Calendar Year Performance 2014Calendar 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 2023
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+ 4.6 %
+ 4.5 %
Net Asset Value
114.73 €
Asset Under Management
1 513 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 31 Oct 2024.
Data as of: 12 Nov 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.
US growth continues to gravitate above its historical average at +2.8% in the third quarter, benefiting from resilient domestic demand.- All the indicators point to greater resilience in the US economy, while inflation has also shown resilience, with a smaller-than-expected fall in the headline component to +2.4% YoY and a reacceleration in core inflation to +3.3% YoY.- The low point now seems to be behind us in the eurozone, as indicated by the stronger-than-expected rebound in GDP growth of +0.4% in the third quarter in the zone, on the back of more favourable momentum in Germany and France.- The European Central Bank cut its key rate by a further 25bp this month. This decision comes against a backdrop of headline inflation in the region at a 3-year low, contrasting with core inflation and the service component of inflation, which are still above the ECB's target at +2.7% and +3.9% respectively.- This environment of resilient growth has pushed yields higher, with the US 10-year gaining +50bp and its German counterpart +27bp. Risk appetite also paused, with credit spreads widening by +3bp on the Itraxx Xover index over the month.
Performance commentary
In an environment marked by high volatility in interest rates, the fund significantly outperformed on an absolute and relative basis.- Our inflation-indexed strategies were the biggest contributors to the fund's performance over the month.- Our short positions on US and Euro long rates also made a positive contribution to performance in this market configuration.- In October, we reduced the fund's modified duration by increasing our short position in core rates. We also increased our exposure to euro inflation break-even and increased our protection on the high-yield credit index.
Outlook strategy
We continue to evolve in an environment of economic growth on both sides of the Atlantic thanks to costly fiscal policies.- Despite the upward movement in interest rates in October, the market continues to be optimistic about future rate cuts, while the yield curve continues to underestimate the fiscal indiscipline of economic agents.- The disinflation momentum seems to be losing momentum as we approach the final quarter of 2024, while the market continues to assume that inflation will return below the central banks' sustainable target in the future.- On the strength of these observations, we are maintaining a cautious stance on the portfolio's interest-rate sensitivity, while implementing a strategy of steepening the yield curves and a marked appetite for inflation products.
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: 31 Oct 2024.
Modified Duration-0.7
Yield to Maturity5.2 %
Average Coupon4.2 %
Number of Issuers156
Number of Bonds198
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.
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.
Related articles
Fixed Income Strategy • 13 September 2024 • English
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