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Fixed income strategies

Carmignac Portfolio Credit

Global marketArticle 6
Share Class

LU1623763064

Access the entire credit spectrum for maximum flexibility
  • Conviction-driven and opportunistic strategies on global credit markets.
  • Non-benchmarked approach with high selectivity for a rigorous portfolio allocation.
  • In search for optimal risk/return profile over the credit cycle.
Key documents
Monthly FactsheetKID
Asset Allocation
Bonds98.0 %
Other2.0 %
Data as of:  Jun 30, 2026.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 81.4 %
-
+ 19.7 %
+ 28.7 %
+ 4.0 %
From 31/07/2017
To 06/08/2026
Calendar Year Performance 2025
-
+ 2.4 %
+ 3.4 %
+ 23.2 %
+ 11.9 %
+ 3.6 %
- 11.6 %
+ 12.3 %
+ 9.5 %
+ 8.5 %
Net Asset Value
$181.45
Asset Under Management
3 154 M €
Yield to Maturity30/06/2026
5,5 %
SFDR - Fund Classification

Article

6
Data as of:  Aug 6, 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.
Fixed income strategiesCarmignac Portfolio Credit
Fixed income strategiesCarmignac Portfolio Credit
Share Class

LU1623763064

Overview

Characteristics & Risks

Performance

Portfolio

Documents

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Verle Pierre

Pierre VERLÉ

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre VERLÉ is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre DENEUVILLE

Fund Manager
Source and Copyright: Citywire. Alexandre DENEUVILLE is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. 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 Fund has access to the entire credit universe, allowing us to explore the potential of multiple liquid credit instruments across the world, from the most to the least risky, and thus find opportunities in different market conditions.
[Management Team] [Author] Verle Pierre

Pierre VERLÉ

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre VERLÉ is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. 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

Carmignac Portfolio Credit 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:  Jul 31, 2026.
Fund management team
[Management Team] [Author] Verle Pierre

Pierre VERLÉ

Head of Credit, Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Pierre VERLÉ is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre DENEUVILLE

Fund Manager
Source and Copyright: Citywire. Alexandre DENEUVILLE is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the June 30, 2026. 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

  • Geopolitical tensions intensified sharply in July as renewed conflict in the Middle East disrupted maritime traffic through the Strait of Hormuz and the Bab el-Mandeb Strait, pushing Brent crude prices close to USD 90 per barrel.
  • The Federal Reserve kept its policy rate unchanged at 3.50%-3.75% for a fifth consecutive meeting. However, the decision was perceived as more hawkish than expected, with three FOMC members dissenting in favor of an immediate rate hike.
  • The ECB also left its deposit rate unchanged at 2.25%, while reiterating that inflation risks remained tilted to the upside and maintaining a data-dependent approach.
  • Macroeconomic data confirmed resilient growth on both sides of the Atlantic despite heightened geopolitical uncertainty. In the US, economic activity remained solid despite Q2 GDP slowing to an annualized 1.5%, while June inflation surprised on the downside, although core PCE inflation remained elevated at 3.7% YoY. In the euro area, growth remained modest but exceeded expectations, while headline inflation surprised to the upside, rising to 2.9% YoY.
  • Against this backdrop, sovereign yield curves bear steepened on both side of the Atlantic, driven by a stronger rise in long-end yields with US 10-year yield rising 27bps and the German 10-year yield by 37bps. Credit markets also weakened, with the iTraxx Xover widening by 16bps.

Performance commentary

  • The Fund posted a negative absolute return in July but outperformed its reference indicator in a challenging environment for corporate credit.
  • In relative terms, the Fund benefited from its exposure to credit default swaps, which helped mitigate the impact of the widening in credit spreads.
  • Our positioning remained broadly unchanged during the month as we continued to deploy inflows into defensive subordinated financial new issues and selected corporate hybrid securities.
  • Finally, we maintain an allocation of approximately 5% of the Fund's net assets to structured credit (CLOs), which has continued to deliver resilient performance this year, supported by its floating-rate characteristics.

Outlook strategy

  • We continue to focus on our core investment themes through a selection of attractive opportunities, including in the energy sector, financial debt and structured credit.
  • Given the current volatility on the credit markets, we are maintaining a high level of credit overlay, which now accounts for approximately 18% of the Fund's net assets.
  • After years of weakness due to abundant liquidity and low capital costs, default rates are expected to return to levels close to historical averages, which we believe should create idiosyncratic opportunities.
  • Finally, the portfolio's high carry (around 5.8%) and apparent dispersion within the credit spectrum should mitigate short-term volatility and help generate medium to long-term mid single digit performance.

Performance Overview

Data as of:  Aug 6, 2026.
View Performance in detail
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.
Source: Carmignac at 08/08/2026

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Jun 30, 2026.
Bonds98.0 %
Equities1.5 %
Cash, Cash Equivalents and Derivatives Operations0.4 %
Credit Default Swap-17.5 %
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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:  Jun 30, 2026.
Modified Duration4.1
Yield to Maturity5.5%
Average Coupon5.2%
Number of Issuers284
Number of Bonds491
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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Strategies insights • July 15, 2026 • English

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Our views • January 30, 2026 • English

Annual Meeting 2026: Key Messages

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All analysis
View characteristics and risks
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.