
Carmignac P. Credit: Letter from the Fund Managers
Carmignac Portfolio Credit was up +5.63% during Q4 2023, versus +5.54% for its reference indicator1. Since the beginning of the year, the fund is up +10.58% vs. +9.00% for its reference indicator, outperforming by +1.58%.
Review of 2023 performance
This strong performance and outperformance is a function of the high carry of the fund at the beginning of the year – the gross yield of the portfolio was then in excess of 9%, for an average rating of BB+, combined with a rally in credit markets in the last weeks of the year.
All our performance engines on the long side contributed strongly to the fund’s return, with emerging markets high yield bonds and structured credit instruments being the largest contributors. Our CLO (“Collateralized loan obligation”) tranches in particular performed extremely well thanks to their floating rates, high carry and a robust price action at the end of the year. The return was achieved with a high level of diversification (more than 250 positions and 150 different issuers), limiting the potential impact of isolated credit accidents and keeping the fund very liquid. As we enter 2024, we are excited by the prospects for future performance for the fund.
Outlook
Of course, there is not as much value in broad credit markets as there was twelve months ago, following an historic bear market in 2022. We have adjusted our risk exposure in consequence and have been lately increasing our hedging.
Yet, we think the opportunity set remains very attractive for flexible and analytically minded credit investors. Our bread and butter has always been complex situations that either require a lot of analytical work to build conviction and/or fall between the cracks of the mandates of indexed investors. In the past, even in years of financial repression and negative interest rates, when credit markets were infested with “tourists” desperately searching for a modicum of income, we managed to assemble portfolios with strong risk adjusted returns. The outlook for what we do is much brighter now than it was then and we suspect it will remain so. Indeed, even if risk-free rates have rallied recently, they remain well into positive territory. As investors can now earn a positive return on short term government bonds, they are asking for a decent remuneration to fund good quality, established companies and they need some serious enticement to venture even one step outside their comfort zone. This keeps the complexity premia that power the performance of the fund at very attractive level in absolute as well as in relation to the average level of credit indices.
In particular, the opportunity set in special situations and distressed debt looks very promising. The financial repression of the past decade spawned a cohort of companies with balance sheets only sustainable in a world where a low single B credit with more than 6x ND/EBITDA leverage and declining profitability had windows every couple of years to refinance at 5% - or less. This is not the case anymore and these businesses and associated balance sheets are going to start coming to terms with the changed landscape. Our team has a strong background in this area. It has contributed nicely to the historical performance of the fund and we think it could contribute to a much higher extent in the future, as this the one area of the credit markets where experienced investors can achieve high double digit returns.
As of this writing, the portfolio has a yield just shy of 7% with a net exposure close to 85% (with 2.7% of cash and 11.9% of hedges on HY indices). The opportunity set in front of us is very conducive for alpha generation and we would be disappointed if the fund does not return a mid to high single digit annualized return over the next two to three years.

Carmignac Portfolio Credit
Carmignac Portfolio Credit A EUR Acc
- Horizonte de investimento mínimo recomendado
- 3 anos
- Escala de Risco*
- 2/7
- Classificação SFDR**
- Artigo 6
*Escala de Risco do KID (documentos de informação fundamental). O risco 1 não significa um investimento isento de risco. Este indicador pode variar ao longo do tempo. **Regulamento SFDR (Sustainable Finance Disclosure Regulation) 2019/2088. A classificação SFDR dos Fundos pode evoluir ao longo do tempo.
Principais riscos do fundo
Comissões
- Custos de entrada
- 2,00% do montante que paga ao entrar neste investimento. Este é o valor máximo que lhe será cobrado. Carmignac Gestion não cobra custos de entrada. A pessoa que lhe vender o produto irá informá-lo do custo efetivo.
- Custos de saída
- Não cobramos uma comissão de saída para este produto.
- Comissões de gestão e outros custos administrativos ou operacionais
- 1,20% O impacto dos custos que suportamos anualmente pela gestão dos seus investimentos e outras comissões administrativas. Esta é uma estimativa baseada nos custos efetivos ao longo do último ano.
- Comissões de rendimento
- 20,00% quando a classe de ações supera o indicador de referência durante o período de desempenho. Será pago também no caso de a classe de ações ter superado o indicador de referência, mas teve um desempenho negativo. O baixo desempenho é recuperado por 5 anos. O valor real varia dependendo do desempenho do seu investimento. A estimativa de custo agregado acima inclui a média dos últimos 5 anos, ou desde a criação do produto se for inferior a 5 anos.
- Custos de transação
- 0,23% O impacto dos custos inerentes às nossas operações de compra e de venda de investimentos subjacentes ao produto.
Desempenho
| Carmignac Portfolio Credit | −1,5 | +6,7 | +8,2 | +10,6 | −13,0 | +3,0 | +10,4 | +20,9 | +1,7 | +1,8 |
| Indicador de Referência | −0,6 | +3,6 | +5,7 | +9,0 | −13,3 | +0,1 | +2,8 | +7,5 | −1,7 | +1,1 |
| Carmignac Portfolio Credit | +6,4% | +1,8% | +4,9% |
| Indicador de Referência | +4,6% | +0,6% | +1,3% |
Fonte: Carmignac em 30 de out de 2026.
Data do primeiro VPL : 31/07/2017.
O desempenho passado não é necessariamente um indicador do desempenho futuro. Os desempenhos são líquidos de comissões (excluindo eventuais comissões de subscrição cobradas pelo distribuidor). O Fundo apresenta um risco de perda do capital.
O retorno pode aumentar ou diminuir em resultado de flutuações cambiais, para as acções que não estão cobertas por divisas.
Indicador de Referência: 75% ICE BofA Euro Corporate Index + 25% ICE BofA Euro High Yield index. Frequência de rebalanceamento: Trimestral