Share Class
LU2020612904
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
+ 35.0 %
-
+ 41.7 %
+ 22.6 %
+ 8.0 %
To 07/05/2025
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
-
-
-
-
+ 2.8 %
+ 12.3 %
+ 3.9 %
- 11.3 %
+ 12.6 %
+ 9.9 %
Net Asset Value
135.00 $
Asset Under Management
1 829 M €
Yield to Maturity30/04/2025
6.6 %
SFDR - Fund Classification
Article
6
Data as of: Apr 30, 2025.
Data as of: May 7, 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 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: Apr 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)
Pierre Verlé
Head of Credit, Co-Head of Fixed Income, Fund Manager
![[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)
Alexandre Deneuville
Fund Manager
Performance commentary
- The Fund underperformed its benchmark in April, penalized by lower modified duration in an environment of sharply falling yields in the eurozone.- Despite the surge in volatility in April, we remain confident in the ability of our main investment themes to outperform, such as financial bonds and the energy sector.
- During April, we reduced our exposure to investment grade issuers that had outperformed in order to build up dry powder that can be redeployed on primary market opportunities in the future.
- Finally, we are maintaining exposure to collateralized loan obligations (CLOs), which are performing steadily.
Outlook strategy
- We continue to focus on our core investment themes through a selection of high-yield bonds, energy, financials, and our CLO selection.- 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 14.8% 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 (over 6.6%) and attractive credit valuations should mitigate short-term volatility and help generate medium- to long-term performance.
Performance Overview
Data as of: May 7, 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 09/05/2025
Carmignac Portfolio Credit Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: Apr 30, 2025.| Bonds | 93.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 3.9 % |
| Equities | 2.7 % |
| Credit Default Swap | -14.7 % |
To Access the weekly view
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: Apr 30, 2025.Modified Duration3.6
Yield to Maturity6.6 %
Average Coupon6.0 %
Number of Issuers247
Number of Bonds338
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.
To Access the weekly view
The strategy in a nutshell
Fund Management Team
Pierre Verlé
Head of Credit, Co-Head of Fixed Income, Fund Manager
Alexandre Deneuville
Fund Manager
Related articles
Fixed Income • April 11, 2025 • English
Carmignac P. Credit: Letter from the Fund Managers
3 minute(s) read
Fixed Income • March 27, 2025 • English
Carmignac Portfolio Credit is awarded best Fund in Europe by Lipper for the fourth year in a row
Events • February 6, 2025 • English
Annual Meeting 2025
Speakers : Raphaël Gallardo, Pierre Verlé, Mark Denham1 minute(s) read
Did you enjoy the fund page?
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.
Market environment