French asset manager Carmignac has renamed its Carmignac Portfolio Global Bond fund (€1.08bn AuM as of 30 July 2017) managed by Charles Zerah to Carmignac Portfolio Unconstrained Global Bond.
The company said this change is to better reflect its fixed income investment views. The bond management team of Carmignac believes the normalisation of monetary policies cannot be avoided.
The manager explained that the end of quantitative easing will carry an impact on bond markets, that remains unpredictable at the moment.
“It is therefore more vital than ever to reaffirm an unconstrained, non-benchmarked bond management philosophy based on strong long-term convictions and with a flexible allocation in order to optimise risk management – the cornerstone of Carmignac’s management style for over 25 years,” said the French company.
Zerah will continue to manage the fund, launched in December 2007, while the investment approach remains unchanged. So are the fund’s fees.
Zerah argued: “The fund’s performance is based on three main drivers: government debt, with the option of diversifying into emerging markets sovereign debt; private issuers, without any sectoral constraints, mainly developed countries with a few emerging ones; and currencies.
“A global investment universe combined with a flexible approach enables us to actively identify returns outside a financially repressed Europe and to implement strategies designed to benefit from a rise in interest rates.”