# KEY FIGURES
Modified Duration	4.5
Yield to Maturity	5.1%
Average Rating	BBB+
Average Coupon	3.3%
Number of Bond Issuers	74
Number of Bonds	86
PROFILE
SFDR Fund Classification: Article 8
Domicile: Luxembourg Dividend Policy: Distribution Fund Type: UCITS
Legal Form: SICAV
SICAV Name: Carmignac Portfolio
100
80
12/15 01/16
01/17
01/18
01/19
01/20
01/21
01/22
-1.1%
01/23
Fiscal Year End: 31/12
Subscription/Redemption: Daily
Order Placement Cut-Off Time: Before 18:00 (CET/CEST)
Fund Inception Date: 14/12/2007 Date of 1st NAV: 20/11/2015 Base Currency: EUR
Fund AUM: 776M€ / 842M$ (1)
Carmignac Portfolio Global Bond Income A EUR	Reference Indicator	Abdelak Adjriou since 01/09/2021
CUMULATIVE AND ANNUALIZED PERFORMANCE (as of 31/01/2023 - Net of fees)
	Cumulative Performance (%)		Annualised Performance (%)	
| Since | 1 | 1 | 3 | 5 | Since | 3 | 5 | Since | Since |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 30/12/2022 | Month | Year | Years | Years | 20/11/2015 | Years | Years | 20/11/2015 | 01/09/2021 |
| Income A EUR | 2.1 | 2.1 | -3.5 | -2.3 | 4.2 | 13.8 |  | -0.8 | 0.8 | 1.8 | -1.9 |
| Reference Indicator | 1.0 | 1.0 | -10.4 | -12.5 | 4.0 | -1.1 |  | -4.4 | 0.8 | -0.1 | -7.2 |
| Category Average | 1.3 | 1.3 | -8.4 | -9.8 | 2.2 | -3.0 |  | -3.4 | 0.4 | -0.4 | — |
| Ranking (Quartile) | 1 | 1 | 1 | 1 | 2 | 1 |  | 1 | 2 | 1 | — |

Source: Morningstar for the category average and quartiles.
| STATISTICS (%) |  |  |  | VAR |  |  | CONTRIBUTION |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 Year 3 | Years |  | Fund VaR | 2.6% |  | Equity Portfolio | -0.0% |
| Fund Volatility | 4.8 | 5.3 |  | Indicator VaR | 5.3% |  | Bond Portfolio | 1.1% |
| Indicator Volatility | 8.7 | 6.8 |  |  |  |  | Equity Derivatives | -0.0% |
| Sharpe Ratio | -0.7 | -0.1 |  |  |  |  | Bond Derivatives | 0.7% |
| Beta | 0.5 | 0.2 |  |  |  |  | Currency Derivatives | 0.7% |
| Alpha | -0.0 | 0.0 |  |  |  |  | Total | 2.5% |


## PERFORMANCE
Share class AUM: 5.7M€
NAV: 89.87€
Morningstar Category™: Global Bond

## FUND MANAGER(S)
Abdelak Adjriou since 01/09/2021 Julien Chéron since 14/09/2022

## REFERENCE INDICATOR
JP Morgan Global Government Bond Index (Coupons reinvested).

## OTHER ESG CHARACTERISTICS
Minimum % Taxonomy Alignment	0%
Minimum % Sustainable Investments	0%
Principal Adverse Impact Indicators	Yes
Calculation : Weekly basis
Gross monthly performance
* For the share class Carmignac Portfolio Global Bond Income A EUR. Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time.
(1) Exchange Rate EUR/USD as of 31/01/2023.
ASSET ALLOCATION
MATURITY BREAKDOWN
RATING BREAKDOWN
|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bonds	60.8% |  | < 1 Year |  | 35.5% |  | AAA |  | 13. |
| Developed Countries Government Bonds	28.0% |  | 1 - 3 Years |  | 30.1% |  | AA |  |  |
| North America	4.7% |  | 3 - 5 Years |  | 11.2% |  | A |  | 5.2% |
| Asia-Pacific	1.5% |  | 5 - 7 Years |  | 8.4% |  | BBB |  | 18 |

3%
32.3%
| Europe | 21.8% |  |
| --- | --- | --- |
| Emerging Markets Government Bonds | 7.2% | 7 -10 Years | 6.6% | BB | 15.5% |
| Africa | 3.5% | > 10 Years | 8.1% | B | 9.9% |

.8%
| Latin America | 0.4% |
| --- | --- |
| Asia | 0.7% |
| Eastern Europe | 2.5% |
| Developed Countries Corporate Bonds | 16.3% |
| Consumer Discretionary | 1.3% |
| Energy | 4.5% |
| Financials | 8.6% |
| Real Estate | 0.4% |
| Industrials | 0.6% |
| Healthcare | 0.1% |
| Utilities | 0.7% |
| Information Technology | 0.1% |
| Emerging Markets Corporate Bonds | 4.1% |
| Consumer Discretionary | 0.4% |
| Energy | 2.7% |
| Financials | 0.2% |

Rebased weights
Rebased weights
CCC
5.1%

## NET CURRENCY EXPOSURE OF THE FUND
MODIFIED DURATION BY YIELD CURVE (IN BPS)
EUR
67.4%
Euro
| CHF | 0.1% | US Dollar |  | 2.1 |
| --- | --- | --- | --- | --- |
| US Dollar | 15.9% | Pound Sterling | 0.4 |  |
| GBP | -5.2% | Yen | 0.1 |  |
| JPY | 7.5% | Australian Dollar | 0.1 |  |
| AUD and CAD | 0.2% | Mexican Peso | 0.3 |  |
| Latin America | 9.7% | South African Rand | 0.1 |  |

Eastern Europe Middle East
and Africa
0.8%
Others Total
4.5
| Real Estate | 0.5% | ASIAN BLOC | 2.4% |
| --- | --- | --- | --- |
| Materials | 0.2% | Others | 1.1% |
| Healthcare | 0.1% |  |  |
| ABS | 5.3% |  |  |

Equities	0.4%
Money Market	15.8%
Cash, Cash Equivalents and Derivatives Operations	23.0%

## TOP TEN - BONDS
| UNITED KINGDO 1.00% 22/04/2024 United Kingdom | AA- | 14.9% |
| --- | --- | --- |
| BELGIUM 2.25% 22/06/2023	Belgium | AA- | 4.7% |
| UNITED STATES 1.25% 31/12/2026 USA | AAA | 4.7% |
| SAN MARINO 3.25% 24/02/2024	SanMarino | BB | 2.1% |
| INTER-AMERICA 7.88% 14/03/2023 Supranational | AAA | 1.9% |
| SOUTH AFRICA 8.75% 28/02/2048 | South Africa | A- | 1.8% |
| JAPAN 1.00% 20/03/2062 | Japan | AAA | 1.5% |
| SEADRILL LTD 10.00% 27/02/2023 | United Kingdom | CCC+ | 1.2% |
| BNP PARIBAS S 9.25% 17/11/2027 | France | BBB | 1.1% |
| NOVO BANCO SA 3.50% 23/07/2023 | Portugal | B- | 1.1% |

Name	Country	Rating	%

## MODIFIED DURATION - 1 YEAR PERIOD
6
4
2
0
Total	35.0%
-2
01/22
04/22
07/22
10/22
01/23

Translation (ENFR, 2023-01-31):
# CHIFFRES CLÉS
Sensibilité taux	4.5
Yield to Maturity	5.1%
Notation moyenne	BBB+
Coupon moyen	3.3%
Nombre d'émetteurs obligations	74
Nombre d'obligations	86
PROFIL
Classification SFDR : Article 8
Domicile : Luxembourg
Affectation des résultats : Distribution
Type de fonds : UCITS
Forme juridique : SICAV
Nom de la SICAV : Carmignac Portfolio
Fin de l’exercice fiscal : 31/12
100
80
12/15 01/16
01/17
01/18
01/19
01/20
01/21
01/22
-1.1%
01/23
Souscription/Rachat : Jour ouvrable
Heure limite de passation d’ordres : avant 18:00 heures (CET/CEST)
Date de lancement du Fonds : 14/12/2007
Date de la 1ère VL : 20/11/2015
Devise de cotation : EUR
Carmignac Portfolio Global Bond Income A EUR	Indicateur de référence	Abdelak Adjriou depuis le 01/09/2021
PERFORMANCES CUMULÉES ET ANNUALISÉES (au 31/01/2023 - Net de frais)
	Performances cumulées (%)	  Performances annualisées (%)	
Actifs sous gestion du Fonds : 776M€ / 842M$ (1)
Encours de la part : 5.7M€
VL : 89.87€
Catégorie Morningstar™ : Global Bond

## GÉRANT(S) DU FONDS
Depuis le	1	1	3	5
| Income A EUR | 2.1 | 2.1 | -3.5 | -2.3 | 4.2 | 13.8 |  | -0.8 | 0.8 | 1.8 | -1.9 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Indicateur de référence | 1.0 | 1.0 | -10.4 | -12.5 | 4.0 | -1.1 |  | -4.4 | 0.8 | -0.1 | -7.2 |
| Moyenne de la catégorie | 1.3 | 1.3 | -8.4 | -9.8 | 2.2 | -3.0 |  | -3.4 | 0.4 | -0.4 | — |
| Classement (quartile) | 1 | 1 | 1 | 1 | 2 | 1 |  | 1 | 2 | 1 | — |

30/12/2022 Mois	an	ans	ans
Depuis le 20/11/2015
3	5	Depuis le Depuis le ans ans 20/11/2015 01/09/2021
Abdelak Adjriou depuis le 01/09/2021 Julien Chéron depuis le 14/09/2022

## INDICATEUR DE RÉFÉRENCE
JP Morgan Global Government Bond Index
Source : Morningstar pour la moyenne de la catégorie et les quartiles.
| STATISTIQUES (%) |  |  |  | VAR |  |  | PERFORMANCE |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 an | 3 ans |  | VaR du Fonds | 2.6% |  | Portefeuille actions | -0.0% |
| Volatilité du fonds | 4.8 | 5.3 |  | VaR de l'indicateur | 5.3% |  | Portefeuille taux | 1.1% |
| Volatilité du benchmark | 8.7 | 6.8 |  |  |  |  | Derivés actions | -0.0% |
| Ratio de Sharpe | -0.7 | -0.1 |  |  |  |  | Derivés taux | 0.7% |
| Bêta | 0.5 | 0.2 |  |  |  |  | Derivés devises | 0.7% |
| Alpha | -0.0 | 0.0 |  |  |  |  | Total | 2.5% |


## CONTRIBUTION À LA
(Coupons réinvestis).

## AUTRES CARACTERISTIQUES ESG
Minimum % d’alignement à la Taxonomie.	0%
Minimum % d’investissements durables	0%
Principales Incidences Négatives (PAI)	Oui
Calcul : pas hebdomadaire
Performances brutes mensuelles
* Pour la part Carmignac Portfolio Global Bond Income A EUR. Echelle de risque du KID (Document d’Informations Clés). Le risque 1 ne signifie pas un investissement sans risque. Cet indicateur pourra évoluer dans le temps. (1) Taux de change EUR/USD au 31/01/2023.
|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Obligations | 60.8% |  | < 1 an |  | 35.5% |  | AAA |  | 13.3% |
| Emprunts d'Etat pays développés | 28.0% | 1 - 3 ans | 30.1% | AA | 32.3% |
| Amérique du Nord | 4.7% |  |  |  |  |

ALLOCATION D'ACTIFS
RÉPARTITION PAR ÉCHÉANCE
RÉPARTITION PAR NOTATION
|  | 3 - 5 ans | 11.2% | A | 5.2% |
| --- | --- | --- | --- | --- |
| Asie Pacifique | 1.5% |  |  |  |  |
| Europe | 21.8% | 5 - 7 ans | 8.4% | BBB | 18.8% |
|  |  |  |  |  |  |
| Emprunts d'Etat pays émergents | 7.2% | 7 -10 ans | 6.6% | BB | 15.5% |
| Afrique | 3.5% | > 10 ans | 8.1% | B | 9.9% |

| Amérique Latine | 0.4% | Poids rebasés |
| --- | --- | --- |
| Asie | 0.7% |  |
| Europe de l'Est | 2.5% |  |
| Emprunts privés pays développés | 16.3% |  |
| Consommation Discrétionnaire | 1.3% |  |
| Energie | 4.5% | EXPOSITION NETTE PAR DEVISE |

Poids rebasés
CCC
5.1%

## SENSIBILITÉ GLOBALE – RÉPARTITION PAR COURBE DE TAUX (EN PB)
|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Finance | 8.6% | Euro |  | 67.4% |  | EURO |  | 1.0 |
| Immobilier | 0.4% | Franc suisse | 0.1% |  |  | Dollar des Etats-Unis |  | 2.1 |
| Industrie | 0.6% |  |  |  |  |  |  |  |
|  |  | Dollar US | 15.9% | Livre Sterling | 0.4 |
| Santé | 0.1% |  |  |  |  |
| Services aux collectivités | 0.7% | Livre Sterling | -5.2% | Yen | 0.1 |
| Technologies de l'Information | 0.1% | Yen | 7.5% | Dollar australien | 0.1 |
| Emprunts privés pays émergents | 4.1% | Bloc $ (AUD et CAD) | 0.2% | Péso mexicain | 0.3 |
| Consommation Discrétionnaire | 0.4% |  |  |  |  |
|  |  | Bloc LATAM | 9.7% | Rand | 0.1 |
| Energie | 2.7% |  |  |  |  |
| Finance | 0.2% | Bloc EEMA | 0.8% | Autres | 0.3 |
| Immobilier | 0.5% | Bloc Asie ex Japon | 2.4% | Total |  | 4.5 |
| Matériaux | 0.2% | Autres | 1.1% |  |  |  |
| Santé | 0.1% |  |  |  |  |  |

ABS	5.3%
Actions	0.4%
Monétaire	15.8%
Liquidités, emplois de trésorerie et opérations sur dérivés	23.0%

## PRINCIPALES POSITIONS - OBLIGATIONS
EVOLUTION SENSIBILITÉ DEPUIS 1 AN
6
4
2
0
| Nom | Pays | Notation | % |
| --- | --- | --- | --- |
| UNITED KINGDO 1.00% 22/04/2024 Royaume-Uni | AA- | 14.9% |
| BELGIUM 2.25% 22/06/2023	Belgique | AA- | 4.7% |
| UNITED STATES 1.25% 31/12/2026 Etats-Unis | AAA | 4.7% |
| SAN MARINO 3.25% 24/02/2024	Saint-Marin | BB | 2.1% |
| INTER-AMERICA 7.88% 14/03/2023 Supranational | AAA | 1.9% |
| SOUTH AFRICA 8.75% 28/02/2048 | Afrique du sud | A- | 1.8% |
| JAPAN 1.00% 20/03/2062 | Japon | AAA | 1.5% |
| SEADRILL LTD 10.00% 27/02/2023 | Royaume-Uni | CCC+ | 1.2% |
| BNP PARIBAS S 9.25% 17/11/2027 | France | BBB | 1.1% |
| NOVO BANCO SA 3.50% 23/07/2023 | Portugal | B- | 1.1% |
| Total |  |  | 35.0% |

-2
01/22
04/22
07/22
10/22
01/23