Carmignac Global Bond is an international bond fund which principally invests in international bonds and currencies. Its active and discretionary management policy is based on the implementation of strategic and tactical positions as well as arbitrages on international fixed income and currency markets, with a substantial part in emerging markets. Both macro-economic analysis and study of the risk factors aim at optimizing the strategic asset allocation. Carmignac Global Bond is a sub-fund of the Luxembourg SICAV Carmignac Portfolio.