Carmignac Portfolio Flexible Bond

Luxembourg SICAV sub-fundGlobal marketArticle 8

Share Class

LU0336084032

A flexible solution aiming to capture bond opportunities globally

A conviction-driven Fund aiming to seize global bond markets opportunities while systematically hedging the currency risk.
An investment process based on a top-down asset allocation and a bottom-up implementation of interest rate and credit strategies.
A flexible and non-benchmarked philosophy to navigate through diverse market environments, across the world.

Key documents

Monthly Factsheet (including ESG data)KID

Asset Allocation

Bonds56.2 %

Other43.8 %

Data as of: Apr 30, 2026.

Risk Indicator

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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

+ 40.5 %

+ 22.4 %

+ 7.2 %

+ 16.0 %

+ 3.2 %

From 14/12/2007
To 11/05/2026

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

+ 0.1 %

+ 1.7 %

- 3.4 %

+ 5.0 %

+ 9.2 %

0.0 %

- 8.0 %

+ 4.7 %

+ 5.4 %

+ 4.3 %

Net Asset Value

1405.01 €

Asset Under Management

3 042 M €

Modified Duration 31/03/2026

2.4

SFDR - Fund Classification

Article

8

Data as of: Apr 30, 2026.

Data as of: May 11, 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 Flexible Bond

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] Rigeade Guillaume

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager

Eliezer BEN ZIMRA

Fund Manager

View Fund's characteristics

Carmignac Portfolio Flexible Bond 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, 2026.

Fund management team

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager

Eliezer BEN ZIMRA

Fund Manager

Market environment

Despite of the fragile ceasefire in the middle east, the pressure on commodities remained high in April amid prospects of prolonged disruption in the Strait of Hormuz and potential US military action against Iran leading to a stabilization of the Brent above $100/bbl.
Sticky commodity prices have led to stabilization in the rate market, with investors still anticipating three rate hikes by the European Central Bank by the end of the year and no longer expecting any easing from the Federal Reserve.
In the US, the Fed held rates steady at 3.50–3.75% In April, the FOMC adopting a more hawkish tone in what appears to be the most divided meetings on record. J. Powell confirmed he will remain on the Board as long as necessary. Growth accelerated with flash Q1-GDP at 2.0%, partly supported by public spending, while inflation picked-up with the PCE index pointing at 3.5%.
In the Eurozone, the ECB kept rates unchanged at 2%, and hinting at potential hikes as from the June meeting. Flash Q1-GDP slowed to 0.1% and April flash inflation rose to 3.0% YoY, pointing to a stagflationary backdrop.
During the month, yield curves were in a slightly bearish configuration. In the eurozone, the German 2-year yield rose by +3 bps over the month compared to +4 bps for the 10-year yield. A similar pattern was observed in the United States, with the 2-year yield increasing by +5 bps and the 10-year yield by +2 bps. Paradoxically, risk appetite was much more pronounced on the credit front, where credit spreads in the high-yield spectrum tightened by -60bps on the iTraxx Xover index during the month of April.

Performance commentary

The fund delivered a positive absolute and relative performance in April in a still highly volatile market environment.
Our inflation linked instruments were the key performance drivers during the month while rate overlay strategies also contributed positively to fund’s performance.
During April, we took profits on part of our exposure to the front end of the euro curve and increased our short positioning on the US 10-year which has led to a drop in the level of modified duration of the fund to 0.0 at end of the month.
On the other hand, we increased our exposure to 5-year euro inflation breakeven and initiated a new position on New Zealand 5-year rate.

Outlook strategy

The current environment remains highly uncertain, particularly on the geopolitical front, and is likely to drive continued volatility in both rates and spreads.
Inflation dynamics are trending upward on both sides of the Atlantic, driven in part by US policy decisions on tariffs and immigration, as well as ongoing energy market tensions amid war in middle east.
While the market has significantly revised upward the short ends of the yield curves in Europe and the US, we believe that curve steepening should accelerate going forward given the worsening deficit trajectories of developed countries, thereby putting upward pressure on long-term interest rates.
Against this backdrop, we maintain a tactical positive positioning on the front end of euro curve while preserving a strong allocation to inflation-linked assets. On the credit side, we continue to favor overlay strategies across the high-yield segment, given the risk of further spread widening.

Performance Overview

Data as of: May 11, 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.

On 30/09/2019 the composition of the reference indicator changed: the ICE BofA ML Euro Broad Market Index coupons reinvested replaces the EONCAPL7. Performances are presented using the chaining method. On 10/03/2021 the Fund’s name was changed from Carmignac Portfolio Unconstrained Euro Fixed Income to Carmignac Portfolio Flexible Bond.

The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Source: Carmignac at 12/05/2026

Carmignac Portfolio Flexible Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of: Apr 30, 2026.


Bonds	56.2 %
Money Market	30.7 %
Cash, Cash Equivalents and Derivatives Operations	12.8 %
Equities	0.3 %
Credit Default Swap	-25.3 %

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Top 10

Data as of: Apr 30, 2026.


ITALY 1.60% 28/06/2030	6.5%
UNITED STATES 0.12% 15/07/2030	4.0%
ITALY 2.00% 14/03/2028	3.5%
ITALY 2.85% 01/02/2031	3.0%
ITALY 1.60% 22/11/2028	2.7%
JAPAN 1.30% 20/03/2063	2.3%
POLAND 2.00% 25/08/2036	1.9%
ITALY 0.65% 28/10/2027	1.3%
ARGENTINA 4.12% 03/06/2026	0.7%
IVORY COAST 6.88% 17/10/2040	0.6%

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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: Mar 31, 2026.

Modified Duration2.4

Yield to Maturity3.4 %

Average Coupon2.3 %

Number of Issuers146

Number of Bonds195

Average RatingA-

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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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.

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.

Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.