Share Class
LU0992630755
A global, flexible and macroeconomic approach to fixed income markets
- A global investment universe to identify and capitalise on macroeconomic trends across the globe.
- Access to a wide range of performance drivers available in developed and emerging markets.
- A dynamic and flexible approach to adapt to different market cycles.
Key documents
Asset Allocation
Bonds83.0 %
Other17.0 %
Data as of: Jun 30, 2026.
Risk Indicator
1
2
3
4
5
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
+ 36.2 %
+ 8.7 %
- 2.0 %
+ 4.4 %
+ 3.5 %
To 06/08/2026
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
+ 9.2 %
+ 0.1 %
- 3.7 %
+ 8.3 %
+ 4.7 %
+ 0.2 %
- 5.7 %
+ 1.5 %
- 0.6 %
- 0.7 %
Net Asset Value
CHF 136.18
Asset Under Management
532 M €
Modified Duration
30/06/2026
4,9
SFDR - Fund Classification
Article
8
Data as of: Jun 30, 2026.
Data as of: Aug 6, 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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Manager.
Fund Management Team
![[Management Team] [Author] Rigeade Guillaume](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Rigeade-Guillaume.png?auto=format%2Ccompress&fit=fill&w=3840)
The flexibility of our investment process allows us to take advantage of all performance drivers offered by the fixed income universe, and thus to build a diversified portfolio based on solid convictions.
Carmignac Portfolio Global 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: Jul 31, 2026.Fund management team
Performance commentary
- In this context, the Fund posted a negative performance, while significantly outperforming its reference indicator.
- Interest rate strategies were the main detractor over the month as the broad rise in global bond yields weighed on our long positions in the euro area and in emerging market local rates, particularly in Hungary and Poland. These losses were partly offset by our short positions in US Treasuries and French government bonds.
- Credit strategies made a positive contribution to performance. Gains were driven by our corporate credit allocation, particularly in financials and the energy sector, as well as by our high-yield CDS strategies. Our diversified allocation to emerging market hard currency debt also contributed modestly to performance.
- Currency strategies were the main positive contributor to performance, led by the Japanese yen, which rebounded following apparent FX intervention by the Japanese authorities at the end of the month. Selected emerging market currencies, notably the South Korean won, Colombian peso and Brazilian real, also contributed positively.
Outlook strategy
- Modified duration was slightly reduced to 4.6 over the month following profit-taking on selected emerging market positions. The portfolio remains primarily positioned on the German yield curve, inflation-linked strategies and emerging markets, while maintaining a cautious stance on US rates and credit through CDS protection.
- On rates, we maintain a US yield curve steepening strategy through short exposure to long-end US Treasury yields, alongside long breakeven inflation positions, as inflation risks remain tilted to the upside amid US tariff and immigration policies and ongoing disruptions in energy markets. In Europe, we remain long German rates while maintaining a short position in French government bonds amid ongoing political and fiscal uncertainty. We also retain short positions on UK rates due to fiscal concerns and a flattening strategy on the Japanese curve, reflecting our expectation that the Bank of Japan will remain hawkish. In emerging markets, we remain selective, favoring local rates offering attractive real yields, particularly in Brazil, South Africa and Eastern Europe.
- In spread products, we maintain a significant allocation to hard-currency emerging market debt, which continues to benefit from attractive carry, improving fundamentals, positive flows and supportive technicals. However, given elevated geopolitical uncertainty and tighter valuations, we maintain substantial protection through iTraxx Xover.
- In foreign exchange, we maintain limited exposure to the US dollar while favoring high-carry emerging market currencies, notably the South African rand and Chilean peso. Following its strong performance over the month, we took profits and exited our position in the South Korean won. We also maintain a long position in the Japanese yen, which should benefit from the Bank of Japan's ongoing monetary normalisation and recent FX interventions.
Performance Overview
Data as of: Aug 6, 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.
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.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/08/2026
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Jun 30, 2026.| Bonds | 83.0 % |
| Money Market | 8.6 % |
| Cash, Cash Equivalents and Derivatives Operations | 7.8 % |
| Equities | 0.6 % |
| Credit Default Swap | -19.6 % |
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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: Jun 30, 2026.Modified Duration4.9
Yield to Maturity4.5%
Average Coupon4.1%
Number of Issuers70
Number of Bonds89
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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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.
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.
Market environment