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With the main risk of rapidly rising interest rates, 2017 calls for flexible and unconstrained bond management that comprises latitude to face challenged markets and to seize arising opportunities across the globe. Carmignac Portfolio Global Bond can successfully navigate these turbulent times, as vividly demonstrated in 2016. Our conviction-driven, non-benchmarked and flexible philosophy has also generated compelling returns in the long-run


For investors seeking bond performance drivers at a time when yields are extremely low, Carmignac Portfolio Global Bond would appear to be a suitable investment. This accumulation fund invests worldwide, in currencies, corporate bonds and, in particular, government bonds from both developed and emerging countries.

Charles Zerah has managed the fund for seven years, during which time these three investment types have generated an annualised net performance of nearly 7%. This return can be attributed to the fund’s absolute flexibility. The fund manager does not hesitate to distance himself completely from the reference indicator, the JP Morgan GBI Global index.

He also has considerable leeway to adjust the fund’s modified duration, which can be negative, offering protection against a rise in yields. Thus, whatever the market conditions, the fund is not only capable of protecting its capital, but also of gaining in value.

The fund manager keeps risk management in mind and trades derivatives of the types of asset in which he invests. This has enabled him to keep volatility below 5% of late, compared with 6% to 8% normally. With assets of more than €900m under management, Carmignac Portfolio Global Bond targets European private clients as well as institutional investors looking for bond diversification.

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