Fixed income strategies
Carmignac Portfolio Global Bond
Luxembourg SICAV sub-fundGlobal marketSRI Fund Article 8Share Class
LU0336083497
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.
Key documents
Asset Allocation
Bonds92.2 %
Other7.8 %
Data as of: 30 Aug 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 52.9 %
+ 28.7 %
+ 4.5 %
+ 0.3 %
+ 6.1 %
To 17/09/2024
Calendar Year Performance 2014Calendar 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 2023
+ 13.8 %
+ 3.3 %
+ 9.5 %
+ 0.1 %
- 3.7 %
+ 8.4 %
+ 4.7 %
+ 0.1 %
- 5.6 %
+ 3.0 %
Net Asset Value
1529.23 €
Asset Under Management
744 M €
Market
Global market
SFDR - Fund Classification
Article
8
Data as of: 30 Aug 2024.
Data as of: 17 Sep 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 Aug 2024.Fund management team
Abdelak Adjriou
Fund Manager
Performance commentary
The Fund ended the month with a positive absolute return outperforming its benchmark.
The main contributors to performance this month were rates and credit, while our currency positioning suffered.
Within rates, our long position in US rates made a positive contribution, as did our exposure in Mexican, Canadian and Australian rates.
Within credit, EM external debt spreads were the main positive contributors, led by our long positions in Côte d'Ivoire and Senegal.
Lastly with regards to currencies, the USD and the Mexican Peso were the main detractor from performance, while the South African rand performed reasonably well during the month.
Outlook strategy
In this soft-landing context, we continue to like duration assets. In core countries, we prefer real rates, while in EM we are long LatAm and Eastern European local currency rates.
Indeed, we have increased our exposure to Brazilian rates as we are pricing in a large number of rate hikes, which we believe are overdone. We are cautious on credit and have added hedges on the Itraxx Xover to protect the portfolio from the risk of spread widening.
On the EM external debt front, we continue to favour special situations in countries where the economy is undergoing significant restructuring or improvement.
Finally, we remain cautious on currencies with particularly low exposure to the USD and EM currencies. However, we have started to add to our long positions in the Brazilian real and the Mexican peso following their undervaluation. We also remain long the JPY.
Performance Overview
Data as of: 17 Sep 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 18/09/2024
Carmignac Portfolio Global Bond Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| Latin America | 30.9 % |
| Europe | 22.5 % |
| North America | 15.2 % |
| Eastern Europe | 9.6 % |
| Africa | 8.8 % |
| Middle East | 6.1 % |
| Asia-Pacific | 5.4 % |
| Asia | 1.5 % |
| Total % of bonds | 100.0 % |
Latin America30.9 %
 Mexico | 17.5 % |
 République Dominicaine | 4.1 % |
| Brésil | 3.3 % |
 Colombia | 2.2 % |
 Argentina | 0.8 % |
 Chile | 0.6 % |
| Ecuador | 0.6 % |
 Guatemala | 0.5 % |
| Paraguay | 0.5 % |
| Pérou | 0.5 % |
 Costa Rica | 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 Aug 2024.Modified Duration3.9
Yield to Maturity6.2 %
Average Coupon5.0 %
Number of Issuers99
Number of Bonds133
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
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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.
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.
Market environment
August was marked by a normalisation of US employment data, with job creation returning to pre-covid levels and unemployment rising to 4.3%.
While this raised concerns about the risk of a hard landing for the US economy, the sell-off was short-lived as other indicators showed a picture more consistent with a soft landing.
The other major event of the month was the Jackson Hole meeting, where Jerome Powell gave a dovish speech, adding to the bull-steepening of the month.
Growth remains sluggish in Europe and disappointing in China. In China, manufacturing activity continued to contract, as did domestic activity and oil consumption.
August was a strong month for EM assets, with returns from both hard currency and local currency assets.
On the currency front, the USD fell over the month, while Asian currencies benefited from the unwinding of the Japanese yen carry trade.
Despite risk aversion at the start of the month, credit spreads on the Itraxx Xover index tightened by -10bp, while the euro and US yield curves steepened, with 2-year yields easing by -14bp and -34bp respectively.