Share Class
LU0336084032
A flexible solution aiming to capture bond opportunities globally
- A conviction-driven Fund aiming to seize global bond markets opportunities while systematically hedging the currency risk.
- An investment process based on a top-down asset allocation and a bottom-up implementation of interest rate and credit strategies.
Key documents
Asset Allocation
Bonds64.7 %
Other35.3 %
Data as of: 28 Feb 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
+ 35.8 %
+ 13.1 %
+ 20.4 %
+ 11.7 %
+ 6.1 %
To 27/03/2025
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
- 0.7 %
+ 0.1 %
+ 1.7 %
- 3.4 %
+ 5.0 %
+ 9.2 %
0.0 %
- 8.0 %
+ 4.7 %
+ 5.4 %
Net Asset Value
1357.73 €
Asset Under Management
1 876 M €
Modified Duration
28/02/2025
3.1
SFDR - Fund Classification
Article
8
Data as of: 28 Feb 2025.
Data as of: 27 Mar 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 Flexible 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: 28 Feb 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)
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
![[Management Team] [Author] Eliezer Ben Zimra](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Ben-Zimra-Eliezer.png?auto=format%2Ccompress&fit=fill&w=3840)
Eliezer Ben Zimra
Fund Manager
Performance commentary
The fund delivered a positive performance in absolute as well as relative terms against its benchmark in this market configuration.
Our preference for US rates over European rates delivered a strong outperformance, as it did in the previous month, when US statistics pointed to an economic slowdown.
Carry instruments and our inflation strategies also continue to provide a solid contribution to the fund's performance.
During the month of February, we strengthened the fund's interest rate sensitivity through option strategies on the one hand, and reduced our credit exposure on the other.
Outlook strategy
We are observing a considerable difference in investor optimism for the US region at the expense of the euro zone, thus creating a favorable asymmetry for active management such as ours.
The portfolio is concentrated on the short end of the yield curves, which has potential for appreciation, in contrast to the longer maturities, which are expected to suffer from the wasteful policies of the various economies.
The disinflation dynamic seems less vigorous on both sides of the Atlantic, while the market continues to factor in a return of inflation below the central banks' sustainable target.
Based on these observations, we are implementing a cautious level of modified duration with a preference for the US region, while deploying yield curve steepening strategies and a marked appetite for inflation products.
Performance Overview
Data as of: 27 Mar 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 29/03/2025
Carmignac Portfolio Flexible Bond Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: 28 Feb 2025.| Bonds | 64.7 % |
| Money Market | 17.5 % |
| Cash, Cash Equivalents and Derivatives Operations | 17.3 % |
| Equities | 0.4 % |
To Access the weekly view
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 Feb 2025.Modified Duration3.1
Yield to Maturity4.5 %
Average Coupon3.8 %
Number of Issuers156
Number of Bonds197
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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Guillaume Rigeade
Co-Head of Fixed Income, Fund Manager
Eliezer Ben Zimra
Fund Manager
Eliezer and myself are managing this strategy with the objective to offer investors a flexible and diversified investment solution investing across fixed income markets, while hedging the currency risk.
Guillaume Rigeade
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.
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.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
Market environment
In the US, the labour market continues to show strength, with the unemployment rate falling to 4.0%. At the same time, inflation has risen to 3.0% year-on-year.
Politically, Trump has begun to implement his programme, starting with an increase in tariffs on Mexico, Canada, China and Europe, which is expected to come into effect in the coming months.
Talks on a ceasefire in Ukraine have also begun, with Trump engaging in negotiations with Russia for the first time since the war began in 2022.
In the eurozone, inflation rose in January on the back of higher energy prices, while core inflation remained stable at 2.7%. Growth momentum improved slightly, with Q4 GDP revised up to 0.0% and the composite PMI rising to 50.3 thanks to a recovery in the manufacturing component.
Interest rates fell in February, particularly in the US, where the 10-year rate fell by -33 bp thanks to Donald Trump's announcements and leading indicators pointing to a slowdown, while the German 10-year rate fell more moderately by -5 bp.