Carmignac Credit 2029
FR001400KAV4
Carmignac Credit 2029 : Characteristics & Risks
Investment Universe and Objective
Carmignac Credit 2029 is a target maturity bond fund that follows a buy-and-hold strategy on credit markets. With a careful selection of issuers, a target performance objective and predetermined end date, Carmignac Credit 2029 gives investors visibility over their investment and diversifies the risks to which they are exposed.
The Fund’s investment objective is to offer annualised performance, net of management fees, from the Fund’s inception on 20/10/2023 until its maturity on 28/02/2029, of over:
For A EUR Acc and A EUR Ydis units: 4,22%;
For F EUR Acc and F EUR Ydis units: 4,72%;
for AW EUR Acc and AW EUR Ydis units: 3.92%;
for FW EUR Acc and FW EUR Ydis units: 4.42%.
This objective is based on the fulfilment of market assumptions made by the management company (probability of default, recovery rate, exercise of early redemption options, repayments, hedging costs, etc.) when the Fund is launched, and only applies to subscriptions at this time. For subsequent subscriptions, performance will depend on market conditions at that time, which we cannot predict and which may therefore result in divergent performance. The market assumptions made by the management company may prove incorrect, which would prevent the Fund from reaching its performance objective. Under no circumstances should the investment objective be construed as a promised yield or performance, which is not guaranteed.
This annualised performance will be generated primarily from the Fund’s buy-and-hold strategy and is net of management fees. It takes into account the estimate of any currency hedging costs, defaults calculated by the management company, and any capital losses realised on the resale of certain instruments before their maturity.
The Fund’s assets will include bonds (including contingent convertible bonds for up to 15% of the net assets) as well as securitisation vehicles (up to 40% of the net assets) and credit default swaps (up to 20% of the net assets). The Fund is unconstrained in its division of assets between private and public issuers. It will therefore be exposed to corporate and government bond markets until liquidated (as described in the Investment Strategy section). Up to 30% of the net assets may be held outside the OECD, including on emerging markets. The portfolio’s average rating will be BBB- or higher (investment grade).
The Fund is an actively managed UCITS. The investment manager has discretion over the portfolio’s composition, subject to compliance with the stated investment objective and policy.
Characteristics
- Management Company
- Carmignac Gestion S.A
- Legal Form
- French mutual fund (FCP)
- ISIN
- FR001400KAV4
- Bloomberg
- CARCAEA FP
- SFDR - Fund Classification
- Article 8
- Risk Indicator
1
2
3
4
5
6
7
Lowest risk Highest risk
- Recommended minimum investment horizon
- 5 years
- Management
- Fixed income strategies
- Reference Indicator
- -
- Morningstar Category
Morningstar Category - N.A.
- Date of 1st NAV
- 20/10/2023
- Base Currency
- EUR
- Share class AUM
- 521 M€ (20/11/24)
- Fund AUM
- 686 M€ / 722 M$
- Dividend Policy
- Accumulation
- Capital Guarantee
- No
- NAV Frequency
- Daily, except on French public holidays for FCP/SICAV; UK bank holidays for OEIC; Stock market holidays in the US, China and Hong Kong for China New Economy Funds.
Subscribe to NAVs
- Order Placement Cut-Off Time
- Before 13:00 CET
Fees
- Entry costs
- 1,00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
- Exit costs
- We do not charge an exit fee for this product.
- Management fees and other administrative or operating costs
- 1,14% of the value of your investment per year. This estimate is based on actual costs over the past year.
- Transaction Cost
- 0,40% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.
- Performance fees
- 20,00% max. of the outperformance when the unit outperforms its annualised performance objective by 4.22% during the performance period. Any underperformance is recovered over 5 years. The actual amount will vary depending on how well your investment performs. The estimate of aggregated costs above includes the average for the last five years, or since the creation of the product if it is less than five years old. If the outperformance is constituted, the commission will be collected no earlier than December 2024.
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.
Liquidity- Temporary market distortions may have an impact on the pricing conditions under which the Fund might be caused to liquidate, initiate or modify its positions.
Discretionary Management- Anticipations of financial market changes made by the Management Company have a direct effect on the Fund's performance, which depends on the stocks selected.
- The Fund presents a risk of loss of capital.