Fixed income strategies

Carmignac Portfolio Flexible Bond

Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8
Share Class

LU0807689749

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.
Key documents
Monthly Factsheet (including ESG data)KID
Asset Allocation
Bonds76.2 %
Other23.8 %
Data as of:  30 Aug 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 39.2 %
+ 29.2 %
+ 17.2 %
+ 3.4 %
+ 9.9 %
From 19/07/2012
To 05/09/2024
Calendar Year Performance 2023
+ 1.9 %
- 0.4 %
+ 1.3 %
+ 3.4 %
- 0.9 %
+ 7.7 %
+ 10.6 %
+ 0.5 %
- 6.5 %
+ 6.7 %
Net Asset Value
1392.13 $
Asset Under Management
1 379 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  5 Sep 2024.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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 Flexible Bond
Fixed income strategiesCarmignac Portfolio Flexible Bond
Share Class

LU0807689749

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  31 Jul 2024.
Fund management team
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager

Market environment

  • The United States reported robust growth of +2.8% in the second quarter, thanks to robust domestic demand.- The US labor market nevertheless showed signs of rebalancing, with a drop in private-sector hiring and a rise in the unemployment rate.- Growth in the eurozone also surprised positively, at +0.3% in the second quarter, as did inflation, which reaccelerated to +2.5% year-on-year.- In such environment, the European Central Bank and the US Federal Reserve maintained the status quo in their monetary policy, with the latter adopting a conciliatory stance and keeping a close eye on job market trends.- Lastly, the Bank of Japan tightened its monetary policy by a further 0.15% this year, and announced a detailed plan to reduce its balance sheet on the strength of inflation hovering above the 2% threshold.

Performance commentary

  • The Fund delivered a positive performance in July in a buoyant market for both interest rates and credit.- Our carry strategies were the strongest contributors to the Fund's performance, benefiting from tighter credit spreads.- Despite resilient core inflation on both sides of the Atlantic and solid growth data, our inflation-indexed strategies performed negatively.- In view of sharply tightening valuations, we took profits on sovereign rates and reduced our net exposure to high-yield credit, in order to protect the portfolio in the event of risk aversion movements.

Outlook strategy

  • The normalization of the labor market on the other side of the Atlantic means that a rate cut scenario is finally on the horizon in the United States.- Nonetheless, growth remains buoyant thanks to the resilience of the US consumer, while the Eurozone is also showing more resilient growth than expected.- On the other hand, a return to the inflation target could be a source of disappointment, given the market's optimistic expectations, which justify keeping inflation-indexed instruments in the portfolio.- Finally, we remain firmly convinced of the ability of short rates to outperform in an environment of high real rates and a resurgence of the risk of the economy going off track.

Performance Overview

Data as of:  5 Sep 2024.
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.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. The Fund’s name was changed from Carmignac Portfolio Capital Plus to Carmignac Portfolio Unconstrained Euro Fixed Income.
Source: Carmignac at 08/09/2024

Carmignac Portfolio Flexible Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Aug 2024.
Europe66.6 %
North America10.9 %
Latin America8.4 %
Eastern Europe6.6 %
Middle East2.8 %
Africa2.4 %
Asia1.2 %
Asia-Pacific1.1 %
Total % of bonds100.0 %
Europe66.6 %
itItaly
16.5 %
gbUnited Kingdom
8.9 %
frFrance
7.4 %
Grèce
6.6 %
ieIreland
6.4 %
esSpain
4.1 %
deGermany
2.6 %
Norvège
2.6 %
atAustria
2.5 %
nlNetherlands
2.2 %
ptPortugal
1.5 %
chSwitzerland
1.4 %
smSanMarino
1.1 %
Suède
1.1 %
fiFinland
1.0 %
adAndorra
0.9 %
View Portfolio allocation

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:  30 Aug 2024.
Modified Duration1.0
Yield to Maturity5.6 %
Average Coupon4.4 %
Number of Issuers151
Number of Bonds192
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.

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
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager
Eliezer and myself are managing this strategy with the objective to offer investors a flexible and diversified investment solution investing across fixed income markets, while hedging the currency risk.
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
View Fund's characteristics
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.