Fixed income strategies
Carmignac Portfolio Sécurité
Luxembourg SICAV sub-fundEuropean marketSRI Fund Article 8Share Class
LU0992624949
Flexible, low duration solution to navigate European fixed income markets
- Low duration euro fixed income Fund.
- Flexible and active approach with a modified duration range from -3 to +4.
Key documents
Asset Allocation
Bonds69.7 %
Other30.3 %
Data as of: 30 Aug 2024.
Risk Indicator
2/7
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 15.5 %
+ 12.3 %
+ 7.5 %
+ 3.8 %
+ 7.3 %
To 05/09/2024
Calendar Year Performance 2014Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023
+ 1.9 %
+ 1.4 %
+ 2.4 %
+ 0.4 %
- 2.7 %
+ 3.9 %
+ 2.5 %
+ 0.4 %
- 4.2 %
+ 4.5 %
Net Asset Value
115.49 €
Asset Under Management
1 420 M €
Market
European market
SFDR - Fund Classification
Article
8
Data as of: 30 Aug 2024.
Data as of: 5 Sep 2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Portfolio Sécurité fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.Our monthly comments
Data as of: 31 Jul 2024.Fund management team
![[Management Team] [Author] Allier Marie Anne](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Allier-Marie-Anne.png?auto=format%2Ccompress&fit=fill&w=3840)
Marie-Anne Allier
Fund Manager
![[Management Team] [Author] Guedy Aymeric](https://carmignac.imgix.net/uploads/NextImage/0001/18/Guedy_Aymeric_HD-400x400.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Aymeric Guedy
Fund Manager, Analyst
Performance commentary
- The Fund delivered a positive performance, in line with its performance indicator.- The portfolio mainly benefited from its exposure to credit, boosted by the fall in interest rates over the period and, to a lesser extent, by the narrowing of yield spreads. Our financial bonds were the main contributor, while our protective measures aimed at reducing our exposure to the riskiest part of the market had a slight impact on performance.- On the sovereign debt side, we benefited from our long positions on the short end of German debt, as interest-rate markets eased and yield curves steepened.- Finally, the portfolio continues to benefit from the good performance of our selection of Collateralized Loan Obligations (CLOs) and our exposure to money market instruments.
Outlook strategy
- The resilience of the various economies, characterized by a soft landing in Europe thanks to improving real incomes, with inflation gradually returning towards target, should enable the ECB to gradually continue its rate-cutting cycle.- However, given the presence of both political and geopolitical risks, the portfolio maintains a balanced positioning, with a duration of 2.2 at the end of the period.- On the one hand, a significant allocation to credit, mainly invested in short-term, highly-rated corporate bonds and CLOs, offering an attractive source of carry.- And secondly, a long position on the short end of the German curve, which should benefit from a flight to quality in an unfavorable scenario, but also from ECB rate cuts. This position was slightly reduced at the end of the period, as the market now fully anticipates two further rate cuts for the rest of the year.- We are also retaining protection on the credit market (iTraxx Xover), as markets are trading at tight levels in a geopolitical context that remains uncertain.- Finally, an allocation in money market instruments, which represent an attractive source of carry with limited risk.
Performance Overview
Data as of: 5 Sep 2024.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Until 31 December 2020, the reference indicator was the Euro MTS 1-3 years. Performances are presented using the chaining method.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 07/09/2024
Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.Geographical Breakdown
Data as of: 30 Aug 2024.| Europe | 78.5 % |
| North America | 13.8 % |
| Eastern Europe | 6.1 % |
| Asia-Pacific | 1.4 % |
| Latin America | 0.3 % |
| Total % of bonds | 100.0 % |
Europe78.5 %
 Italy | 17.9 % |
 Spain | 15.4 % |
 Ireland | 10.8 % |
 France | 9.2 % |
 Germany | 4.3 % |
 United Kingdom | 4.2 % |
 Grèce | 3.2 % |
 Netherlands | 3.1 % |
 Switzerland | 1.9 % |
| Norvège | 1.8 % |
| Suède | 1.6 % |
 Portugal | 1.6 % |
 Austria | 1.2 % |
 Andorra | 0.9 % |
 Belgium | 0.6 % |
 Finland | 0.3 % |
 SanMarino | 0.3 % |
| Luxembourg | 0.2 % |
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and bond positioning.Exposure Data
Data as of: 30 Aug 2024.Modified Duration1.8
Yield to Maturity4.2 %
Average Coupon3.1 %
Number of Issuers160
Number of Bonds254
Average RatingA
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.Fund Management Team
Marie-Anne Allier
Fund Manager
Aymeric Guedy
Fund Manager, Analyst
For over 35 years, we have maintained our active and conviction-driven approach, while being able to adapt to different market configurations. This is what we want to continue offering to investors.
Marie-Anne Allier
Fund Manager
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Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment