Share Class
IE000NNU0CA7
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
Other95.6 %
Equities4.4 %
Data as of: Jun 30, 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
+ 25.6 %
-
-
-
+ 6.2 %
To 30/06/2025
Calendar Year Performance 2015Calendar 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 2024
-
-
-
-
-
-
-
+ 1.7 %
+ 11.6 %
+ 5.8 %
Net Asset Value
125.59 CHF
Asset Under Management
CHF
Yield to Maturity30/06/2025
9.2 %
SFDR - Fund Classification
Article
6
Data as of: Jun 30, 2025.
Data as of: Jun 30, 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 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: Jun 30, 2025.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 positive performance over the period.• We have mainly benefited from our investments in the financial, energy and real estate sectors, both in IG and HY, in developed and emerging countries. • We can also point out the good performance of our restructuring portfolio. • Last, our structured credit bucket (c.18.5% of our assets at the end of June) continued to perform positively over the period.
Outlook strategy
• We stick to our fundamental view and defensive carry strategy.• We favor high yield tranches of European CLOs, which offer some of the best risk rewards across global credit and pay floating rates, protecting us against interest rate volatility. • 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 9% (average rating BB-). • 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: Jul 10, 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 11/07/2025
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
The Fund aims to achieve capital growth by capturing opportunities on global credit markets over a minimum investment period of 3 years. It deploys an active and unconstrained management strategy, consisting of a relative-value based approach and a fundamentally driven discretionary selection of corporate debt and securitization instruments with an objective to build a desirable allocation in terms of geographical areas, sectors and asset classes. The sub-fund has no reference indicator.Characteristics
General Characteristics
- Management Company
- Carmignac Gestion Luxembourg S.A
- Legal Form
- Irish Collective Asset-management Vehicle (ICAV)
- ISIN
- IE000NNU0CA7
- Bloomberg
- CACRCHI 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
- CHF
- Share class AUM
- 1 MCHF (30/06/25)
- Fund AUM
- 127 M€ / 150 M$
- Dividend Policy
- Accumulation
- Capital Guarantee
- No
- NAV Frequency
- Monthly
- 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
- 1,86% of the value of your investment per year. This estimate is based on actual costs over the past year.
- Transaction Cost
- 1,74% 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.
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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
• Geopolitical events in June did not affect markedly credit markets.• After a record issuance in May, the primary market activity remained strong in June.