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Fixed income strategies

Carmignac Portfolio Flexible Bond

Luxembourg SICAV sub-fundGlobal marketArticle 8
Share Class

LU1299302684

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
Bonds63 %
Other37 %
Data as of:  Sep 30, 2025.
Risk Indicator

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6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 18.7 %
-
+ 8.9 %
+ 20.3 %
+ 4.3 %
From 19/11/2015
To 06/11/2025
Calendar Year Performance 2024
- 0.4 %
- 0.1 %
+ 1.4 %
- 3.4 %
+ 5.0 %
+ 9.4 %
- 0.1 %
- 8.0 %
+ 4.6 %
+ 5.5 %
Net Asset Value
986.15 €
Asset Under Management
2 559 M €
Modified Duration 30/09/2025
-0.1
SFDR - Fund Classification

Article

8
Data as of:  Nov 6, 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 Flexible Bond
Fixed income strategiesCarmignac Portfolio Flexible Bond
Share Class

LU1299302684

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:  Oct 31, 2025.
Fund management team
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume Rigeade is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 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] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager
Source and Copyright: Citywire. Eliezer Ben Zimra is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 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 economic activity seems well oriented in the United States with leading indicators that continue to hover in expansion territory. Despite the shutdown that prevented the publication of certain economic data, inflation at the end of September showed a sign of acceleration again exceeding the 3% threshold on an annual basis.
  • The Federal Reserve delivered a 25-bps rate cut, but Jerome Powell struck a cautious tone on the policy outlook, as FOMC members appeared increasingly divided on the path forward amid persistent inflation and resilient economic activity.
  • In the euro area, activity indicators improved, with both the composite and services PMIs moving back into expansion territory, supported by a rebound in Germany while Q3 GDP grew by +0.2%, slightly above expectations.
  • The ECB for its part maintained a status quo on its monetary policy given an inflation that continues to hover above the target at +2.1% for the headline component and +2.4% for core inflation with no bearish signal for the future.
  • The credit markets remained stable in October thanks to an appetite that is still marked by investors, the Itraxx Xover index slightly widened by +4bps. On the other hand, rates were tilted on the downside with German 10-year yield easing by -9bps and US counterpart by -7bps.

Performance commentary

  • The fund delivered positive absolute performance in October but underperformed reference index in this bullish interest rate environment.
  • Emerging debt has been the best contributor to fund’s performance this month benefiting notably from a positive news flow in Argentina.
  • On the other hand, our overlay on duration returned negative notably our short positions on long end of both US and euro curves.
  • During the month, we increased our overlay on credit indices which now represents 22% of net assets amid high valuation and rising risk on geopolitical and inflation front.

Outlook strategy

  • The current environment presents many uncertainties stemming from the decisions of the Trump administration, which could lead to greater volatility in risk assets.
  • The market appears pessimistic about economic trajectories in the United States, thus incorporating high expectations for rate cuts. On the other hand, the market is much more optimistic about the growth potential of the Eurozone, with no anticipated cuts from the ECB for the next twelve months.
  • The inflationary momentum now seems to be trending upwards on both sides of the Atlantic, while the market continues to forecast a sustained return of inflation below central bank targets.
  • Based on these observations, we maintain a negative level of modified duration while keeping a strong appetite for inflation-linked products. On the credit front, we have strengthened overlay on high-yield spectrum in view of current valuation level and potential risk that lie ahead of us.

Performance Overview

Data as of:  Nov 6, 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.
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 08/11/2025

Carmignac Portfolio Flexible Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  Sep 30, 2025.
Bonds63 %
Money Market27.3 %
Cash, Cash Equivalents and Derivatives Operations9.4 %
Equities0.3 %
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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:  Sep 30, 2025.
Modified Duration-0.1
Yield to Maturity3.6 %
Average Coupon2.9 %
Number of Issuers159
Number of Bonds204
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] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
Source and Copyright: Citywire. Guillaume Rigeade is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 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] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager
Source and Copyright: Citywire. Eliezer Ben Zimra is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 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.
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
Source and Copyright: Citywire. Guillaume Rigeade is AAA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the September 30, 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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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.
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.