New name and strategy for Carmignac Portfolio Capital Plus, becoming Carmignac Portfolio Unconstrained Euro Fixed Income
Carmignac has rebranded the Carmignac Portfolio Capital Plus fund to better reflect its new management style and investment strategy.
Now called Carmignac Portfolio Unconstrained Euro Fixed Income since 30 September 2019, the fund invests in global fixed income markets. Non-euro denominated investments will systematically be hedged back to the Euro, hence the addition of “Euro” in the fund’s name.
Co-managed by Guillaume Rigeade and Eliezer Ben Zimra, who joined Carmignac on 9 July 2019, the fund is Carmignac’s second largest within its fixed income range, with an AUM of €895m at the end of September 2019. They bring a solid expertise and extensive experience on fixed income asset allocation. Their top-down and bottom-up investment approach is well suited to Carmignac’s investment philosophy and fixed income team, which now numbers 13 people under the leadership of Rose Ouahba.
Guillaume Rigeade, co-fund manager of Carmignac Portfolio Unconstrained Euro Fixed Income explains: “We want to capture fixed income opportunities around the world, while hedging any currency risk on our foreign investments. Our investment process will accordingly rest on our three historic pillars: allocation to the various fixed income market segments, active and flexible management of modified duration, and bond-picking through careful selection of issuers, issues and instruments.”
Eliezer Ben Zimra, co-fund manager adds: “Our approach is fully in line with Carmignac’s DNA. Like the firm’s other fund managers, we consistently pursue a non-benchmarked strategy aiming to generate medium and long-term risk-adjusted returns for our clients while keeping our volatility in line with that of the market.”
Carmignac Portfolio Unconstrained Euro Fixed Income is part for our Unconstrained fund range, making it by nature global, flexible and non-benchmarked. This approach has been core to Carmignac’s management style over the past 30 years, allowing fund managers to favour one asset class over another whenever necessary. As a result of the change in strategy, the fund’s Synthetic Risk and Reward Indicator (SRRI) increases from 2 to 3 which puts the fund somewhere between Carmignac Sécurité (a low-duration European bond fund) with a SRRI of 2 and Carmignac Portfolio Unconstrained Global Bond (an international bond fund with a wider duration range) with a SRRI of 4.
The fund uses an international fixed income index, ICE BofAML Euro Broad Market Index calculated with coupons reinvested, as its reference indicator. The changes are intended to strengthen the fund’s risk/return profile, with a recommended minimum investment period of 3 years, up from 2 years previously.
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About the fund Carmignac Portfolio Unconstrained Euro Fixed Income – A EUR Acc share class
Legal status: Sub-fund of the Luxembourg SICAV Carmignac Portfolio
ISIN: LU0336084032
First NAV date: 14/12/2007
Currency: EUR
Valuation frequency: Daily
Morningstar category: EUR Cautious Allocation - Global
Investment objective: The Fund aims to outperform its reference indicator over three years.
Reference indicator: ICE BofA ML Euro Broad Market, calculated with coupons reinvested
Main risks:
Credit: Credit risk is the risk that the issuer may default.
Interest rate: Interest rate risk results in a decline in the net asset value in the event of changes in interest rates.
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.
Capital guarantee: No
Minimum recommended investment horizon: 3 years
Fees:
A EUR Acc
Maximum subscription fees paid to distributors: 1%
Redemption fees: 0%
Management Fees: 1%
Performances fees: 10,00% of the outperformance of the Fund relative to its reference indicator in the case of a positive performance.
Risk scale: SRRI from the KIID (Key Investor Information Document): scale from 1 (lowest risk) to 7 (highest risk) for the A EUR Acc shareclass; category-1 risk does not mean a risk-free investment. This indicator may change over time.
FUND MANAGERS BIO
Guillaume Rigeade is Fund Manager in the Fixed Income team. Guillaume joined Carmignac in 2019. He started his career at Sinopia Asset Management in 1999 as Fixed Income Portfolio Manager, before being appointed Deputy Head of Fixed Income Management 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 is Fund Manager in the Fixed-Income team. Eliezer joined Carmignac in 2019. 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.
PRESS CONTACTS:
Oxenstierna & Partners
Björn Mogensen
Tel: +46708184298
bjorn.mogensen@oxp.se
About Carmignac
Carmignac is an independent asset management firm established in 1989 on three core principles that still stand true today: entrepreneurial spirit, human-driven insight and active commitment. We are as entrepreneurial today as we have always been; our team of fund managers keeping the freedom and courage to perform independent risk analysis translate it into strong convictions and implement them. Our collaborative culture of debate, on-the-ground work and in-house research means we will always enhance data analysis with human-driven insight to better manage complexity and evaluate hidden risks. We are both active managers and active partners, committed to our clients, providing transparency on our investment decisions and always be accountable for them. With a capital entirely held by its fund managers and staff, Carmignac is now one of Europe’s leading asset managers, operating from 8 different offices. Today, as throughout our history, we are committed to try harder and better to actively manage our clients’ savings over the long-term.
Disclaimer
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. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund is not registered in North America, in South America, in Asia nor is it registered in Japan. The Funds are registered in Singapore as restricted foreign scheme (for professional clients only) 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 and fees are described in the KIID (Key Investor Information Document). The Fund's prospectus, KIIDs and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIID must be made available.
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 the United Kingdom, for the French Funds, these documents are also available 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).
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive. The Fund is a common fund in contractual form (FCP) conforming to the UCITS Directive under French law.
CARMIGNAC GESTION - 24, place Vendôme - F-75001 Paris - Tel: (+33) 01 42 86 53 35 - Investment management company approved by the AMF - Public limited company with share capital of €15,000,000 - RCS Paris B 349 501 676
CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel: (+352) 46 70 60 1 - Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF
Public limited company with share capital of €23,000,000 - RC Luxembourg B 67 549
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