Share Class
LU1623762769
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
Bonds86.8 %
Other13.2 %
Data as of: Sep 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
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 16.6 %
-
+ 7.3 %
+ 9.4 %
+ 3.3 %
To 06/11/2025
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
-
-
- 0.2 %
- 3.2 %
+ 8.8 %
+ 5.6 %
+ 0.5 %
- 3.7 %
+ 3.9 %
+ 2.1 %
Net Asset Value
116.69 €
Asset Under Management
606 M €
Modified Duration
30/09/2025
5.3
SFDR - Fund Classification
Article
8
Data as of: Sep 30, 2025.
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.
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: Oct 31, 2025.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)
Performance commentary
- Over the month, the fund delivered a positive performance, outperforming its reference indicator, supported by all three performance drivers: rates, credit and currencies.
- Regarding our interest rate strategies, the broad-based decline in yields over the month benefited our long positions in the US, Germany and the UK, while our short positions in French rates detracted from performance. Within emerging markets, the portfolio benefited mainly from its exposure to South African rates, supported by improved fiscal data and slightly easing inflation, which reduced concerns about further tightening from the SARB.
- Our credit exposure was one of the main contributors to performance during the month, driven primarily by our selection of hard currency emerging market debt, with Argentine exposure being the largest contributor following the victory of Milei’s coalition, signalling policy and economic continuity for the country.
- Finally, on the currency side, the Fund benefited from the strong performance of the US dollar as well as from our selection of emerging market currencies such as the Chilean peso and the Kazakh tenge.
Outlook strategy
- In a context of slowing growth—though without entering a recession—marked by signs of weakness in the labour market and ongoing trade tensions, we expect that major central banks in both developed and emerging markets will maintain accommodative policies. In this environment, we are maintaining a relatively high modified duration of around 4, mainly through exposure to emerging market debt and corporate credit, while remaining cautious on core rates.
- In terms of interest rates, we are positioned short on US rates and long on breakeven inflation, as the market is optimistically pricing in almost four cuts, whereas the economy continues to show resilience and inflation remains well above target. In Europe, we are long on the short end of the curve, as the market no longer expects further rate cuts, and short on France due to political and fiscal risks. We are also positioned for lower UK rates given the deterioration in economic data, and short on Japanese rates, where inflation expectations have been revised upwards. Finally, we remain selective on local emerging market rates, which continue to offer attractive real yields, notably in Brazil and in certain Eastern European countries.
- On credit, we maintain significant exposure, particularly to hard currency emerging market debt and to a lesser extent to corporate credit, which continue to offer attractive carry. However, given relatively tight valuations, we remain cautious and maintain a high level of protection via iTraxx Xover to hedge against potential credit spread widening.
- Finally, on currencies, we have slightly increased our exposure to the US dollar in line with our view that the Fed will not deliver all the rate cuts currently priced in by the market. Our currency selection includes Latin American currencies (the Brazilian real, Mexican peso and Chilean peso) as well as commodity-linked currencies (the Australian dollar and the Norwegian krone). We also maintain 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: 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).
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 08/11/2025
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Sep 30, 2025.| Bonds | 86.8 % |
| Cash, Cash Equivalents and Derivatives Operations | 12.7 % |
| Equities | 0.6 % |
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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: Sep 30, 2025.Modified Duration5.3
Yield to Maturity5.0 %
Average Coupon5.4 %
Number of Issuers96
Number of Bonds127
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
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.
Articles that may interest you
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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