Focus on
Crédit Mutuel
Asset Management’s
bond solutions
Our range of credit solutions provides access to various credit segments, risk levels, and potential sources of return. From floating rate instruments to short duration High Yield bonds and innovative credit themes, this suite of solutions spans multiple asset sub-classes and investment styles.
“Each fund has a unique investment philosophy, allowing investors to adapt to different market phases depending on their individual needs and sensitivity to interest rate fluctuations.”
Co-Heads of Fixed Income Management
Crédit Mutuel Asset Management
La Française Carbon Impact Floating Rates
Gain exposure to credit spreads while hedging against interest rate volatility.
CM-AM High Yield
Short Duration
A fund focused on High Yield European issuers deemed to be of a higher quality.
La Française
Credit Innovation
An innovative fund for investing in long-term trends via the High Yield bond market.
La Francaise Carbon Impact Floating Rates
Presented by David Montoya, CFA, Client Portfolio Manager
Today, I am pleased to present our fund La Francaise Carbon Impact Floating Rates in five takeaways.
- It is a credit fund that mainly invests on Floating Rate Notes.
- It is exposed to Investment Grade and High Yield* corporate debt within the OECD universe. Its flexible management approach maximizes portfolio diversification and allows it to adapt to changing market conditions.
*High Yield bonds, also known as speculative-grade instruments, offer a potential higher return and more risk than Investment Grade bonds. - Furthermore, La Française Carbon Impact Floating Rates provides protection against interest rate volatility with a modified duration ranging from 0 to 0.5 years.
- In addition, the fund aims for a relatively linear* performance trajectory combined with limited volatility. In fact, floating rate notes have an average volatility that is 90%** lower than fixed rate bonds.
*Past performance is not an indicator of future performance. Performance is not guaranteed and can evolve upwards or downwards.
**Historical market trends are not a reliable indicator of future market behaviour. This data is provided for illustrative purposes only. Depending on the publication date, the presented information may differ from the updated data. - Finally, La Francaise Carbon Impact Floating Rate fund integrates our proprietary ESG and carbon approach. The fund aims to reduce its carbon footprint by over 50% compared to its investment universe*.
Thank you for your attention, and feel free to contact us for any further information!
La Française Carbon Impact Floating Rates
The fund invests in investment grade and High Yield corporate bonds within the OECD universe. Its flexible management approach aims to maximise portfolio diversification and adapt to changing market conditions.
Rating – Source – Morningstar, Inc as at 31/03/2026. All rights reserved
Performance I share class (ISIN: FR0013439163).Since inception as at 17/01/2020*
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | Since inception** | |
|---|---|---|---|---|---|---|---|
| LF Carbon Impact Floating Rates | 0,45 % | -2,34 % | 6,66 % | 5,99 % | 3,89 % | 0,64 % | 15,56 % |
| Euribor 3 Months + 150 pb (management objective) | 0,94 % | 1,84 % | 5,04 % | 5,21 % | 3,73 % | 1,18 % | 20,41 % |
| Euribor 3 Months | -0,56 % | 0,35 % | 3,51 % | 3,70 % | 2,23 % | 0,69 % | 9,80 % |
Source : Crédit Mutuel AM, Bloomberg. Data as at 31/03/2026
*Part I, with effect from 17/01/2020, La Française Moderate Multibonds has been renamed La Française Carbon Impact Floating Rates to reflect the change in investment objective and strategy.
**2020 From the fund’s launch on 17/01/2020. Definitions and methodologies are available at www.creditmutuel-am.eu – References to a ranking, rating, award or label are not indicative of the future performance of the fund or the manager.
CM-AM High Yield
Short Duration
This strategy prioritises the strength and resilience of the portfolio by focusing on High Yield issuers deemed to be of higher quality, primarily those rated BB and B, while excluding the riskiest issuers.
Rating – Source – Morningstar, Inc as at 31/03/2026. All rights reserved
CM-AM High Yield Short Duration
Presented by David Montoya, CFA, Client Portfolio Manager
Today, I am pleased to present our fund CM-AM High Yield Short Duration in five takeaways.
- CM-AM High Yield Short Duration is a High Yield* bond strategy designed to deliver attractive yields, invested in the short and middle segments of the credit curve (two to four years), while maintaining prudent risk management.
*High Yield bonds, also known as speculative-grade instruments, offer a potential higher return and more risk than Investment Grade bonds. - The fund focuses on High Yield issuers estimated to be of higher quality, primarily rated BB and some B, while excluding the riskiest issuers, in order to prioritize portfolio’s strength and resilience.
- CM-AM High Yield Short Duration is based on a rigorous and proven management process, it has a solid 10-year track record, and risk adjusted performance estimated of very high standard. The fund benefits from the expertise of five high yield and convertible bond portfolio managers, supported by a dozen credit and ESG analysts.
- With exposure to around 150 bonds, the portfolio is diversified in terms of both sector and geography. The strategy balances the search for potential performance with risk control, paying particular attention to the modified duration.
- This fund is part of broader expertise from CM-AM, with over €40 billion across fixed income strategies. It reflects a well established expertise in both High Yield and Investment Grade management.
Thank you for your attention, and feel free to contact us for any further information!
Performance RC share class (ISIN: FR0014003BE8). Since inception as at 30/04/2014
| YTD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| CM-AM High Yield Short Duration | -0,19 % | 5,11 % | 5,97 % | 10,38 % | -3,93 % | 1,90 % | 1,04 % | 5,09 % | -4,82 % | 3,31 % |
| BOFA HY Euro BB-B ex-financials* | 0,31 % | 5,57 % | 8,06 % | 10,64 % | -4,05 % | -0,78 % | -0,15 % | 0,07 % | -0,29 % | -0,39 % |
Source : Crédit Mutuel Asset Management as at 31/03/2026.
*CM-AM High Yield Short Duration Composite Index: from inception on April 30 2014 to December 30 2021, FTSE MTS Eurozone Govt Bond 1-3 Y, from December 30 2021 to 19 December 2022, ICE Q5BH, and since 19 December 2022, the customised ICE Q2CH index (BOFA HY Euro BB-B ex-financials index).
La Francaise Credit Innovation
Presented by David Montoya, CFA, Client Portfolio Manager
Today, I am pleased to present our fund La Française Credit Innovation in five takeaways.
- La Française Credit Innovation is an innovative, global strategy in the High Yield* credit segment. It targets high-quality companies with solid credit profiles that have the potential, over time, to evolve into the Investment Grade category.
*High Yield bonds, also known as speculative-grade instruments, offer a potential higher return and more risk than Investment Grade bonds. - The fund takes exposure to bonds of issuers positioned across four major long-term trends: technological innovation, urbanizsation, demographics and climate transition. These growth drivers strengths the long term resilience of portfolio companies.
- The investment universe is highly selective by design: almost 75% of the high yield market is excluded. Traditional sectors such as oil & gas, chemicals, airlines, retail and automotive. This position allows us to focus on the forward-looking themes, as mentioned in the previous point.
- The portfolio is characterized by a high level of granularity, with more than 100 issuers and an average issue rating of BB. The selective approach enables us to capture a potentially attractive yield upon purchase, then benefit from the risk-premium compression as fundamentals improve, while maintaining strict credit-risk control. We invest where value can be found, currently with more than 50% of our portfolio exposed to the United States, with a systematic currency hedging.
- Finally, La Française Credit Innovation implements a sustainable investment approach that meaningfully contributes to the United Nations Sustainable Development Goals. The fund is also classified Article 9* under SFDR, reflecting its commitment to responsible investment.
*Please note that SFDR classification does not guarantee fund performance.
Thank you for your attention, and feel free to contact us for any further information!
La Française Credit Innovation
This strategy focuses on high-quality companies with robust credit profiles within the High Yield sector that have the potential to be upgraded to investment grade over time. The fund is positioned to capitalise on four major long-term trends: technological innovation, urbanisation, demographics, and climate transition.
Performance IC EUR share class (ISIN: FR0014008UJ6). Since inception as at 30/08/2022
| 2026 | 2025 | 2024 | 2023 | 2022 | Since inception* | |
|---|---|---|---|---|---|---|
| La Francaise Credit Innovation | -0,25 % | 5,44 % | 5,28 % | 9,33 % | -2,14 % | 18,47 % |
| ICE BofA BB Global High Yield Index | 0,50 % | 6,70 % | 6,17 % | 8,81 % | -0,41 % | 23,37 % |
Source : Crédit Mutuel AM, Bloomberg. Data as at 31/03/2026.
* Fund inception date : 30/08/2022.
A proven, multidisciplinary approach
Crédit Mutuel Asset Management is a key player in the money market and fixed-income management sector, with assets totalling over €103.8 billion* (across all asset classes). The strength of our offering comes from the close collaboration between our various credit teams. This interdisciplinary approach fosters idea generation, enhances portfolio construction and ensures rigorous risk management. Our credit team comprises 28 highly experienced professionals** recognised for their expertise and conviction-based approach throughout market cycles.
(*) Source : Crédit Mutuel Asset Management Aum as at 01/01/2026
(**)Management team as of 30/04/2026. This management team is subject to change over time and there is no guarantee that it will be the same throughout the life of the fund.
Learn more about
La Française
La Française, a single name that adapts to all market conditions.
La Française, the asset management arm of France’s leading mission-driven bank, Crédit Mutuel Alliance Fédérale, offers strategies driven by conviction that balance performance and sustainability objectives across all asset classes. As a multi-specialist asset manager, La Française's teams focus on their core areas of expertise, incorporating advanced ESG considerations into their analysis and investment processes. La Française operates in both listed and unlisted markets, including real estate. With €163.5 billion in assets under management*, 1,000 employees, and a presence in 10 countries, La Française designs innovative investment solutions that are tailored to its clients’ investment objectives and time horizons.
(*) Source: Groupe La Française as of 31.12.2025
Get in touch with our sales team
To find out more about this range of funds or our other areas of expertise, please provide us with your contact details.
Main risks related to products
Past performance is not indicative of future results. Performance is not guaranteed and may fluctuate upwards or downwards. Performances are expressed at closing with dividends reinvested.
Capital loss risk: A capital loss occurs when a unit is sold for less than its purchase price. UCITS offers no guarantee or protection of capital. Therefore, the capital initially invested is exposed to market fluctuations and may not be returned in full in the event of adverse market conditions.
Credit risk: The value of these securities may fall if an issuer’s credit rating deteriorates or if the issuer is no longer able to meet its financial obligations, thereby causing the net asset value to decline.
Interest rate risk: If interest rates increase, the value of fixed-income investments may decrease, potentially causing the net asset value to fall.
Risk associated with investments in speculative (high-yield) securities: According to the analysis of the management company or rating agencies, securities classified as 'speculative' carry an increased risk of default and are likely to experience more pronounced and/or frequent fluctuations in value, which may lead to a fall in the net asset value.
Investment risk in emerging markets: Investors should be aware that operating and regulatory conditions in these markets may differ from those in major international financial centres. Consequently, the net asset value may decrease more quickly and dramatically.
Specific risks associated with the use of securitisation instruments: The credit risk of these instruments depends primarily on the quality of the underlying assets, which may be of various types (e.g. bank loans or debt securities). These instruments result from complex structures that may involve legal risks, as well as risks relating to the characteristics of the underlying assets. The realisation of these risks may lead to a fall in the net asset value of the UCITS. Investors should also be aware that securities arising from securitisation transactions are generally less liquid than those from traditional bond issues. Consequently, the potential lack of liquidity in these securities may affect the price of assets in the portfolio and, consequently, the net asset value.
Currency risk: An unfavourable movement in the euro against other currencies could have a negative impact and lead to a fall in the net asset value.
Counterparty risk: Counterparty risk results from all over-the-counter transactions (financial contracts, repurchase agreements and financial guarantees) entered into with the same counterparty. Counterparty risk measures the risk of loss in the event of a counterparty’s default, where the counterparty is unable to meet its contractual obligations before the transaction has been finally settled in the form of a cash flow. In such a case, the net asset value could fall.
Risks associated with techniques such as derivatives: Using derivatives can lead to significant short-term fluctuations in net asset value if the fund is exposed to movements that are opposite to market trends.
Risks associated with investing in small-cap shares: Due to their specific characteristics, these shares may pose a risk to investors and may be subject to liquidity risk due to the potentially limited size of their market. In such cases, the net asset value may fall more rapidly and sharply.
Equity market risk: The value of equity markets can fluctuate significantly depending on expectations regarding the performance of the global economy and corporate earnings. If equity markets fall, the net asset value may decrease.
Legal risk: There is a risk that contracts with counterparties may be inadequately drafted, particularly with regard to effective portfolio management techniques.
Operational risk: There is a risk of failure or error on the part of the various parties involved in securities transactions. This risk only arises in connection with the temporary acquisition and sale of securities.
Risk associated with discretionary management: The discretionary management style relies on forecasting market trends (equities, fixed-income products) and/or on stock selection. There is a risk that the UCITS may not always be invested in the best-performing markets or securities. Its performance may therefore fall short of the management objective, and the net asset value could decline.
Sustainability risk: This refers to the risk of an event or situation occurring in the environmental, social or governance sphere that could significantly impact the value of the investment, either immediately or in the future.
For a full description of these risks, as well as further information on strategies and fees, please refer to the current prospectus and the fund's Key Information Document (KID).
Marketing communication reserved to professional investors and distributors with regard to the MiFID directive (2014/65/EU). Performance is not guaranteed and may fluctuate.
For a full description of the risks and further information on the strategies and all fees, please refer to the current prospectus and key information document available on our website. The policy relating to customer inquiries and complaints implemented by Groupe La Française is available on our website. It does not constitute an offer or investment advice. Non-contractual information considered to be accurate at the date of publication and likely to change over time. Crédit Mutuel Asset Management declines all responsibility for any alteration, deformation or falsification of this communication. Any reproduction or modification of this document is strictly prohibited without the express authorization of Crédit Mutuel Asset Management.
SRI Charter and transparency codes available at www.la-francaise.com
Source: Groupe La Française, April 2026.
Crédit Mutuel Asset Management: 128, boulevard Raspail 75006 Paris. Asset management company approved by the AMF under number GP 97 138 and registered with ORIAS (www.orias.fr) under n°25003045 since 11/04/2025. Société Anonyme (public limited company) with share capital of euros 3871680 registered with “RCS de Paris” under number 388 555 021 APE code 6630Z. Intra Community VAT: FR 70 3 88 555 021.
Crédit Mutuel Asset Management is a subsidiary of Groupe La Française, the asset management holding company of Crédit Mutuel Alliance Fédérale.
La Française Finance Services, an investment firm approved by the ACPR under number 18673 (www.acpr.banque-france.fr) and registered with ORIAS (www.orias.fr) under number 13007808 on 4 November 2016.
Supervisory authorities’ websites: ACPR www.acpr.banque-france.fr, AMF www.amf-france.org