Fixed income strategies

Carmignac Portfolio Sécurité

European marketArticle 8
Share Class

LU2426951195

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.
  • Limited exposure to credit risk with a minimum average rating of investment grade.
Asset Allocation
Bonds73.2 %
Other26.8 %
Data as of:  May 30, 2025.
Risk Indicator

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2

3

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7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
+ 5.5 %
-
-
+ 13.8 %
+ 4.2 %
From 31/12/2021
To 04/07/2025
Calendar Year Performance 2024
-
-
-
-
-
-
-
- 4.5 %
+ 3.9 %
+ 4.6 %
Net Asset Value
105.47 €
Asset Under Management
2 300 M €
Modified Duration 30/05/2025
1.6
SFDR - Fund Classification

Article

8
Data as of:  Jul 4, 2025.
​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:  Jun 30, 2025.
Fund management team
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
Source and Copyright: Citywire. Marie-Anne Allier is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Guedy Aymeric

Aymeric Guedy

Fund Manager

Market environment

• In the United States, GDP growth was revised down to -0.5% in the first quarter, while leading indicators sent mixed signals. While PMI indices surprised on the upside, consumer confidence and household income declined, and core inflation came in higher than expected at +2.7%. • The Federal Reserve kept its key interest rates in the 4.25% to 4.50% range while delivering a less accommodative message than expected by raising its inflation forecasts. • In the eurozone, the European Central Bank (ECB) lowered its key interest rate as expected by 25 basis points to 2.0%. Although this was widely anticipated, Christine Lagarde nevertheless adopted a more restrictive tone than expected regarding the outlook for inflation. • Tensions in the Middle East initially pushed oil prices above $80 per barrel, but they fell by more than 10% after the ceasefire was announced, which also contributed to a tightening of credit spreads by 18 basis points on the Markit iTraxx Crossover index. • In June, rates moved in different directions, with the 10-year rate in the US easing by 17 bp on the back of weaker economic data, while its German counterpart rose by 11 bp.

Performance commentary

• In an uncertain market environment, the Fund delivered a positive absolute performance, outperforming its benchmark over the month. • On the sovereign bond side, our eurozone curve steepening strategy and our short positions on French debt made a slightly positive contribution. • In credit, the portfolio benefited from its carry strategies, with a positive contribution from our financials, particularly subordinated bonds. • Finally, the portfolio benefited from our selection of collateralized loan obligations (CLOs) and our exposure to money market instruments.

Outlook strategy

• Given the risks associated with the uncertainty caused by the introduction of tariffs, geopolitical conflicts and the risk of budgetary slippage in a context of increasingly strained valuations in certain markets, the portfolio maintained a balanced positioning with modified duration fluctuating between 1.6 and 1.7 during the month. This modified duration is mainly concentrated in the short end of the curve.• On the one hand, the portfolio benefits from a significant allocation to credit, mainly invested in short-term, well-rated corporate bonds and CLOs, which offer an attractive source of carry and reduced beta relative to market volatility. • On the other hand, we are taking a cautious stance on rates, particularly in Europe, where we favor a yield curve steepening strategy, options to hedge against rate rises, and inflation products, against a backdrop of fiscal expansion. • We are also maintaining protection on the credit market (iTraxx Xover), as markets are trading at tight levels amid economic and geopolitical uncertainty. • Finally, we have allocated part of the portfolio to money market instruments, which are an attractive source of carry with limited risk.

Performance Overview

Data as of:  Jul 4, 2025.
​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 08/07/2025

Carmignac Portfolio Sécurité Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of:  May 30, 2025.
Bonds73.2 %
Money Market26.8 %
Cash, Cash Equivalents and Derivatives Operations0 %
View details

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:  May 30, 2025.
Modified Duration1.6
Yield to Maturity3.5 %
Average Coupon3.2 %
Number of Issuers214
Number of Bonds365
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
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
Source and Copyright: Citywire. Marie-Anne Allier is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
[Management Team] [Author] Guedy Aymeric

Aymeric Guedy

Fund Manager
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.
[Management Team] [Author] Allier Marie Anne

Marie-Anne Allier

Fund Manager
Source and Copyright: Citywire. Marie-Anne Allier is AA rated by Citywire for his/her rolling three-year risk-adjusted performance across all funds the manager is managing to the May 31, 2025. Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2025. All rights reserved. The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager. Past performance is not necessarily indicative of future performance.
View Fund's characteristics

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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.