Share Class
LU1623762843
Access the entire credit spectrum for maximum flexibility
- Conviction-driven and opportunistic strategies on global credit markets.
- Non-benchmarked approach with high selectivity for a rigorous portfolio allocation.
Key documents
Asset Allocation
Bonds98 %
Other2 %
Data as of: 28 Jun 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 44.9 %
0.0 %
+ 18.8 %
+ 1.4 %
+ 12.9 %
To 16/07/2024
Calendar Year Performance 2014Calendar 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 2023
-
-
-
+ 1.8 %
+ 1.7 %
+ 20.9 %
+ 10.4 %
+ 3.0 %
- 13.0 %
+ 10.6 %
Net Asset Value
144.87 €
Asset Under Management
1 443 M €
Market
Global market
SFDR - Fund Classification
Article
6
Data as of: 28 Jun 2024.
Data as of: 16 Jul 2024.
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 Credit 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: 28 Jun 2024.Fund management team
![[Management Team] [Author] Verle Pierre](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Verl%C3%A9-Pierre.png?auto=format%2Ccompress&fit=fill&w=3840)
Pierre Verlé
Head of Credit, co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Deneuville Alexandre](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Deneuville-Alexandre.png?auto=format%2Ccompress&fit=fill&w=3840)
Alexandre Deneuville
Fund Manager
Performance commentary
The Fund delivered a positive return in both absolute and relative terms in June.
Despite adverse conditions, our portfolio benefited from its main investment themes, whether investment grade or high yield, such as financials, energy, special cases and restructuring.
Our credit index hedging strategies also made a positive contribution to performance as spreads widened.
Our collateralised loan obligations also had a positive effect.??
Outlook strategy
We are still concentrating on our main investment themes through a selection of high yield bonds in the energy and financial sectors, and collateralised loan obligations (CLOs).?
In these volatile conditions, we are holding our credit market hedging strategies above 20% to protect the portfolio from the risk of further market dislocation, while focusing on alpha.
After remaining low for several years due to the liquidity glut and low cost of capital, default rates will probably return to more normal levels, which we view as a catalyst likely to create real opportunities in special situations.
The portfolio’s high carry (over 7%) and attractive credit valuations should mitigate short-term volatility and generate medium- and long-term performance.
Performance Overview
Data as of: 16 Jul 2024.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 18/07/2024
Carmignac Portfolio Credit Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 28 Jun 2024.| Europe | 68.5 % |
| North America | 11.5 % |
| Latin America | 8.9 % |
| Asia | 4.2 % |
| Eastern Europe | 3.4 % |
| Middle East | 1.8 % |
| Africa | 1.5 % |
| Asia-Pacific | 0.3 % |
| Total % of bonds | 100.0 % |
Europe68.5 %
 France | 13.1 % |
 Ireland | 13.0 % |
 United Kingdom | 12.9 % |
 Italy | 6.2 % |
 Grèce | 4.6 % |
 Spain | 4.3 % |
 Netherlands | 3.1 % |
| Norvège | 2.7 % |
| Suède | 2.3 % |
 Austria | 2.2 % |
 Switzerland | 1.8 % |
 Portugal | 1.1 % |
 Finland | 0.8 % |
 Germany | 0.4 % |
| Jersey | 0.2 % |
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: 28 Jun 2024.Modified Duration3.5
Yield to Maturity7.6 %
Average Coupon6.6 %
Number of Issuers225
Number of Bonds298
Average RatingBB+
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
Pierre Verlé
Head of Credit, co-Head of Fixed Income, Fund Manager
Alexandre Deneuville
Fund Manager
The Fund has access to the entire credit universe, allowing us to explore the potential of multiple liquid credit instruments across the world, from the most to the least risky, and thus find opportunities in different market conditions.
Pierre Verlé
Head of Credit, co-Head of Fixed Income, Fund Manager
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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
US inflationary pressure eased a little in June, with the rate falling to 3.3%, but momentum remained strong in the labour market and in services where activity picked up again.
At its FOMC meeting, the US Federal Reserve therefore left its interest rates unchanged, with members predicting a cut by the end of this year.
The ECB knocked 25 bps off its key interest rate at its monthly meeting, but reiterated that any future cuts will be data-dependent.
However, risk aversion was high as the political spectrum became more polarised in European elections, causing spreads on the Itraxx Xover index to widen by 23 bps.
The dissolution of France’s National Assembly and rise of opposition groups revived fears about public finances, pushing the spread between French and German bond yields above the 80bps threshold.