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
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-
-
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+ 2.8 %
+ 12.3 %
+ 3.9 %
- 11.3 %
+ 12.6 %
+ 9.9 %
Net Asset Value
131.47 $
Asset Under Management
1 675 M €
Market
Global market
SFDR - Fund Classification
Article
6
Data as of: 31 Dec 2024.
Data as of: 9 Jan 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.
December was marked by a normalisation of the interest rate environment, with German and US long rates rising by 28bp and 40bp respectively.- Investors revised their rate cut projections for 2025 following the US Federal Reserve meeting, which, despite cutting its key rate by -25bp, adopted a hawkish tone.- The European Central Bank also eased its deposit rate by -25bp to 3.0%, while remaining cautious about its future actions.- Activity remains buoyant across the Atlantic in terms of both employment and inflation data, with the core component remaining sticky at 3.3% over the year. Inflation has picked up in the eurozone to +2.3% from +2.0% previously, while core inflation remains anchored at +2.7% year-on-year.- Credit markets were cautious in December, with credit spreads widening by +2bp on the Itraxx Main index and +15bp on the Itraxx Xover index.
Performance commentary
The Fund delivered a positive performance in both absolute and relative terms in December, despite an unfavourable market environment for credit assets combining rising interest rates and widening credit spreads.- Our stock selection once again made a positive contribution to the Fund's performance, particularly the main investment themes, such as financial bonds and the energy sector.- We continue to benefit from the bulk of new issuers on the primary credit market offering attractive valuations.- Finally, we maintain our exposure to the collateralized loan obligation (CLO) segment, which is performing steadily.
Outlook strategy
We continue to focus on our core investment themes through a selection of high yield bonds, energy, financials and our CLO selection.- In addition, in this volatile environment, we are maintaining our market hedging strategies for around 20% of the fund's net assets, in order to protect the portfolio against the risk of further market disruption, while focusing on alpha.- Indeed, after years of low levels due to abundant liquidity and a low cost of capital, default rates should return to more normal levels, which we see as a catalyst that should create real idiosyncratic opportunities.J38- Finally, the portfolio's high carry (over 6.7%) and attractive credit valuations should mitigate short-term volatility and help generate medium- to long-term returns.
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: 31 Dec 2024.
Modified Duration3.3
Yield to Maturity6.8 %
Average Coupon6.3 %
Number of Issuers225
Number of Bonds303
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.
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.
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Market environment