Flexibility can make all the difference when navigating the various stages of the economic cycle. At Carmignac, for more than 30 years now, our independence has allowed the freedom to implement a truly active approach, enabling us to seek out investment opportunities wherever they may be. This mindset is fully reflected in our range of fixed income Funds.

A TRULY FLEXIBLE PHILOSOPHY

All of our fixed income Funds share the same approach: an active, global and non-benchmarked investment style relying on high flexibility in managing exposures to different segments of the fixed income universe:

Flexible allocation

An active management of exposures through a range of dedicated tools.

Global approach

A broad and diversified investment universe.

Non-benchmarked management

An allocation not constrained by a benchmark.

This philosophy is framed by disciplined risk management, through both a qualitative and quantitative approach:

  • We implement optimised risk management to maintain our long-term performance drivers while deciding whether or not temporarily hedge them based on changes in the risk curve.
  • Our management team has various quantitative tools to analyse, control and understand the risks of their portfolios and thus adjust their positioning when necessary.

EXPERTISE COVERING THE ENTIRE FIXED INCOME SPECTRUM

Our range includes differentiated investment solutions, based on our five key areas of expertise:

Low duration approach to European markets

Investing on European markets while limiting volatility through a low duration solution.

Global approach, hedged against currency risk

Seizing opportunities on global fixed income interest rate and credit markets through a flexible and opportunistic approach hedged against currency risk.

Global macro approach

Identifying macroeconomic trends to harness multiple fixed income performance drivers: interest rates, credit and currencies.

Global credit approach

Accessing the entire credit universe (developed and emerging markets, high yield and investment grade securities, structured credit) through a dedicated range:

  • A flexible credit Funds
  • Target maturity credit funds

Emerging market debt approach

Benefitting from the potential of emerging fixed income markets through various performance drivers: local debt, external debt and currencies.




Whether through interest rate, credit or currency strategies, within developed or emerging markets, our range of Funds has been created and expanded with time to meet the diverse investor needs, based on their investment objectives.

DISCOVER OUR FIXED INCOME FUNDS

Low duration approach to European markets

Fixed income strategies
Carmignac Sécurité
FCPEuropean marketSRI Fund Article 8
Carmignac Sécurité invests mainly in low duration bonds denominated in euros or hedged against currency risk and strives to seize opportunities in European markets while limiting volatility.

Global approach, hedged against currency risk

Fixed income strategies
Carmignac Portfolio Flexible Bond
SICAVGlobal marketSRI Fund Article 8
Carmignac Portfolio Flexible Bond is an international fund implementing fixed income and credit strategies across the world. The Fund captures opportunities on bond markets while systematically hedging against currency risk.

Global macro approach

Fixed income strategies
Carmignac Portfolio Global Bond
SICAVGlobal marketSRI Fund Article 8
Carmignac Portfolio Global Bond is an international fund looking to benefit from multiple performance drivers based on the global macroeconomic cycle.

Global credit approach

Flexible credit Fund

Fixed income strategies
Carmignac Portfolio Credit
SICAVGlobal marketArticle 6
Carmignac Portfolio Credit is an international fund implementing credit strategies on a global scale through a flexible approach.

Target maturity Fund

Fixed income strategies
Carmignac Credit 2029
FCPGlobal marketSRI Fund Article 8
Carmignac Credit 2029 is a target maturity fixed income fund that follows a buy-and-hold strategy on credit markets worldwide.
Fixed income strategies
Carmignac Credit 2027
FCPGlobal marketSRI Fund Article 8
Carmignac Credit 2027 is a target maturity fixed income fund that follows a buy-and-hold strategy on credit markets worldwide.
Fixed income strategies
Carmignac Credit 2025
FCPGlobal marketArticle 6
Carmignac Credit 2025 is a target maturity fixed income fund that follows a buy-and-hold strategy on credit markets worldwide.

Emerging market debt approach

Fixed income strategies
Carmignac Portfolio EM Debt
SICAVEmerging marketsSRI Fund Article 8
Carmignac Portfolio EM Debt implements local debt, external debt and currency strategies across emerging markets through a flexible and conviction-driven approach.

Our approach to sustainable bond investing

At Carmignac, we think that it is key to integrate Environmental, Social and Governance (ESG) criteria into the monitoring of sovereign bonds as these are globally dominant in asset allocation. While external solutions are slowly being developed, we have chosen to build our own proprietary models in order to ensure ESG integration and to provide material information to our investors. Two models have been developed in the last years:

  • A global sovereign ESG risk model, which aims to assess ESG risks faced by developed and emerging countries
  • An emerging markets-focused model that aims to identify positive ESG trajectories.

LIBRARY – FINANCIAL EDUCATION

Fixed Income Strategy14 November 2023English

Target maturity bond funds in the spotlight

4 minute(s) read
Find out more
Financial Education4 May 2022English

Demystifying bonds in a matter of minutes

4 minute(s) read
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Carmignac's Note23 February 2024English

Is the honeymoon already over for money markets?

5 minute(s) read
Find out more

Our other range pages

Discover our equity range

EQUITY STRATEGIES

Access promising opportunities with high conviction and expertise within all equity markets.
Discover our Patrimoine range

DIVERSIFIED STRATEGIES

Rediscover our flagship Patrimoine strategies and profiled Funds, renowned for their highly flexible and dynamic approach.
Discover our Alternative range

ALTERNATIVE STRATEGIES

Diversify away from traditional asset classes with our uncorrelated alternative strategies.

Carmignac Sécurité AW EUR Acc

ISIN: FR0010149120
Recommended minimum investment horizon
2 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Credit: Credit risk is the risk that the issuer may default.Risk of Capital Loss: The portfolio does not guarantee or protect the capital invested. Capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.

Carmignac Portfolio Flexible Bond A EUR Acc

ISIN: LU0336084032
Recommended minimum investment horizon
3 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Credit: Credit risk is the risk that the issuer may default.Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.Equity: The Fund may be affected by stock price variations, the scale of which is dependent on external factors, stock trading volumes or market capitalization.

Carmignac Portfolio Global Bond A EUR Acc

ISIN: LU0336083497
Recommended minimum investment horizon
3 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

Carmignac Portfolio Credit A EUR Acc

ISIN: LU1623762843
Recommended minimum investment horizon
3 years
Risk indicator*
3/7
SFDR - Fund Classification**
Article 6

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

Carmignac Credit 2029 A EUR Acc

ISIN: FR001400KAV4
Recommended minimum investment horizon
5 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

Carmignac Credit 2027 A EUR Acc

ISIN: FR00140081Y1
Recommended minimum investment horizon
5 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

Carmignac Credit 2025 A EUR Acc

ISIN: FR0013515970
Recommended minimum investment horizon
5 years
Risk indicator*
2/7
SFDR - Fund Classification**
Article 6

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Credit: Credit risk is the risk that the issuer may default.Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Liquidity: Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.Discretionary Management: Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.

Carmignac Portfolio EM Debt A EUR Acc

ISIN: LU1623763221
Recommended minimum investment horizon
3 years
Risk indicator*
3/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **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.

Main risks of the fund

Emerging Markets: Operating conditions and supervision in "emerging" markets may deviate from the standards prevailing on the large international exchanges and have an impact on prices of listed instruments in which the Fund may invest.Interest Rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.Currency: Currency risk is linked to exposure to a currency other than the Fund’s valuation currency, either through direct investment or the use of forward financial instruments.Credit: Credit risk is the risk that the issuer may default.

MARKETING COMMUNICATION. Please refer to the KID/prospectus of the fund before making any final investment decisions.
This document may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this document may be partial information and may be modified without prior notice. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights in French, English, German, Dutch, Spanish, Italian on the following link (paragraph 6): https://www.carmignac.com/en_US/article-page/regulatory-information-1788. 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. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. The decision to invest in the promoted funds should take into account all their characteristics or objectives as described in their prospectus. 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 Funds are common funds in contractual form (FCP) conforming to the UCITS Directive under French law. Carmignac Portfolio refers to the sub-funds of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. 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. Access to the Funds may be subject to restrictions with regard to certain persons or countries. The Funds may not be offered or sold, directly or indirectly, for the benefit or on behalf of a U.S. person, according to the definition of the US Regulation S and/or FATCA. The Funds present a risk of loss of capital. The risk, fees and ongoing charges are described in the KIDs (Key Information Document). The Funds' respective prospectuses, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIDs must be made available to the subscriber prior to subscription. • In Switzerland, the Fund’s respective prospectuses, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon. The KID must be made available to the subscriber prior to subscription.