Carmignac Portfolio Global Bond

Global marketArticle 8

Share Class

LU0992630912

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

Monthly Factsheet (including ESG data)KID

Asset Allocation

Bonds88.6 %

Other11.4 %

Data as of: Oct 31, 2025.

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

+ 68.5 %

+ 42.4 %

+ 8.8 %

+ 9.6 %

+ 1.7 %

From 15/11/2013
To 04/12/2025

Calendar 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 2023Calendar Year Performance 2024

+ 3.9 %

+ 10.8 %

+ 0.8 %

- 1.0 %

+ 11.5 %

+ 6.3 %

+ 1.1 %

- 3.9 %

+ 4.8 %

+ 3.5 %

Net Asset Value

168.51 $

Asset Under Management

595 M €

Modified Duration 31/10/2025

4.3

SFDR - Fund Classification

Article

8

Data as of: Oct 31, 2025.

Data as of: Dec 4, 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 Global Bond

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: Nov 28, 2025.

Fund management team

[Management Team] [Author] Rigeade Guillaume

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager

Market environment

The end of the longest U.S. government shutdown allowed economic data to be released again, giving investors more visibility. Expectations for a rate cut in December were very volatile: they fell below 50% after hawkish comments and strong increases in services prices, before rising again above 70% at the end of the month following more dovish remarks from the New York Fed President.
In the United States, recent data showed a mixed picture. Activity in the services sector improved, with the ISM at 52.4, while manufacturing remained in contraction at 48.7. The labor market also sent mixed signals, with job creation above expectations but more announced layoffs and slightly higher unemployment. Consumer spending weakened, with lower retail sales and softer household confidence.
In the euro zone, the outlook was similarly mixed. GDP for the third quarter was revised up to +1.4%, but industrial production in September disappointed at +0.2%. PMI surveys nonetheless pointed to some improvement in services, especially in France, while headline inflation continued to ease across the region. At the end of the period, sentiment improved thanks to growing hopes for progress in the Ukraine peace talks, which also led to a drop in oil prices.
Internationally, Japanese inflation stayed above 3% YoY, increasing pressure on the Bank of Japan as a large stimulus plan was announced, which pushed sovereign yields higher. In the UK, the Bank of England kept rates unchanged, and the government’s budget was broadly well received, helping gilt yields partially reverse their earlier rise.
In this context, the US yield curve steepened, with the 2-year and 10-year Treasury yields falling by 8 bps and 6 bps respectively, while German yields moved in the opposite direction, rising by 6 bps on both the 2-year and the 10-year. Credit generally performed well, with the iTraxx Xover tightening by 10 bps to 256 bps, while European IG credit lagged, pressured both by rising rates and a very heavy primary market supply throughout the month.
On the currency front, the euro appreciated against the US dollar amid dovish comments from Fed members, particularly at the end of the period.

Performance commentary

Over the month, the fund delivered a negative performance, slightly underperforming its reference indicator.
Regarding interest rate strategies, our short positioning on US rates and our inflation strategies weighed on performance, while our long positions on euro rates also detracted. Conversely, our long positions on South African and Brazilian rates contributed positively.
Our credit exposure was the main positive contributor to performance during the month, driven primarily by our selection of hard-currency emerging market debt and, to a lesser extent, by our corporate bond holdings.
Finally, regarding currencies, the positive contribution of our selection of Latin American currencies (BRL; MXN, CLP) was offset by the negative contribution of our long position on the Japanese yen.

Outlook strategy

In a context of persistent uncertainty around global growth, shaped by ongoing trade tensions and fiscal stimulus in major economies, we expect central banks in both developed and emerging markets to maintain accommodative policies. In this environment, we keep a modified duration of around 3.3, mainly driven by exposure to emerging market debt and corporate credit, while remaining cautious on core interest rates.
On interest rates, we are short US rates and long breakeven inflation, as the market is pricing in almost four cuts while the economy remains resilient and inflation above target. In Europe, we are long the short end of the curve, as the market no longer expects further cuts, and short France due to political and fiscal risks. We initiated a short on UK rates amid budget-slippage concerns and stay short Japanese rates, where inflation is rising alongside a large fiscal package. We remain selective on local emerging market rates, which still offer attractive real yields, notably in Brazil and parts of Eastern Europe.
In credit, we maintain significant exposure, particularly to hard-currency emerging market debt and, to a lesser extent, corporate credit, which continue to offer attractive carry. However, given tight valuations, we stay cautious and maintain high protection via iTraxx Xover to hedge potential spread widening.
On currencies, we slightly increased our US dollar exposure, consistent with our view that the Fed will not deliver all the cuts priced in. Our selection includes Latin American currencies (Brazilian real, Mexican and Chilean pesos) and commodity-linked currencies (Australian dollar, Norwegian krone). We also keep a long position in the Japanese yen, as the Bank of Japan is expected to be the only major central bank to raise rates this year.

Performance Overview

Data as of: Dec 4, 2025.

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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.

The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Source: Carmignac at 05/12/2025

Carmignac Portfolio Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of: Oct 31, 2025.


Bonds	88.6 %
Cash, Cash Equivalents and Derivatives Operations	10.8 %
Equities	0.6 %

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Top 10

Data as of: Oct 31, 2025.


ISHARES USD HIGH YIELD CORP BOND UCITS ETF	6.5%
UNITED STATES 0.12% 15/04/2026	6.2%
ITALY 0.65% 28/10/2027	5.0%
POLAND 2.00% 25/08/2036	4.6%
HUNGARY 4.50% 16/06/2034	3.5%
OMAN 6.75% 28/10/2027	3.2%
SOUTH AFRICA 9.00% 31/01/2040	2.4%
SPAIN 2.50% 31/05/2027	2.2%
PETROBRAS GLOBAL FINANCE 7.38% 17/01/2027	1.5%
SOUTH AFRICA 4.85% 27/09/2027	1.4%

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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: Oct 31, 2025.

Modified Duration4.3

Yield to Maturity5.0 %

Average Coupon5.1 %

Number of Issuers88

Number of Bonds114

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 Manager.

Fund Management Team

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager

View Fund's characteristics

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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.

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.