Carmignac Portfolio Credit

Global marketArticle 6

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

Monthly Factsheet

Asset Allocation

Bonds98.1 %

Other1.9 %

Data as of: Jan 31, 2025.

Risk Indicator

1

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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

+ 51.6 %

0.0 %

+ 19.1 %

+ 9.1 %

+ 9.5 %

From 31/07/2017
To 20/02/2025

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

151.55 €

Asset Under Management

1 754 M €

Market

Global market

SFDR - Fund Classification

Article

6

Data as of: Jan 31, 2025.

Data as of: Feb 20, 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.

Fixed income strategiesCarmignac Portfolio Credit

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: Jan 31, 2025.

Fund management team

Pierre Verlé

Head of Credit, Co-Head of Fixed Income, Fund Manager

[Management Team] [Author] Deneuville Alexandre

Alexandre Deneuville

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 performance in both absolute and relative terms in January, despite the volatility seen on the fixed-income markets. On the other hand, we fully captured the tightening of 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 flood of new issuers on the primary credit market, offering attractive valuations.- Finally, we maintain 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.- Furthermore, 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 disruptions, while focusing on alpha.- Indeed, after years of weakness due to abundant liquidity and a low cost of capital, default rates are expected to return to more normal levels, which we see as a catalyst that should create real idiosyncratic opportunities.- Finally, the portfolio's high carry (over 6.6%) and attractive credit valuations should mitigate short-term volatility and help generate medium- to long-term returns.

Performance Overview

Data as of: Feb 20, 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.

Source: Carmignac at 22/02/2025

Carmignac Portfolio Credit Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of: Jan 31, 2025.


Europe	69.3 %
Latin America	9.7 %
North America	9.6 %
Eastern Europe	5.8 %
Asia	2.4 %
Middle East	2.4 %
Africa	2.2 %
Asia-Pacific	0.2 %
Total % of bonds	101.5 %

Europe69.3 %


France	14.4 %
United Kingdom	11.6 %
Ireland	10.5 %
Italy	7.6 %
Grèce	3.9 %
Germany	3.6 %
Spain	2.7 %
Austria	2.7 %
Suède	2.7 %
Switzerland	2.4 %
Norvège	1.9 %
Belgium	1.6 %
Netherlands	1.5 %
Finland	1.5 %
Portugal	0.7 %

Asset Allocation

Data as of: Jan 31, 2025.


Bonds	98.1 %
Equities	2.1 %
Cash, Cash Equivalents and Derivatives Operations	-0.2 %
Credit Default Swap	-19.1 %

View details

Top 10

Data as of: Jan 31, 2025.


TOTALENERGIES 17/07/2036	1.9%
BORR IHC LTD / BORR FINANCE 10.38% 15/11/2026	1.4%
ENI TV 13/07/2029	1.4%
PARATUS ENERGY SERVICES 9.50% 27/12/2026	1.4%
ENI TV 21/01/2034	1.2%
BELFIUS BANK 06/05/2031	1.2%
BP CAPITAL MARKETS 22/03/2029	1.2%
NEWCO HOLDING USD 20 9.38% 07/11/2026	1.0%
IWG US FINANCE 6.50% 28/03/2030	1.0%
BNP PARIBAS 06/12/2029	0.9%

View details

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: Jan 31, 2025.

Modified Duration3.8

Yield to Maturity6.6 %

Average Coupon6.2 %

Number of Issuers239

Number of Bonds325

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.