Alternative strategies
Carmignac Credit Opportunities
Irish Collective Asset-management Vehicle (ICAV)Global marketArticle 6Share Class
IE00049IEN86
An alternative credit strategy designed to capture extra risk premium
- Conviction-driven and opportunistic global credit strategy with a disciplined risk analysis.
- Rigorous bottom-up cross capital structure approach to unearth promising securities.
- Wide investment universe with lower constraints than the UCITS Funds.
Key documents
Asset Allocation
Other98.2 %
Equities1.8 %
Data as of: Feb 27, 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
+ 47.7 %
-
-
+ 40.5 %
+ 9.8 %
To 31/03/2026
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
-
-
-
-
-
-
+ 2.0 %
+ 15.8 %
+ 10.0 %
+ 14.7 %
Net Asset Value
147.69 $
Asset Under Management
207 M $
Yield to Maturity27/02/2026
6.7 %
SFDR - Fund Classification
Article
6
Data as of: Feb 27, 2026.
Data as of: Mar 31, 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 Credit Opportunities 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: Mar 31, 2026.Fund management team
![[Management Team] [Author] Verle Pierre](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Verl%C3%A9-Pierre.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Viros Florian](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Viros-Floria.png?auto=format%2Ccompress&fit=fill&w=3840)
![[Management Team] [Author] Deneuville Alexandre](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Deneuville-Alexandre.png?auto=format%2Ccompress&fit=fill&w=3840)
Performance commentary
- The fund posted a negative performance over the period.
- Financials were the main detractor. To a lesser extent, we were also impacted during the month by one of our idiosyncratic situations in the real estate segment.
- The rest of the portfolio remained resilient, benefiting from lower beta exposure and a strong focus on idiosyncratic risk, with returns primarily driven by security-specific factors rather than market direction.
- Note that our CLO pocket showed strong resilience, declining by only 3bps over the month (c.12% average allocation), reflecting our cautious stance and high-conviction selection within the segment.
Outlook strategy
- The current level of dispersion across credit markets continues to create attractive alpha-generation opportunities for active and selective investors.
- We expect the rising market stress will create attractive opportunities for disciplined credit investors.
- We also believe that the distressed and restructuring segment should offer an increasing number of opportunities over the medium term.
- Our historically low level of exposure in structured credit should enable us to seize attractive opportunities in the CLO segment, which we expect to materialize on the back of increasing dispersion and reassessment of credit margins.
- Other large allocations include financials, issuers in the natural resources space as well as the reorganized equity received in the context of a distressed debt investment.
- The bond portfolio yield is now close to 7.4% (vs. 6.7% as of end of Feb.), with an average rating of BB.
- We remain prudent in terms of positioning, the fund runs with close to no leverage at the moment and retains the full flexibility to take advantage of potential future volatility.
Performance Overview
Data as of: Apr 8, 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 09/04/2026
Carmignac Credit Opportunities : 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 Opportunities is an alternative (AIF) fund capturing opportunities on global credit markets. Its strategy combines a relative-value approach with fundamentally-driven discretionary selection of corporate debt and securitisation instruments, aiming to construct an attractive allocation across geographies, sectors and asset classes. The Fund seeks to achieve capital growth over a recommended investment horizon of three years.
Characteristics
General Characteristics
- Management Company
- Carmignac Gestion Luxembourg S.A
- Legal Form
- Irish Collective Asset-management Vehicle (ICAV)
- ISIN
- IE00049IEN86
- Bloomberg
- CACRUSB ID
Detailed Characteristics
- SFDR - Fund Classification
- Article 6
- Risk Indicator
1
2
3
4
5
6
7
Lowest risk Highest risk
- Recommended minimum investment horizon
- 3 years
- Management
- Alternative strategies
- Reference Indicator
- -
- Morningstar Category
Morningstar Category - -
Net Asset Value & Assets Under Management
- Date of 1st NAV
- 16/12/2022
- Base Currency
- USD
- Share class AUM
- 10 M$ (31/03/26)
- Fund AUM
- 180 M€ / 207 M$
- Dividend Policy
- Accumulation
- Capital Guarantee
- No
- NAV Frequency
- Monthly. Please refer to the fund calendar.Subscribe to NAVs
- Order Placement Cut-Off Time
- Before 13:00 CET
Fees
One-off costs upon entry or exit
- Entry costs
- We do not charge an entry fee.
- 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
- 1.11% of the value of your investment per year. This estimate is based on actual costs over the past year.
- Transaction Cost
- 0.74% 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
- 20.00% max. of the outperformance once performance since the start of the year exceeds that of the reference indicator and if no past underperformance still needs to be offset. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years, or since the product creation if it is less than 5 years.
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.
Articles that may interest you
Notice to shareholders • February 3, 2026 • English
Carmignac Credit Opportunities: Trading dates and NAV calculation dates
1 minute(s) read
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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.
Market environment