Fixed income strategies

Carmignac Portfolio Flexible Bond

Global marketArticle 8
Share Class

LU2490324501

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.
Asset Allocation
Bonds66.6 %
Other33.4 %
Data as of:  May 30, 2025.
Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 25.4 %
-
-
+ 25.7 %
+ 7.0 %
From 30/06/2022
To 08/07/2025
Calendar Year Performance 2024
-
-
-
-
-
-
-
+ 7.5 %
+ 4.9 %
+ 5.9 %
Net Asset Value
125.40 €
Asset Under Management
2 224 M €
Modified Duration 30/05/2025
-1.0
SFDR - Fund Classification

Article

8
Data as of:  Jul 8, 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 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:  Jun 30, 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 May 31, 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 May 31, 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

• In the United States, GDP growth was revised down to -0.5% in the first quarter, while leading indicators sent mixed signals. While PMI indices surprised on the upside, consumer confidence and household income declined, and core inflation came in higher than expected at +2.7%. • The Federal Reserve kept its key interest rates in the 4.25% to 4.50% range while delivering a less accommodative message than expected by raising its inflation forecasts. • In the eurozone, the European Central Bank (ECB) lowered its key interest rate as expected by 25 basis points to 2.0%. Although this was widely anticipated, Christine Lagarde nevertheless adopted a more restrictive tone than expected regarding the outlook for inflation. • Tensions in the Middle East initially pushed oil prices above $80 per barrel, but they fell by more than 10% after the ceasefire was announced, which also contributed to a tightening of credit spreads by 18 basis points on the Markit iTraxx Crossover index. • In June, rates moved in different directions, with the 10-year rate in the US easing by 17 bp on the back of weaker economic data, while its German counterpart rose by 11 bp.

Performance commentary

• In an uncertain environment marked by heightened geopolitical tensions, the fund delivered a positive performance in June, outperforming its benchmark.• Our carry strategies were the main contributors to the fund's performance, particularly through our allocation to subordinated financial bonds and high-yield credit. • Our allocation to emerging market sovereign issuers also contributed to positive performance, particularly in Egyptian and Ivorian debt. • We maintained a relatively cautious approach to corporate debt, strengthening our index-linked CDS, as credit spreads tightened in June.

Outlook strategy

• The current environment presents many uncertainties stemming from the Trump administration's decisions, which could result in greater volatility for risky assets.• The market appears pessimistic about the economic outlook for developed countries and is therefore factoring in the expectation of interest rate cuts, particularly in the United States. • Disinflationary momentum appears to be weaker on both sides of the Atlantic, while the market continues to anticipate a sustained return of inflation below central bank targets. • Based on these observations, we are adopting a low sensitivity to rates while maintaining a strong appetite for inflation-linked products.

Performance Overview

Data as of:  Jul 8, 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.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 09/07/2025

Carmignac Portfolio Flexible Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Bonds66.6 %
Money Market22.5 %
Cash, Cash Equivalents and Derivatives Operations10.6 %
Equities0.3 %
View details

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:  May 30, 2025.
Modified Duration-1.0
Yield to Maturity4.1 %
Average Coupon3.3 %
Number of Issuers158
Number of Bonds201
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
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 May 31, 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 May 31, 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 May 31, 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

Related articles

Fixed IncomeApril 10, 2025English

Carmignac P. Flexible Bond: Letter from the Fund Managers

3 minute(s) read
Find out more
Fixed IncomeApril 8, 2025English

Inflationary resurgence: Bad news or an investment opportunity?

4 minute(s) read
Find out more
Fixed IncomeJanuary 14, 2025English

Carmignac P. Flexible Bond: Letter from the Fund Managers

3 minute(s) read
Find out more
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.