# KEY FIGURES
Modified Duration	8.6
Yield to Maturity	6.7%
Average Rating	BBB
Average Coupon	4.6%
Number of Bond Issuers	36
Number of Bonds	71
PROFILE
SFDR Fund Classification: Article 8
Domicile: Luxembourg Dividend Policy: Accumulation Fund Type: UCITS
Legal Form: SICAV
100
80
01/21 02/21
02/22
-0.5%
-6.1%
02/23
SICAV Name: Carmignac Portfolio Fiscal Year End: 31/12 Subscription/Redemption: Daily
Order Placement Cut-Off Time: Before 18:00 (CET/CEST)
Fund Inception Date: 31/07/2017 Date of 1st NAV: 04/01/2021 Base Currency: EUR
Carmignac Portfolio EM Debt F EUR Acc	Reference Indicator
CUMULATIVE AND ANNUALIZED PERFORMANCE (as of 28/02/2023 - Net of fees)
Annualised
Fund AUM: 205M€ / 217M$ (1)
Share class AUM: 46M€
NAV: 99.48€
Morningstar Category™: Global Emerging Markets Bond
	Cumulative Performance (%)	
  Performance (%)	

## FUND MANAGER(S)
Since 30/12/2022
1
Month
1
Year
Since 04/01/2021
Since 04/01/2021
Joseph Mouawad since 31/07/2017
| F EUR Acc | 6.1 | -1.8 | 7.3 | -0.5 |  | -0.2 |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Reference Indicator | 1.6 | -0.8 | -0.6 | -6.1 | -2.9 | REFERENCE INDICATOR |
| Category Average | 1.6 | -0.2 | -3.2 | -6.2 | -2.9 | JP Morgan GBI – Emerging Markets Global |
| Ranking (Quartile) | 1 | 4 | 1 | 1 | 1 | Diversified Composite Unhedged EUR Index. |

Source: Morningstar for the category average and quartiles.
| STATISTICS (%) |  |  | VAR |  |  | CONTRIBUTION |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 1 Year |  | Fund VaR | 7.0% |  | Equity Portfolio | 0.0% |
| Fund Volatility | 17.1 |  | Indicator VaR | 4.5% |  | Bond Portfolio | -1.4% |
| Indicator Volatility | 7.5 |  |  |  |  | Bond Derivatives | -0.9% |
| Sharpe Ratio | 0.4 |  |  |  |  | Currency Derivatives | 0.3% |
| Beta | 0.9 |  |  |  |  | Total | -2.0% |
| Alpha | 0.2 |  |  |  |  | Gross monthly performance |  |
| Calculation : Weekly basis |  |  |  |  |  |  |  |


## PERFORMANCE
OTHER ESG CHARACTERISTICS
Minimum % Taxonomy Alignment	0%
Minimum % Sustainable Investments	10%
Principal Adverse Impact Indicators	Yes
* For the share class Carmignac Portfolio EM Debt F EUR Acc. 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 28/02/2023.
ASSET ALLOCATION
MATURITY BREAKDOWN
RATING BREAKDOWN
Bonds	81.9%
Developed Countries Government Bonds	5.0%
Eastern Europe	5.0%
Emerging Markets Government Bonds	43.8%
Africa	14.8%
Latin America	0.4%
Eastern Europe	28.6%
Developed Countries Corporate Bonds	9.3%
Energy	1.2%
Rebased weights
< 1 Year
1 - 3 Years
3 - 5 Years
5 - 7 Years
7 -10 Years
> 10 Years
2.9%
9.8%
25.8%
12.5%
10.8%
38.2%
Rebased weights
AA A BBB BB B CCC
10.6%
16.6%
41.7%
13.6%
7.3%
10.2%
Financials	7.4%
Communication Services	0.7%

## NET CURRENCY EXPOSURE OF THE FUND
MODIFIED DURATION BY YIELD CURVE (IN BPS)
Information Technology	0.1%
Emerging Markets Corporate Bonds	20.4%
Consumer Discretionary	3.2%
Energy	8.2%
Financials	9.0%
Supranational Bonds	3.4%
Equities	0.1%
Cash, Cash Equivalents and Derivatives Operations	18.0%
EUR CHF
| GBP | 0.1% | Forint |  | 0.7 |
| --- | --- | --- | --- | --- |
| JPY | 0.2% | Mexican Peso |  | 1.4 |
|  |  |  |  |  |
| AUD and CAD | 0.0% | Others |  | 2.2 |

US Dollar
Latin America
43.3%
0.0%
-6.4%
36.0%
Euro US Dollar Pound Sterling
Total
8.6
ASIAN BLOC
Eastern Europe Middle East
and Africa
-6.0%
32.8%
Others	0.0%
| TOP TEN - BONDS |  |
| --- | --- |
| Name | Country | Rating | % |
| HUNGARY 5.00% 22/02/2027 | Hungary | BBB- | 3.6% |
| ASIAN INFRAST 4.00% 18/01/2028 | Supranational | AA+ | 3.6% |
| PETROLEOS MEXICANOS 6.95% 28/07/2059 | Mexico | BBB | 3.4% |
| BANQUE OUEST 2.75% 22/01/2033 Supranational	BBB	3.4% |
| SOUTH AFRICA 3.75% 24/07/2026 | South Africa | BBB- | 3.3% |
| HUNGARY 3.00% 25/04/2041 | Hungary | AA+ | 3.1% |
| SLOWAKEI 4.00% 23/02/2043 | Slowakei | A+ | 2.8% |
| ROMANIA 5.00% 27/09/2026 | Romania | BBB- | 2.5% |
| BGOSK 4.00% 08/09/2027 | Poland | A- | 2.5% |
| HUNGARY 1.75% 05/06/2035 | Hungary | BBB | 2.4% |
| Total |  |  | 30.7% |


## MODIFIED DURATION - 1 YEAR PERIOD
10
8
6
4
2
0
02/22
05/22
08/22
11/22
02/23

Translation (ENIT, 2023-02-28):
# CIFRE CHIAVE AL
Duration Modificata	8.6
Yield to Maturity	6.7%
Rating medio	BBB
Cedola media	4.6%
N. emittenti obbligazionari	36
Numero di obbligazioni	71
PROFILO
Classificazione SFDR: Articolo 8 Domiciliazione: Lussemburgo Destinazione dei proventi: Capitalizzazione Tipo di Fondo: UCITS
Forma giuridica: SICAV
100
80
01/21 02/21
02/22
-0.5%
-6.1%
02/23
Nome SICAV: Carmignac Portfolio
Chiusura dell'esercizio: 31/12 Sottoscrizione/Rimborso: Giorno lavorativo Termine ultimo accettazione ordini: entro le ore 18:00 (CET/CEST)
Data di lancio del Fondo: 31/07/2017
Data primo NAV: 04/01/2021
Carmignac Portfolio EM Debt F EUR Acc	Indice di riferimento
PERFORMANCE CUMULATE E ANNUALIZZATE (al 28/02/2023 - al netto delle commissioni)
Performance
Valuta di quotazione: EUR
Patrimonio Gestito del Fondo: 205M€ / 217M$ (1)
Patrimonio Gestito del Fondo: 46M€
NAV: 99.48€
Categorie Morningstar™: Global Emerging
	Rendimenti cumulati (%)		annualizzate (%)	
Markets Bond
Dal	1
1	Dal
Dal
| F EUR Acc | 6.1 | -1.8 | 7.3 | -0.5 |  | -0.2 |
| --- | --- | --- | --- | --- | --- | --- |
| Indice di riferimento | 1.6 | -0.8 | -0.6 | -6.1 |  | -2.9 |
| Media della categoria | 1.6 | -0.2 | -3.2 | -6.2 |  | -2.9 |
| Classificazione (quartile) | 1 | 4 | 1 | 1 |  | 1 |

  30/12/2022	Mese	anno	04/01/2021 
Fonte: Morningstar, per la media di categoria e per i quartile.
	04/01/2021	

## GESTORE DEL FONDO
Joseph Mouawad dal 31/07/2017

## INDICE DI RIFERIMENTO
JP Morgan GBI – Emerging Markets Global Diversified Composite Unhedged EUR Index.

## ALTRE CARATTERISTICHE ESG
| STATISTICHE (%) | VAR | MENSILE |
| --- | --- | --- |
|  | 1 anno |  | VaR % Fondo | 7.0% |  | Portafoglio azionario | 0.0% |
| Volatilite del fondo | 17.1 |  | VaR % Indice | 4.5% |  | Portafoglio obbligazionario | -1.4% |
| volatilità dell'indicatore | 7.5 |  |  |  |  | Derivati Obbligazioni | -0.9% |
| Ratio di Sharpe | 0.4 |  |  |  |  | Derivati Valute | 0.3% |
| Beta | 0.9 |  |  |  |  | Totale | -2.0% |
| Alfa | 0.2 |  |  |  |  | Gross monthly performance |  |
| Calcolo: base mensile |  |  |  |  |  |  |  |

CONTRIBUTO ALLA PERFORMANCE LORDA
% Minima di allineamento alla tassonomia ... 0%
% Minima di investimenti sostenibili	10%
Principali impatti negativi considerati	Sì
* Per Carmignac Portfolio EM Debt F EUR Acc. Scala di Rischio del KID (documento contenente le informazioni chiave). Il rischio 1 non significa che l'investimento sia privo di rischio. Questo indicatore può evolvere nel tempo. (1) Tasso di cambio EUR/USD al 28/02/2023.
|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Obbligazioni | 81.9% |  | < 1 anno | 2.9% |  | AA |  | 10.6% |
| Titoli di Stato paesi sviluppati | 5.0% | 1 - 3 anni |  | 9.8% | A | 16.6% |
| Europa dell'Est | 5.0% | 3 - 5 anni |  | 25.8% | BBB | 41.7% |

RIPARTIZIONE PER ASSET CLASS
RIPARTIZIONE PER SCADENZA
RIPARTIZIONE PER RATING
| Titoli di Stato paesi emergenti | 43.8% |  |
| --- | --- | --- |
| Africa | 14.8% | 5 - 7 anni | 12.5% | BB | 13.6% |
| America Latina | 0.4% | 7 -10 anni | 10.8% | B | 7.3% |
| Europa dell'Est | 28.6% | > 10 anni | 38.2% | CCC | 10.2% |
| Obbligazioni Corporate paesi sviluppati | 9.3% | I pesi ribilanciati su base 100 |  | I pesi ribilanciati su base 100 |  |
| Energia | 1.2% |  |  |  |  |

Finanza	7.4%
Servizi di Comunicazione	0.7%
|  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Obbligazioni Corporate paesi emergenti | 20.4% | EUR |  | 43.3% |  | EUR |  | 2.9 |
| Beni voluttuari | 3.2% | CHF | 0.0% | USD | 1.3 |
| Energia | 8.2% | USD | -6.4% | GBP | 0.1 |

Settore IT	0.1%

## ESPOSIZIONE NETTA DEL FONDO PER VALUTA
DURATION MODIFICATA - RIPARTIZIONE PER CURVA DEI REMDIMENTI (IN BPS)
Finanza	9.0%
Obbligazioni Sovranazionali	3.4%
| GBP | 0.1% | HUF | 0.7 |  |
| --- | --- | --- | --- | --- |
| JPY | 0.2% | MXN | 1.4 |
|  |  |  |  |
| AUD e CAD | 0.0% | Altre | 2.2 |
|  |  |  |  |
| America Latina | 36.0% | Totale |  | 8.6 |
| ASIA | -6.0% |  |  |  |

Azioni	0.1%
Liquidità, impieghi di tesoreria e operazioni su derivati	18.0%
Europa dell’Est Medio Oriente e Africa
32.8%
Altre	0.0%

## TOP TEN POSIZIONI - OBBLIGAZIONI
ANDAMENTO DELLA DURATION MOD. A 1 ANNO
10
8
6
4
2
| Nome | Paese | Rating | % |
| --- | --- | --- | --- |
| HUNGARY 5.00% 22/02/2027 | Ungheria | BBB- | 3.6% |
| ASIAN INFRAST 4.00% 18/01/2028 | Sovranazionale | AA+ | 3.6% |
| PETROLEOS MEXICANOS 6.95% 28/07/2059 | Messico | BBB | 3.4% |
| BANQUE OUEST 2.75% 22/01/2033 Sovranazionale  BBB	3.4% |
| SOUTH AFRICA 3.75% 24/07/2026 | Sudafrica | BBB- | 3.3% |
| HUNGARY 3.00% 25/04/2041 | Ungheria | AA+ | 3.1% |
| SLOWAKEI 4.00% 23/02/2043 | Slovacchia | A+ | 2.8% |
| ROMANIA 5.00% 27/09/2026 | Romania | BBB- | 2.5% |
| BGOSK 4.00% 08/09/2027 | Polonia | A- | 2.5% |
| HUNGARY 1.75% 05/06/2035 | Ungheria | BBB | 2.4% |
| Totale |  |  | 30.7% |

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