article 8
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended minimum investment horizon
5 years
Management
Fixed income strategies
Reference Indicator
-
Morningstar Category
Morningstar Category
N.A.
Net Asset Value & Assets Under Management
Date of 1st NAV
03/05/2022
Base Currency
EUR
Share class AUM
38 M€ (11/04/24)
Fund AUM
1 161 M€ / 1 243 M$
Dividend Policy
Distribution
Capital Guarantee
No
NAV Frequency
Daily, except on French public holidays for FCP/SICAV; UK bank holidays for OEIC; Stock market holidays in the US, China and Hong Kong for China New Economy Funds. 
Subscribe to NAVs
Order Placement Cut-Off Time
Before 13:00 CET
Distribution
Distribution Frequency
Yearly
Date of the Last Coupon
30/06/2023
Amount of the Last Coupon
1.50€
Annual dividend target rate
0 %

Fees

One-off costs upon entry or exit
Entry costs
1,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
We do not charge an exit fee for this product.
Ongoing costs taken each year
Management fees and other administrative or operating costs
1,04% of the value of your investment per year. This estimate is based on actual costs over the past year.
Transaction Cost
0,40% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.
Incidental costs taken under specific conditions
Performance fees
There is no performance fee for this product. 

Risks

Main Risks of the Fund
Credit
Credit risk is the risk that the issuer may default.
Interest Rate
Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
Liquidity
Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.
Discretionary Management
Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
The Fund presents a risk of loss of capital.
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 Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.