Fixed income strategies

FP Carmignac Global Bond

OEICGlobal market
Share Class

GB00BRBXQT75

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:  31 Jan 2025.
Risk Indicator
4/7
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 7.4 %
0.0 %
0.0 %
0.0 %
+ 6.7 %
From 08/12/2023
To 10/02/2025
Calendar Year Performance 2024
-
-
-
-
-
-
-
-
+ 1.0 %
+ 2.5 %
Net Asset Value
1.02 £
Asset Under Management
24 M £
Market
Global market
Data as of:  10 Feb 2025.
​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:  31 Jan 2025.
Fund management team

Abdelak Adjriou

Fund Manager

Market environment

  • The main news at the start of the year was the inauguration of Donald Trump, which led to the signing of a number of decrees, including the probable implementation of tariffs in the future.

  • At its meeting, the Federal Reserve opted for a pause in its rate-cutting cycle, despite weaker-than-expected GDP growth in Q4 2024 (+2.3%), but taking into account a vigorous level of activity, such as employment data and consumer spending.

  • The European Central Bank cut its key rate by 25bp to 2.75%, even though growth in the region stagnated in Q4 2024.

  • Conversely, the Japanese central bank opted to raise its key rate by 25bp, given the resilience of inflation in the archipelago.

  • Over the month, we saw an acceleration in eurozone rates on the back of better-oriented leading indicators, in contrast to US rates, which fell as economic surprises eased.

  • On the currency front, the US dollar paused in January in its rally that began on the eve of Trump's election. A less vindictive application of tariffs, very long market positioning and better-than-expected eurozone PMIs gave the euro and the currencies of emerging countries some breathing space.

Performance commentary

  • The fund delivered a positive absolute and relative performance against its reference indicator, benefiting from its main performance drivers.

  • On the rates side, our US and European steepening curve and inflation strategies, as well as our short positions on Japanese rates, made a positive contribution. In addition, our exposure to certain emerging market debt, such as that of Mexico and certain Eastern European countries, had a positive impact.

  • Our credit exposure made a positive contribution, mainly due to our exposure to financials, the energy sector and our selection of emerging market external debt, slightly offset by our credit hedges aimed at reducing our exposure to this market.

  • Finally, on the currency front, we benefited from our exposure to Latin American currencies such as the Brazilian real and Mexican peso, as well as our long positions in the Japanese yen and Hungarian forint. Conversely, the portfolio was impacted by its exposure to the US dollar and the Chinese yuan.

Outlook strategy

  • Against a backdrop of resilient global growth and steadily falling inflation, we expect the main central banks in both developed and emerging countries to gradually continue their monetary easing. We are therefore maintaining a relatively high level of modified duration.

  • In terms of interest rates, we favour real rates in the United States and Europe. We are also focusing on central banks that are lagging the cycle, such as the UK, but also on certain emerging countries, such as Brazil, which is also benefiting from high real rates and an allocation to certain Eastern European countries. We also have short positions on Japanese yields, where inflation is starting to take root, and on French debt, against the backdrop of a political crisis and a large supply of issues at the start of the year.

  • On credit, we are maintaining our positive bias, albeit cautiously, given the high valuations, and are maintaining a substantial level of hedging on Itraxx Xover to protect the portfolio from the risk of widening spreads.

  • On the external emerging debt front, our selection remains diversified and we continue to favour special situations in countries whose economies are restructuring or showing significant improvement.

  • Finally, with regard to currencies, we now have moderate exposure to the US dollar, following the strong rally triggered by Trump's election, and we retain limited exposure to emerging country currencies. However, we are diversifying our exposure to the currencies of central banks displaying a less accommodative tone, as the Fed continues its monetary normalisation and China implements stimulus measures, with the Japanese yen, a selection of Latin American currencies (BRL, MXN, CLP), the Hungarian forint, and a short position on the Chinese yuan.

Performance Overview

Data as of:  11 Feb 2025.
​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 12/02/2025

FP Carmignac Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  31 Jan 2025.
Europe26.5 %
Latin America25.3 %
North America14.3 %
Africa12.1 %
Eastern Europe9.0 %
Middle East8.2 %
Asia-Pacific4.6 %
Total % of bonds100.0 %
Europe26.5 %
frFrance
5.0 %
gbUnited Kingdom
4.1 %
esSpain
4.1 %
Norvège
2.8 %
ieIreland
2.3 %
Grèce
2.1 %
chSwitzerland
2.1 %
nlNetherlands
1.7 %
Suède
1.2 %
beBelgium
0.8 %
fiFinland
0.4 %

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 Jan 2025.
Modified Duration6.9
Yield to Maturity5.1 %
Average Coupon5.1 %
Number of Issuers69
Number of Bonds90
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.
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.