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Flexibility and conviction at the heart of your fixed income portfolio

Carmignac Portfolio Flexible Bond

Published on
9 July 2021
Read time
4 minute(s) read

In a complex bond environment characterised by low yields and rising interest rates, what is the best approach for laying a solid foundation for a bond portfolio?

Learn about our flexible asset allocation strategy

Carmignac P. Flexible Bond is a currency-hedged bond fund that seeks to seize fixed income opportunities around the world in order to meet the needs of investors looking for a core bond allocation solution. Through a flexible approach, the Fund aims to outperform the fixed income markets and to deliver a positive return over a minimum investment horizon of 3 years while keeping volatility in line with that of the markets1 :

A broad investment universe

The Fund has access to the entire fixed income universe and its allocation is not constrained by a benchmark: the portfolio is thus constructed solely on a central macroeconomic scenario and on the firmest convictions of the Fund Managers.

Active interest rate risk management

The Fund manages interest rate risk dynamically in order to adapt to all market conditions. It has a wide range of tools and a broad modified duration range (from -3 to +8) that allows it to take advantage of both falling and rising interest rates.
[ISR pages] Picto Analyse

Rigorous bond picking

The managers draw on the expertise of the entire management team and work closely with our credit, emerging markets, and financial sector specialists to select the most attractive issuers and issues in each fixed income segment.

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A tried and tested investment process

Guillaume Rigeade and Eliezer Ben Zimra, co-managers of the Fund, have been demonstrating the robustness of their investment process, even in complex environments, since they joined Carmignac in July 2019. In addition to their double-digit performance, they recouped the losses that followed the Covid-19 crisis in just 50 business days, compared with 167 for their peer group average, as represented by their Morningstar2 category.

\nPast performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

A strategy with a solid track record

Although Guillaume and Eliezer joined Carmignac only two years ago, they have been working together on this strategy for over eight years and have demonstrated their ability to consistently create value over time. The proof is in the numbers3 :

3.8 %Annualised performance over 8 years 1.6% higher than the average of its peers, represented by their Morningstar category2
4.1 %Annualised volatility over 8 years In line with the Fund's mandate (risk scale: 3*)
11th percentilein its Morningstar category For its performance over the last eight years2
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Guillaume Rigeade

Guillaume Rigeade joined Carmignac in 2019 as a fund manager in the fixed income team, responsible for the co-management of Carmignac Portfolio Flexible Bond. In September 2023, Guillaume was promoted to co-Head of Fixed Income with joint responsible for the fixed income element of Carmignac Patrimoine. He is a member of the Strategic Investment Committee.

He started his career at Sinopia Asset Management in 1999 as Fixed Income Portfolio Manager, before being appointed Deputy Head of Fixed Income in 2004. From 2007 to 2009, he was as Senior International Fixed Income Portfolio Manager at Société Générale Asset Management. He joined Edmond de Rothschild Asset Management in 2009 as Global Macro Fund Manager, was appointed Fixed Income Fund Manager in 2012 and then was promoted Deputy CIO in 2019. Guillaume is a chartered actuary from the University of Paris Statistics Institute.

Eliezer Ben Zimra

Eliezer Ben Zimra joined Carmignac in 2019 as a fund manager in the fixed income team, responsible for co-management of Carmignac Portfolio Flexible Bond. In September 2023, he was appointed as co-manager of the fixed income element of Carmignac Patrimoine. He is a member of the Strategic Investment Committee. He started his career in 2008 at OneSeven Capital Management, as a fixed income derivatives trader. In 2010, he joined Capstone Investment Advisors as assistant Fixed Income Portfolio Manager, further to which he joined the Fixed Income Research and Strategy division of Amundi. In 2011, he was appointed Total Return Fixed Income Fund Manager at Edmond de Rothschild Asset Management. Eliezer holds a Master in Statistics, Economics and Finance from ENSAE and a Master of Sciences in Applied Mathematics from Harvard University.

Source: Carmignac, Morningstar, 30 June 2021.
(1) The Fund aims to outperform its benchmark, the ICE BofA ML Euro Broad Market Index (coupons reinvested), over a recommended investment horizon of at least three years. (2) Morningstar category: EUR Flexible Bond.
(3) Annualised performance includes the performance of Guillaume Rigeade and Eliezer Ben Zimra when they were managers of the Edmond de Rothschild Bond Allocation (I Share) fund from 14/02/2013 to 08/07/2019 and the performance of Carmignac Portfolio Capital Plus A Eur Acc (the Fund's former name and strategy) from 09/07/2019 to 29/09/2020. Performance is presented using the chaining method. Past performance is not a reliable guide to future performance. It is net of charges (other than entry charges applied by the distributor). *For the A EUR Acc. unit Risk scale taken from the KIID (Key Investor Information Document) Risk 1 does not mean a risk-free investment. This indicator may change over time.
(4) Benchmark: ICE BofA ML Euro Broad Market Index (calculated with coupons reinvested). On 30/09/2019 the composition of the benchmark index changed: the ICE BofA ML Euro Broad Market Index with coupons reinvested replaced the EONCAPL7 index.

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.
The Fund presents a risk of loss of capital.

Performance

ISIN: LU0336084032
Carmignac Portfolio Flexible Bond0.11.7-3.45.09.20.0-8.04.75.42.4
Reference Indicator-0.3-0.4-0.4-2.54.0-2.8-16.96.82.60.7
Carmignac Portfolio Flexible Bond+ 3.2 %+ 2.5 %+ 1.3 %
Reference Indicator- 1.7 %- 1.9 %- 1.1 %

Source: Carmignac at 28 Feb 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).

Reference Indicator: ICE BofA Euro Broad Market index

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All analysis
PROMOTIONAL MATERIAL. For professional investors only. This document may not be reproduced, in whole or in part, without prior authorisation from the management company. This document 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. Carmignac Portfolio Flexible Bond is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. Carmignac Portfolio Flexible Bond is the new name of Carmignac Portfolio Unconstrained Euro Fixed Income since March 10th, 2021. The Fund's objectives, investment strategy, risk management and fee structure remain unchanged. 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. Morningstar Rating™ : © 2021 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. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund is not registered in North America, nor in South America. The Fund has not been registered under the US Securities Act of 1933. The Fund 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 Fund presents a risk of loss of capital. The risks, fees and ongoing charges are described in the KIID (Key Investor Information Document). The Fund's prospectus, KIIDs, NAV and annual reports are available at www.carmignac.com or upon request to the Management Company. • In Switzerland, the Fund’s prospectus, KIIDs 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, Paris, succursale de Nyon / Suisse, Route de Signy 35, 1260 Nyon. The KIID must be made available to the subscriber prior to subscription. • In the United Kingdom, the Fund’s prospectus, KIIDs and annual reports are available at www.carmignac.co.uk or upon request to the Management Company, or for the French Funds, at the offices of the Facilities Agent at BNP PARIBAS SECURITIES SERVICES, operating through its branch in London: 55 Moorgate, London EC2R. This material was prepared by Carmignac Gestion and/or Carmignac Gestion Luxembourg and is being distributed in the UK by Carmignac Gestion Luxembourg UK Branch (Registered in England and Wales with number FC031103, CSSF agreement of 10/06/2013).