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Fixed income strategies

Carmignac Portfolio Credit

Global marketArticle 6
Share Class

LU1932489690

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
Bonds95.4 %
Other4.6 %
Data as of:  May 30, 2025.
Risk Indicator

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Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 51.9 %
-
+ 24.7 %
+ 28.1 %
+ 7.5 %
From 31/12/2018
To 03/07/2025
Calendar Year Performance 2024
-
-
-
-
+ 20.9 %
+ 10.8 %
+ 3.4 %
- 12.7 %
+ 10.9 %
+ 8.6 %
Net Asset Value
151.87 €
Asset Under Management
2 000 M €
Yield to Maturity30/05/2025
6.4 %
SFDR - Fund Classification

Article

6
Data as of:  Jul 3, 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.
Fixed income strategiesCarmignac Portfolio Credit
Fixed income strategiesCarmignac Portfolio Credit
Share Class

LU1932489690

Overview

Characteristics & Risks

Performance

Portfolio

Documents

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:  May 30, 2025.
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 AAA 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre Deneuville

Fund Manager
Source and Copyright: Citywire. Alexandre Deneuville is AAA 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

  • The announcement of a moratorium on tariffs between the US and China reignited risk appetite, resulting in a 50bp tightening of credit spreads on the Itraxx Xover index in May.- The Federal Reserve kept its key rates in the 4.25% to 4.50% range as the US labor market continued to show resilience with better-than-expected job creation and stable unemployment.
  • In the eurozone, amid fragile economic growth, the ECB cut its rates by 0.25%, as expected by the market.
  • In Japan, uncertainty continues to grow. Inflation reached 3.6% year-on-year at the end of April and long-term rates hit record highs following limited interest from domestic investors in Japanese bonds.
  • Rates rose in May, particularly in the United States, where the 10-year rate rose by +24 bp, while its German counterpart rose by +6 bp.

Performance commentary

  • The Fund outperformed its benchmark in May, benefiting fully from the tightening of credit spreads.- Given the sharp tightening of risk premiums, we strengthened our credit index hedges at the end of the month to protect against a possible rebound in volatility as valuations returned to pre-Liberation Day levels.
  • During May, we took advantage of the reopening of the primary market to redeploy the cash accumulated in the previous month into new opportunities.
  • Finally, we are maintaining exposure of around 8% of the fund's net assets to collateralized loan obligations (CLOs), which are performing steadily.

Outlook strategy

  • We continue to focus on our main investment themes through a selection of high-yield bonds, energy, financial stocks and our selection of CLOs.- In addition, in this volatile environment, we have benefited from the widening of credit spreads to partially take profits on our market hedging strategies, which now account for 17.1% 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 more normal levels, which we see as a catalyst for creating real idiosyncratic opportunities.
  • Finally, the portfolio's high carry (around 6.4%) and attractive credit valuations should mitigate short-term volatility and help generate medium- to long-term performance.

Performance Overview

Data as of:  Jul 3, 2025.
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). 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 06/07/2025

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Bonds95.4 %
Equities2.4 %
Cash, Cash Equivalents and Derivatives Operations2.3 %
Credit Default Swap-17 %
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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:  May 30, 2025.
Modified Duration3.8
Yield to Maturity6.4 %
Average Coupon6.0 %
Number of Issuers259
Number of Bonds352
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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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 AAA 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.
[Management Team] [Author] Deneuville Alexandre

Alexandre Deneuville

Fund Manager
Source and Copyright: Citywire. Alexandre Deneuville is AAA 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 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 AAA 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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Carmignac P. Credit: Letter from the Fund Managers

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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.