Fixed income strategies

FP Carmignac Global Bond

OEICGlobal market
Share Class

GB00BJHPZ502

A global and flexible approach to Fixed Income markets
  • Access to a wide range of performance drivers: global rates, credit and currency strategies
  • Portfolio construction is a result of Fund manager views and market analysis with no bias to any benchmark
Key documents
Asset Allocation
Bonds88.7 %
Other11.3 %
Data as of:  28 Jun 2024.
Risk Indicator
3/7
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 15.7 %
0.0 %
+ 11.9 %
+ 3.0 %
+ 4.0 %
From 15/05/2019
To 16/07/2024
Calendar Year Performance 2023
-
-
-
-
-
+ 5.9 %
+ 6.8 %
+ 0.2 %
- 2.3 %
+ 4.5 %
Net Asset Value
1.16 £
Asset Under Management
30 M £
Market
Global market
Data as of:  16 Jul 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.

FP Carmignac 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:  28 Jun 2024.
Fund management team

Abdelak Adjriou

Fund Manager

Market environment

  • US inflationary pressure eased a little in June, with the rate falling to 3.3%, but momentum remained strong in the labour market and in services where activity picked up again.

  • At its FOMC meeting, the US Federal Reserve therefore left its interest rates unchanged, with members predicting a cut by the end of this year.

  • The ECB knocked 25 bps off its key interest rate at its monthly meeting, but reiterated that any future cuts will be data-dependent.

  • In China, economic activity is showing signs of weakness, with industrial production and investment both slowing. The real estate sector is in crisis with investment and house prices falling.

  • Meanwhile, elections in a number of emerging countries made EM assets more volatile, although the situation has subsequently improved. Spreads widened

  • by 23bps, as reflected in the Itraxx Xover. However, bonds appreciated with 10-year yields down 10 bps in the United States and 16 bps in Germany.

Performance commentary

  • The Fund ended the month with an absolute return that was positive but smaller than that of its reference indicator.

  • The main factors behind this performance were our long positioning in the energy sector and debt in local currency, especially in Mexico following the post-election bounce.

  • Our Itraxx Xover hedging also raised the Fund’s performance as credit spreads widened.

  • However, our currency strategies had a negative impact on Fund performance, particularly our long positions on the Japanese yen and Mexican peso.

Outlook strategy

  • In the current environment, with the US economy slowing, we are keeping duration relatively high at around 4.5,

  • Having strengthened our long positions on the short end of the US curve. We have also introduced some steepening strategies for the European curve by opening short positions on French Treasury bonds (OATs).

  • 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 took advantage of the correction in Mexican local debt after the elections, strengthening our long position to benefit from the rally.

  • At a foreign exchange level, the Fund opened a long position on the Norwegian krone and Australian dollar. The Fund also remains long on the Indian rupee, Brazilian real and Chilean peso.

  • 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:  16 Jul 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.
Source: Carmignac at 18/07/2024

FP Carmignac Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  28 Jun 2024.
Europe41.2 %
Latin America31.4 %
Africa10.1 %
Eastern Europe6.1 %
Middle East5.6 %
Asia-Pacific2.6 %
North America2.4 %
Asia0.6 %
Total % of bonds100.0 %
Europe41.2 %
itItaly
28.7 %
gbUnited Kingdom
3.8 %
frFrance
3.0 %
Grèce
1.6 %
Norvège
1.4 %
nlNetherlands
1.3 %
Suède
1.1 %
fiFinland
0.3 %

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:  28 Jun 2024.
Modified Duration4.0
Yield to Maturity6.0 %
Average Coupon4.7 %
Number of Issuers65
Number of Bonds88
Average RatingBBB-

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.
View Fund's characteristics
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.
​The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). 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.