Fixed income strategies

Carmignac Portfolio Global Bond

SICAVGlobal marketSRI Fund Article 8
Share Class

LU0807690168

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
Bonds88.8 %
Other11.2 %
Data as of:  31 May 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 21.6 %
+ 24.9 %
+ 4.7 %
- 3.7 %
+ 0.9 %
From 19/07/2012
To 12/06/2024
Calendar Year Performance 2023
+ 13.7 %
+ 3.3 %
+ 9.4 %
+ 0.1 %
- 3.7 %
+ 8.4 %
+ 4.7 %
+ 0.1 %
- 5.6 %
+ 3.0 %
Net Asset Value
96.4 €
Asset Under Management
718 M €
Market
Global market
SFDR - Fund Classification

Article

8
Data as of:  12 Jun 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.

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:  31 May 2024.
Fund management team

Abdelak Adjriou

Fund Manager

Market environment

  • May brought the first signs of normalisation for the US economy and labour market, as well as a drop in retail sales.

  • Although inflation was slightly lower, Federal Reserve members remained cautious over the month.

  • In the Eurozone, on the other hand, signs of recovery kept coming with the publication of better GDP figures for the first quarter.

  • This desynchronisation led to a sharp drop in US yields, with the 10yr down 18 bps over the month but the Eurozone trend more upward.

  • Investors gained a lot more appetite for risky assets, as reflected in the narrowing of spreads on the Itraxx Xover index.

  • Emerging markets ended the month slightly lower in local currency, but higher in hard currency.

Performance commentary

  • The Fund ended the month with a performance that was flat in absolute terms, but slightly positive in relative terms.

  • The main catalysts were our long positions on corporate bonds and external debt, which benefitted from the squeeze on risk premia.

  • The impact of our currency component was slightly negative as the US dollar underperformed.

  • Our long position on the Chilean peso and short position on the Chinese yuan added to the Fund’s performance over the month.

Outlook strategy

  • As the US economy returned to normal, we raised the Fund’s modified duration to more than 400 basis points by reducing our short position on Japanese bonds and increasing our long strategies on US bonds.

  • For emerging market debt in local currencies, we still prefer countries like Mexico and Brazil where real short-term interest rates remain extremely high.

  • We closed our long Chinese positions, taking profits.

  • At a currency level, the Fund remains long on the Brazilian real and Chilean peso. It is still long on the US dollar, though not to the same extent as before.

  • The Fund continues to be long on emerging market debt denominated in hard currencies within the EMEA region and Latin America.

Performance Overview

Data as of:  12 Jun 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 14/06/2024

Carmignac Portfolio Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 May 2024.
Europe31.1 %
Latin America30.0 %
North America9.6 %
Africa8.9 %
Eastern Europe6.0 %
Middle East5.5 %
Asia4.5 %
Asia-Pacific4.4 %
Total % of bonds100.0 %
Europe31.1 %
itItaly
14.2 %
ieIreland
5.5 %
frFrance
3.2 %
gbUnited Kingdom
2.7 %
nlNetherlands
1.4 %
Norvège
1.4 %
Suède
1.2 %
Grèce
1.1 %
fiFinland
0.3 %
chSwitzerland
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:  31 May 2024.
Modified Duration4.2
Yield to Maturity6.9 %
Average Coupon5.2 %
Number of Issuers100
Number of Bonds129
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
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.