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Fixed income strategies

Carmignac Portfolio Flexible Bond

Global marketSRI Fund Article 8
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
Monthly Factsheet (including ESG data)
Asset Allocation
Bonds75.4 %
Other24.6 %
Data as of:  31 Jan 2025.
Risk Indicator

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 34.6 %
+ 13.7 %
+ 11.1 %
+ 5.5 %
+ 6.7 %
From 14/12/2007
To 20/02/2025
Calendar 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
1346.38 €
Asset Under Management
1 722 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  20 Feb 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.
Fixed income strategiesCarmignac Portfolio Flexible Bond
Fixed income strategiesCarmignac Portfolio Flexible Bond
Share Class

LU0336084032

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

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:  31 Jan 2025.
Fund management team
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

Eliezer Ben Zimra

Fund Manager

Market environment

  • The main news at the start of the year was Donald Trump's inauguration, which led to the signing of several executive orders, including the probable implementation of tariffs in the future.- The Federal Reserve opted for a pause in its rate-cutting cycle at its meeting, despite weaker-than-expected GDP growth in Q4 2024 (+2.3%), but considering a vigorous level of activity as reflected in employment data and consumer spending.- For its part, the European Central Bank cut its key rate by 25bp to 2.75%, even though growth in the region stagnated in Q4 2024.- Conversely, the Japanese central bank opted to raise its key rate by +25bp, given the resilience of inflation in the archipelago.- Over the month, we saw an acceleration in rates in the eurozone on the back of better-oriented leading indicators, while US rates fell as economic surprises eased.

Performance commentary

  • The fund delivered a positive absolute and relative performance against its benchmark in this market configuration.- Our preference for US yields over European yields paid off particularly well, as the peak of pessimism about the Old Continent's growth potential now seems to be behind us.- Carry trades also continued to make a solid contribution to the fund's performance, benefiting from the tightening of credit spreads over the month.- We have increased our exposure to US rates on the short end of the yield curve, as well as on the US 10-year rate, whose term premium has returned to positive territory.

Outlook strategy

  • We observe a considerable gap in investor optimism for the US region at the opposite of the eurozone, creating a favorable asymmetry for active management such as ours. - The portfolio focuses on the short end of the yield curve, which offers potential for appreciation, while longer maturities are likely to suffer from abundant supply in 2025.- The disinflation dynamic seems less vigorous on both sides of the Atlantic, while the market continues to integrate a return of inflation below the sustainable central bank target.- Based on these observations, we are taking on board a moderate level of interest-rate sensitivity, with a preference for the US region, while deploying a yield-curve steepening strategy and a marked appetite for inflation products.

Performance Overview

Data as of:  20 Feb 2025.
View Performance in detail
​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.On 30/09/2019 the composition of the reference indicator changed: the ICE BofA ML Euro Broad Market Index coupons reinvested replaces the EONCAPL7. Performances are presented using the chaining method. On 10/03/2021 the Fund’s name was changed from Carmignac Portfolio Unconstrained Euro Fixed Income to Carmignac Portfolio Flexible Bond.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 22/02/2025

Carmignac Portfolio Flexible Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Jan 2025.
Europe54.6 %
North America17.4 %
Latin America10.9 %
Eastern Europe10.0 %
Africa3.4 %
Middle East2.9 %
Asia0.9 %
Asia-Pacific0.9 %
Total % of bonds100.9 %
Europe54.6 %
itItaly
12.3 %
gbUnited Kingdom
7.1 %
frFrance
6.4 %
Grèce
6.1 %
ieIreland
4.8 %
deGermany
3.6 %
esSpain
2.4 %
Norvège
2.3 %
nlNetherlands
1.6 %
chSwitzerland
1.3 %
ptPortugal
1.3 %
Suède
1.2 %
beBelgium
1.2 %
fiFinland
0.9 %
smSanMarino
0.8 %
adAndorra
0.8 %
atAustria
0.5 %
View Portfolio allocation

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:  31 Jan 2025.
Modified Duration2.5
Yield to Maturity5.6 %
Average Coupon4.1 %
Number of Issuers161
Number of Bonds207
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
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
[Management Team] [Author] Eliezer Ben Zimra

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.
[Management Team] [Author] Rigeade Guillaume

Guillaume Rigeade

Co-Head of Fixed Income, Fund Manager
View Fund's characteristics

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All analysis
View characteristics and risks
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.