Fixed income strategies

Carmignac Portfolio Global Bond

Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8
Share Class

LU0992630755

A global, flexible and macroeconomic approach to fixed income markets
  • A global investment universe to identify and capitalise on macroeconomic trends across the globe.
  • Access to a wide range of performance drivers available in developed and emerging markets.
Asset Allocation
Bonds89.2 %
Other10.8 %
Data as of:  30 Sep 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 33.6 %
+ 20.6 %
- 0.2 %
- 4.1 %
+ 4.2 %
From 15/11/2013
To 14/10/2024
Calendar Year Performance 2023
+ 13.9 %
+ 2.2 %
+ 9.2 %
+ 0.1 %
- 3.7 %
+ 8.3 %
+ 4.7 %
+ 0.2 %
- 5.7 %
+ 1.5 %
Net Asset Value
133.56 CHF
Asset Under Management
732 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  14 Oct 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 Global 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:  30 Sep 2024.
Fund management team

Abdelak Adjriou

Fund Manager

Market environment

  • The US Federal Reserve delivered a more dovish message than expected at its September meeting, cutting its key rate by -0.5%.

  • Growth data nevertheless exceeded expectations across the Atlantic, both in terms of unemployment, which declined to 4.2%, and consumer resilience, with retail sales accelerating by +0.1%.

  • Headline inflation continued to slow to +2.5% year-on-year on the back of falling commodity prices, while core inflation remained stable at +3.2%.

  • For its part, the European Central Bank cut its key rate by -25bp against a backdrop of disappointing economic data, both in terms of leading indicators and the zone's future growth prospects.

  • Among other central banks, the Bank of Japan opted for a pause in its rate hike cycle, while the Brazilian central bank raised its key rate by a quarter point.

  • At the end of the period, the Chinese authorities announced a series of measures aimed at curbing the slowdown in the Chinese economy and boosting market sentiment.

  • On the currency front, the weakness of the US dollar benefited emerging currencies, which appreciated over the month, particularly Latin American and Asian currencies.

Performance commentary

  • The Fund recorded a positive performance, outperforming its reference indicator over the period.

  • With interest rates easing across the board and risky assets performing well, the Fund's main drivers made a positive contribution to performance.

  • On the rates side, our long positions in US and European rates had a positive impact, while our inflation strategies and our long position in Canadian rates had a negative impact.

  • On the credit side, our exposure to developed markets, particularly in the financial sector, and our investments in the external debt of emerging countries made a positive contribution, slightly offset by our hedges on the credit markets.

  • Finally, in terms of currencies, our exposure to the US dollar, sterling, the Brazilian real and the Chilean peso had a positive impact, while the Japanese yen detracted slightly from performance.

Outlook strategy

  • Against this backdrop of a soft landing for the economies and inflation continuing its gradual decline, we are maintaining a relatively high level of modified duration.

  • In terms of rates, we favour real rates in the United States and steepening strategies in the United States and Europe. We are also focusing on central banks that are lagging the cycle, such as the UK, and on certain emerging countries, such as Brazil and Mexico.

  • On the credit front, we are maintaining our cautious bias due to high valuations and are maintaining a substantial level of hedging on the Itraxx Xover to protect the portfolio from the risk of widening spreads.

  • On the external EM debt front, we continue to favour special situations in countries whose economies are undergoing restructuring or improving significantly.

  • Finally, we remain cautious on the currency front, with particularly low exposure to the USD and EM currencies. However, we do have diversified exposure to the currencies of central banks that are taking a less accommodative stance against a backdrop of monetary easing by the Fed and Chinese stimulus measures, such as the Norwegian krone, the Australian dollar, the Japanese yen and the Brazilian real.

Performance Overview

Data as of:  14 Oct 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 15/10/2024

Carmignac Portfolio Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  30 Sep 2024.
North America26.1 %
Latin America24.5 %
Europe17.3 %
Eastern Europe10.6 %
Africa8.8 %
Middle East5.6 %
Asia-Pacific5.6 %
Asia1.6 %
Total % of bonds100.0 %
North America26.1 %
usUSA
25.9 %
caCanada
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:  30 Sep 2024.
Modified Duration5.8
Yield to Maturity5.3 %
Average Coupon4.5 %
Number of Issuers95
Number of Bonds128
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 Manager.
Fund Management Team

Abdelak Adjriou

Fund Manager
The flexibility of our investment process allows us to take advantage of all performance drivers offered by the fixed income universe, and thus to build a diversified portfolio based on solid convictions.

Abdelak Adjriou

Fund Manager
View Fund's characteristics
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.