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
Bonds95.6 %
Other4.4 %
Data as of: Feb 28, 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
+ 51.2 %
-
+ 20.6 %
+ 13.4 %
+ 8.6 %
To 06/03/2025
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
-
-
+ 1.8 %
+ 1.7 %
+ 20.9 %
+ 10.4 %
+ 3.0 %
- 13.0 %
+ 10.6 %
+ 8.2 %
Net Asset Value
151.18 €
Asset Under Management
1 786 M €
Yield to Maturity28/02/2025
6.3 %
SFDR - Fund Classification
Article
6
Data as of: Feb 28, 2025.
Data as of: Mar 6, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). 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: Feb 28, 2025.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 performance in both absolute and relative terms in February, benefiting from the favorable momentum in the fixed income markets and our selection of securities.· The latter 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 surge of new issuers on the primary credit market, which have attractive valuations.· Finally, we maintain exposure to the collateralized loan obligation (CLO) segment, which performs consistently.Outlook strategy
· We continue to focus on our main investment themes through a selection of high-yield bonds, energy, financial stocks and our selection of CLOs.· In addition, in this volatile environment, we are maintaining our credit hedging strategies for approximately 18% of the Fund's net assets, in order to protect the portfolio against the risk of further market disruptions, while focusing on alpha.· Indeed, after years of weakness due to abundant liquidity and low cost of capital, default rates are expected to rise to more normal levels, which we see as a catalyst that should create real idiosyncratic opportunities.· Finally, the high carry of the portfolio (over 6.3%) and attractive dispersion within the credit spectrum should mitigate short-term volatility and help to generate medium- and long-term performance.Performance Overview
Data as of: Mar 6, 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.
Source: Carmignac at 09/03/2025
Carmignac Portfolio Credit Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: Feb 28, 2025.| Bonds | 95.6 % |
| Equities | 2.8 % |
| Cash, Cash Equivalents and Derivatives Operations | 1.5 % |
| Credit Default Swap | -18.1 % |
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: Feb 28, 2025.Modified Duration3.6
Yield to Maturity6.3 %
Average Coupon6.1 %
Number of Issuers241
Number of Bonds333
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
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
Related articles
Events • February 6, 2025 • English
Annual Meeting 2025
Speakers : Raphaël Gallardo, Pierre Verlé, Mark Denham1 minute(s) read
Fixed Income Strategy • January 14, 2025 • English
Carmignac P. Credit: Letter from the Fund Managers
2 minute(s) read
Fixed Income Strategy • October 11, 2024 • English
Carmignac P. Credit: Letter from the Fund Managers
3 minute(s) read
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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.
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.